Rental Property Investor · Cape Coral, FL · Member since 2012 · 427 posts · 186 votes
Thank you to Joshua Dorkin and @Brandon Turner for all the great content they continue to put out there. I started listening to the podcast in 2013 and have listened to every one. Since then I have bootstrapped into two duplexes in Cape Coral FL and closed today on two single family homes. One in Cape Coral and one in Fort Myers. All while holding my full time job, raising two kids and "only" 28 years old.
It's not 100 units or anything, but it's a start and I'm greatful. I couldn't have and wouldn't have done it without BP as well as great members helping me along the way including Brit Foshee who has been kind enough to answer my crazy questions etc and help me brainstorm how to make the deals happen.
Today was a good day. Thank you BP!
Real Estate Broker · Naples, FL · Member since 2013 · 9k+ posts · 6k+ votes
10y
Awesome. I met @Brit Foshee at the last REIA meeting I attended. He is doing deals....and you are too. Lots of people sit on the sidelines dreaming dreaming planning, etc..and never take action. Those that read this post that haven't made a move...get going! Success comes to those that believe in themselves AND take action.
Congratulations on your new houses! The best thing is that you got started, and trust me, perseverance and dedication will take you to the 100-unit mark. Good luck for future!
Real Estate Broker · Naples, FL · Member since 2013 · 9k+ posts · 6k+ votes
10y
Awesome. I met @Brit Foshee at the last REIA meeting I attended. He is doing deals....and you are too. Lots of people sit on the sidelines dreaming dreaming planning, etc..and never take action. Those that read this post that haven't made a move...get going! Success comes to those that believe in themselves AND take action.
@Alejandro Gibbs I appreciate it man. If I can do it anyone can.
@John Thedford I'm still trying to get to the REIA. My J-O-B limits me as I work until 630 most nights, but I will get there sooner then later. You have been generous enough to offer getting together in the past and hopefully we can soon.
Duplex 1: I found on Craigslist FSBO and purchased with a FHA loan. rented one unit and lived in the other while rehabbing it. It now is fully rented. (purchase $67k and rents for $1500 a mo)
Duplex 2: I refinanced duplex 1 into conventional and then used my FHA loan again to purchase this duplex. Short Sale of the MLS. I currently live in one unit and rent out the other side. Purchase price $130k and rent the other side for $825. My side is 4 bedrooms and will rent for $1100 when I move out, so total rents of $1900-$2000 upon moving out
SFH 1: It is a 4/2/2 I found on Craigslist and purchased for $125k using a conventional 15% down loan. Renting it back to former owner for $1300 a month temporarilly, but will fill vacancy at ~$1500
SFH 2: Got a call from my marketing and put it under contract for cash and 3 week closing. Contacted a real estate colleage and asked if they would finance it for me. They said YES. They finaced what turned out to be essentially 105% of purchase so I got a check for $2500 at closing! Thsi is my first experience with pricate lending and it was amazing! It is 100% relational though. They did the deal because the numbers are amazing (still only 60 LTV) but also because I had built a relationship with them over the last couple years.
Miami, FL · Member since 2011 · 296 posts · 72 votes
10y
@Jordan Williamson agreed!!! You are rocking it man, I am envious in a very good way! I am scouting CL too but haven't been able to find nothing that is worth it yet or a motivated seller willing to budge on the price.
You're in FL, so I'd appreciate if we could jump in a call at your convenient time to discuss some approaches!
Real Estate Investor · Boynton Beach, FL · Member since 2016 · 9 posts · 2 votes
10y
@Jordan Williamson ... Awesome stuff, Sir! Your story inspires me as a Newbie to REI. Everytime I read a success story like your story, I feel more motivated to get out there to see what it available. However, I know there's more to learn before taking action.
Cincinnati, OH · Member since 2013 · 1k+ posts · 1k+ votes
10y
@Jordan Williamson congrats on the acquisitions! Always good to hear the success stories on BP! Do the two new properties require rehab or are they move-in ready?
Rental Property Investor · Cape Coral, FL · Member since 2012 · 427 posts · 186 votes
10y
@John Casmon Thanks John. SFH 1 is rent ready and SFH 2 I'm going to be putting 10-15k into to get it where I want it. I'm still undecided if I am going to flip or hold SFH 2 or keep it as a rental.
Adamstown, MD · Member since 2013 · 52 posts · 24 votes
10y
Congratulations @Jordan Williamson! It's very inspiring and motivating for us new investors that maybe haven't quite put together any deals yet to see your success and the portfolio that you're starting to build.