Just closed my 10th rental in last 7 months

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Just closed my 10th rental in last 7 months

Daniel Toshner
Investor · Seattle, WA · Member since 2015 · 91 posts · 111 votes

BP,

I am stoked to say I have closed my 10th property in last 7 months.  I started looking on BP about a year ago.  I was on a business trip to SD and had a lot of drive time.  I must have listened to the podcast for 15 hours of the 17 hour drive back to Seattle! I was immediately addicted and realized how much time I had wasted in the stock market for the last 7 years (30 years old). 

Started doing research and realized the turn key process on buy and hold properties is what fit my lifestyle and goals.  Proud to say I just closed on my 10th home in the last 7 months while running my own business and couldn't be more excited.  I will have 25 properties by the end of 2017 based on my returns and projections.  

Amazing how much I have learned and it wouldn't be anything without BP! Thanks to everyone who has responded to my silly beginner questions and helped me along the way! Blessed!

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Andrew Orr
Saint Petersburg, FL · Member since 2016 · 28 posts · 6 votes
10y
How do you finance everything?
5Reply
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  • Greg Harriman
    Investor · Bothell, WA · Member since 2016 · 38 posts · 21 votes
    10y
    Congrats Daniel Toshner ! I noticed on your profile it says you invest in Indy and KC and I'm curious, has it been difficult to manage remotely? While I'd like to consider that type of approach it's hard for me to dive in. I self-manage all my investments and feel like the better return in other cities would be more than eaten up by property management and travel costs.
    4Reply
  • Nathan Waters
    Rental Property Investor · St Joseph, MI · Member since 2015 · 302 posts · 106 votes
    10y

    congrats. I'm curious about management as well. I self manage a house croon 1200 miles away bit would not recommend it to others. I have gotten lucky but plan on selling when the current tenant moves out. How have you scaled so quickly? What's your strategy? 

    2Reply
  • Darren Jones
    Investor · Ballwin, MO · Member since 2016 · 6 posts · 13 votes
    10y
    Congrats Daniel!!! It's inspirational as a beginner to hear these success stories and KNOW IT'S POSSIBLE!!! Keep driving it!
    2Reply
  • Andrew Orr
    Saint Petersburg, FL · Member since 2016 · 28 posts · 6 votes
    10y
    How do you finance everything?
    5Reply
  • Daniel Toshner
    OP
    Investor · Seattle, WA · Member since 2015 · 91 posts · 111 votes
    10y

    @Greg Harriman For me it is worth 8% for my time.  It allows me to do other things like manage deals and closing.  My cash flow is high enough on each property that 8% is nothing in the scheme of things for me.  I spend less than 4 hours a month on 10 properties so seems ok to me considering.  PM me if you want more details on KC and numbers.

    @Nathan Waters See above for management. The Turnkey I use has in house and he is a complete stud.  I have went out to visit once to see property grades and work done so I knew what to expect.  The inspection is the key for me to see the scope of work to be fixed and quality of rehab.  I have scaled so quick because I use tenanted home to help qualify for next one.  

    @Andrew Orr PM if you want my lender I use.

    3Reply
  • Daniel Toshner
    OP
    Investor · Seattle, WA · Member since 2015 · 91 posts · 111 votes
    10y

    @Darren Jones Thank you. Only the beginning.  Going to make this real estate game work for me and my family for years to come.

    2Reply
  • Account Closed
    Rental Property Investor · Miami, FL · Member since 2014 · 80 posts · 55 votes
    10y

    Nice work and congrats! I'm also on the road to 10 properties using conventional financing, but after 10 will have to use a more creative financing approach. Are you looking at portfolio lending or other avenues to get to 25 properties by 2017? Are your investments SFRs or multi-fam?

    0Reply
  • Daniel Toshner
    OP
    Investor · Seattle, WA · Member since 2015 · 91 posts · 111 votes
    10y
    Bret Faszholz ya that is exactly what I'm doing. I have a pretty solid one lined up as well if you want info just pm me.
    2Reply
  • Yusuf Mathai
    Investor · portland, OR · Member since 2014 · 15 posts · 3 votes
    10y

    @Daniel Toshner congratulations on the success. Stories like yours inspire me and others to get started. I was in KC recently to scope the place out and it looks like an awesome market. I was wondering if you would be willing to share with me some of the groups you worked with out there. I would also be interested in lender information if you used lenders. Thanks so much for sharing though...and I wish you continued success in your investing career

    2Reply
  • Eric P.
    New York City, NY · Member since 2016 · 470 posts · 348 votes
    10y

    @Daniel Toshner Congrats! What kind of net cashflow per door are you seeing?

    0Reply
  • Daniel Toshner
    OP
    Investor · Seattle, WA · Member since 2015 · 91 posts · 111 votes
    10y

    @Yusuf Mathai PM me.

    0Reply
  • Daniel Toshner
    OP
    Investor · Seattle, WA · Member since 2015 · 91 posts · 111 votes
    10y

    @Eric P. Ya I am getting anywhere from $340-$550 a door.

    2Reply
  • Eric P.
    New York City, NY · Member since 2016 · 470 posts · 348 votes
    10y

    Nice! $340 seems a bit tight bc when CapEx expenses hit, they can wipe right through that. But you should be in great shape on the places with $550 cashflow.

    0Reply
  • Jade S.
    Investor · Evans, GA · Member since 2015 · 190 posts · 103 votes
    10y

    Congrats, @Daniel Toshner! I've keep my SFH portfolio in my local area and haven't tried the TK approach outside of it. You'll have to keep posting about your experiences going forward as I keep seeing mixed feedback about TK investing in some markets.

    0Reply
  • Daniel Toshner
    OP
    Investor · Seattle, WA · Member since 2015 · 91 posts · 111 votes
    10y

    @Eric P. That is capex included. That is what I'm taking to the bank.

    0Reply
  • Daniel Toshner
    OP
    Investor · Seattle, WA · Member since 2015 · 91 posts · 111 votes
    10y

    @Jade S. Ya its just spending the time on education to know what to expect. There are a lot of things along the way that if you don't expect them can throw you off mentally.  Just need to look at the facts and never put emotion into it like any other investment. If numbers work and there is demand then shouldn't be an issue.

    Also just follow the big boys.  If hedge funds are buying in same area, they have way more money and tools then I do so let them do the research.  On the individual house just listen to your gut and it seems to work for me.

    0Reply
  • Jade S.
    Investor · Evans, GA · Member since 2015 · 190 posts · 103 votes
    10y

    I hear ya, Daniel. American Homes 4 Rent has bought several houses in suburban neighborhoods I current invest in within my local area. I've strongly considered TK SFH to expand my investment "footprint", but haven't pulled the trigger yet as I have been seriously looking at smaller MFH opportunities (which haven't been good deals, BTW).

    0Reply
  • Sunny P.
    Investor · Cincinnati, OH · Member since 2016 · 90 posts · 5 votes
    10y

    @Daniel Toshner I am inspired

    so look at this listing..it sold for over 100% of listing price and the total rent is not even 1% of purchase price.. why would somebody do that?  What value do they see here?

    http://cincy.rapmls.com/scripts/mgrqispi.dll?APPNAME=Cincynky&PRGNAME=MLSLogin&ARGUMENT=KI5gnJ3ls0cqEgOiKLiIkK0vegC1O0HDWVeYVgmasskw8HFCUpYVipl5mrnY51uc&KeyRid=1

    0Reply
  • George DespotopoulosBusiness Member
    Lender · New York, NY · Member since 2016 · 936 posts · 287 votes
    10y

    @Daniel Toshner. Congrats on your success thus far. How are you funding all these properties? Is it all cash? Curious to hear how you expect to grow your portfolio over time and what kind of financing you are trying to achieve. Thanks

    MoFin Lending4.9152 Reviews
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    0Reply
  • Jerod Creese
    Alamo, CA · Member since 2015 · 6 posts · 0 votes
    10y

    Daniel,

    Thanks for sharing and congrats on the success! I am currently in contract on two KC properties and have had an interesting TK experience so far. What providers and lenders have you used? It would be great to chat with you a little bit. Thanks again!

    0Reply
  • Pedro Quintana
    Fort Lauderdale, FL · Member since 2016 · 18 posts · 6 votes
    10y

    Super motivating Daniel thanks for the post. I noticed that you've asked several people to private message you for your lender info but I'm not sure how to PM.  Can you PM me so that I can just reply back?

    0Reply
  • Lathea Morris
    Lender · Montclair, NJ · Member since 2010 · 121 posts · 16 votes
    10y

    Bret,

    Congrats on all your success!

    Lathea Morris

    0Reply
  • Daniel Toshner
    OP
    Investor · Seattle, WA · Member since 2015 · 91 posts · 111 votes
    10y

    I use @Sean Tarpenning for all who is interested. Check him out and let me know if you guys have any other questions!  Been fun answering all your questions!

    1Reply
  • Julie Falen
    Property Manager · Los Angeles, CA · Member since 2010 · 71 posts · 35 votes
    10y

    @Daniel Toshner  Congrats on your investing!  I love that market also and know it well from having lived there for 5 years, and have family there and 5 properties there as well.  I get amazing returns even on 12% loans.   Selling 1 house now, turnkey, with over $500/mo net CF.    I would love to help you if you want on any KC stuff or other info on the market or loans.  @Eric P. if you are buying a newly renovated SFR or 2-4 unit, you should not have to worry about CapEx for a long time. Get a 1 year warranty from seller, too, on appliances and HVAC.  

     Also in KC market, renters expect they have to provide their own refrigerator, and perhaps window AC. That is market norm.  If you ARE worried, get a home warranty after 1 year for $40-$50/month and figure you are covered for major appliances, plumbing and HVAC.   Cheap at the price.   

    0Reply
  • Sean Tarpenning
    Turnkey Investment Provider · Kansas City, MO · Member since 2015 · 1k+ posts · 116 votes
    10y

    Congratulations, Daniel! We look forward to the next 10!

    1Reply
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