Thank You BP!

Thank You BP!

Investor · Benton Harbor, MI · Member since 2013 · 257 posts · 140 votes

I have been a member on Bigger Pockets for 3 years now and got significantly more serious about my investing about 2 years ago. Full disclosure, I had a fair amount of experience prior to getting on the forums, but what really pushed my business over the edge was this community which for me was a sounding board, mentor, mentee and fantastically unorthodox education. So, over the last 2 years here is what played out – all due to BP:

Year 1

Wholesaled a property which I had never done (I know – mixed reviews on this approach)

Flipped 3 homes with private lenders found on BP

Purchased 12 rental units with a BP partner

Year 2

Flipped 3 homes – 2 with a lender from BP

Spearheaded the purchase and rehab of a 22 unit condo conversion project of a former school with BP members and others

QUIT MY JOB!!!

So here I am in year 3 of this journey and we are about 6 months from finishing the condo conversion. We are actively purchasing more rental units, looking for another mid-sized project to renovate and building better systems for the future. I am extremely grateful for the creation of this awesome website.

Newbies, do not spend thousands on education you can get here for free! Spend the time to learn, connect with good people, ask questions and get on the forums. If you want to get the information to move ahead it is out there.

Anyways, thanks BP community and Josh Dorkin and Brandon Turner for a killer site!

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Julie MarquezPro Member
Investor · Skagit County, WA · Member since 2016 · 1k+ posts · 807 votes
10y

@Marshall Downs I think that's a great background for real estate investors! I work construction project management for a large general contractor, and all the tasks and skill I'm learning now directly relate to real estate. I always suggest to those young kids on BP looking for a college degree or internship jobs to check out construction management. And you're a testament that it's a great background!

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  • Investor · Benton Harbor, MI · Member since 2013 · 257 posts · 140 votes
    10y

    Thanks @Nancy E. and @Ramona Chapman. Isn't it cool to be able to jump on BP for some quick motivation?! Best of luck!

  • Investor · Benton Harbor, MI · Member since 2013 · 257 posts · 140 votes
    10y

    Hi @Ann Miller. Good question - we did purchase with the LLC as the actual customer but definitely had to personally guarantee the loan. It doesn't show up on my credit report, but not sure if that would be the case with every bank. Anyway, a local lender should allow you to do the same structure.

  • Galena, MO · Member since 2016 · 4 posts · 0 votes
    10y

    At this point, I've been only a reader, not a doer, so to the point: Wow! Thanks for sharing.

  • Investor · Benton Harbor, MI · Member since 2013 · 257 posts · 140 votes
    10y

    @Norm Farnum nothing wrong with studying up, just don't get stuck there!

  • Rental Property Investor · Cleveland, TN · Member since 2015 · 176 posts · 58 votes
    10y

    Fantastic job @Marshall Downs. Love to hear these success stories

  • Rental Property Investor · Davenport, FL · Member since 2016 · 593 posts · 382 votes
    10y

    I love reading posts like this. It is a kick in the butt when I am feeling a little lazy. 

  • Julie MarquezPro Member
    Investor · Skagit County, WA · Member since 2016 · 1k+ posts · 807 votes
    10y

    @Marshall Downs I love your success story, congrats! What was your real estate like before Bigger Pockets? This is a great community, thanks for being a part of it!

  • Real Estate Agent · Tampa, FL · Member since 2016 · 7 posts · 1 vote
    10y

    Loved reading your success story! I am new to the site and was wondering where you found your private money investors? I want to start a partnership with some investors where they provide the money up front but where we can both profit from our relationship. Any feedback is greatly appreciated.

  • Developer · Provo, UT · Member since 2015 · 141 posts · 89 votes
    10y
    I love this post! Authentic and digestible. Thanks much and congrats!
  • Investor · St. Petersburg, FL · Member since 2013 · 28 posts · 1 vote
    10y

    Awesome post- congrats

  • Investor · Benton Harbor, MI · Member since 2013 · 257 posts · 140 votes
    10y

    @Keith Weigand - Thank you, post your own when the time comes!

    @Kristopher Hanks, we've all been there!

  • Coral Springs, FL · Member since 2016 · 16 posts · 5 votes
    10y
    Congratulations Marshall Downs ! What an amazing story. Good luck with your future endeavors!
  • Investor · Benton Harbor, MI · Member since 2013 · 257 posts · 140 votes
    10y

    @Julie Marquez 

    Thanks for the congrats! The short version is I came up in the construction industry and moved into an administrative position in my mid 20's. So, I had a combination of hands on construction knowledge and management functions. After some years I went into business for myself and was doing small to mid-sized residential and commercial projects. At the same time I got into property management. That time in property management really gave me a taste for real estate investment and I purchased a 4 unit and flipped a few homes in 07-08. While I was working on a construction project for a non-profit developer I was offered a project management position with them and I jumped as they are pretty active in the real estate space in my area. It was during this 5 year period that I gained most of my development knowledge as I was basically structuring deals and doing much of the administrative work to get them off the ground. They were involved in state and federally funded projects which are fairly complex as they can have multi-layered equity, subsidies and financing. So I really was able to get a great education paid for by my employer :) 

    I left there for another job in a related, but dissimilar field but knew fairly soon after starting that I needed to aim for something else. I plotted my exit for the next 2 years and this is the time I really ramped things up on BP. That 2 years was tough, but the struggle was well worth it!    

  • Investor · Benton Harbor, MI · Member since 2013 · 257 posts · 140 votes
    10y

    @Kristyn Bradley - I honestly don't really know exactly how I found the investors. I was definitely on the site, connecting with people, posting things I needed help with or could help someone else out with. I even went to Chicago (90 minutes away) for a BP meetup one night. I'm from Chicago originally, so not super odd, but still I was hungry enough to check it out. 

    I think the lenders just kind of grew organically after sharing info and identifying needs on both sides. It's a symbiotic relationship - we really need each other and they want to place money with someone they can trust to make it grow. I am very careful with their funds and probably am a bit more conservative with someone else's money than I would be with my own. 

    So, in summary keep spending time here telling your story and helping out where you can. It can happen!

  • Investor · Benton Harbor, MI · Member since 2013 · 257 posts · 140 votes
    10y

    Thank you @Steven Bond. Great website! Looks like you guys are doing some cool things!

  • Investor · Benton Harbor, MI · Member since 2013 · 257 posts · 140 votes
    10y

    Thanks @Dan MacDuffie @Marsha Segree Should be an interesting next year!

  • Julie MarquezPro Member
    Investor · Skagit County, WA · Member since 2016 · 1k+ posts · 807 votes
    10y

    @Marshall Downs I think that's a great background for real estate investors! I work construction project management for a large general contractor, and all the tasks and skill I'm learning now directly relate to real estate. I always suggest to those young kids on BP looking for a college degree or internship jobs to check out construction management. And you're a testament that it's a great background!

  • Rental Property Investor · Exeter, CA · Member since 2016 · 60 posts · 35 votes
    10y

    @Marshall Downs How many years were you working full time before you quit and transitioned to real estate? Congrats, I'm happy for you. Do you ever come to the metro Detroit area at all? I'd love to maybe listen to some of your cool experiences and maybe share some ideas.

  • Spring Lake, MI · Member since 2016 · 1 post · 0 votes
    10y

    Nice job. Do you stay local in SW Michigan or spread out?

  • Investor · Benton Harbor, MI · Member since 2013 · 257 posts · 140 votes
    10y

    100% in agreement with you @Julie Marquez. Pay is not bad either!

  • Investor · Benton Harbor, MI · Member since 2013 · 257 posts · 140 votes
    10y

    Hello @Bryce Wong - I think I would guess 12-15 years total worked before going full time RE, but only the last 7 were more focused on a real estate career. Detroit is a 3-4 time a year trip for me so I will give you shout next time I come to the East side of the state!

    @Derek Marine I'm pretty focused on SW Michigan right now since there are many good deals my way. I'd venture to say I will become more regionally focused at some point, but for now there are great prospects close to home.

  • Tarrytown, NY · Member since 2016 · 79 posts · 43 votes
    10y

    Congratulations @Marshall Downs. Thank you for sharing. I am just starting out and in the same boat of corporate job and REI juggle. Wish you much success.

  • Investor · Benton Harbor, MI · Member since 2013 · 257 posts · 140 votes
    10y

    Thank you @Jay Bhatt, I was talking with two self employed friends today about the time when we all were corporate and the same words came out of everyone's mouths, "I don't miss those days". Granted I probably put in more hours in a week now than when I was working an 8-5, and I certainly have bad days, but the grind is so drastically different. 

  • Hollywood, FL · Member since 2016 · 1 post · 0 votes
    10y
    Marshall Downs Awesome and motivating post! Success stories give me hope. Thanks!
  • Investor · Benton Harbor, MI · Member since 2013 · 257 posts · 140 votes
    10y

    Thanks @Jasmine George! Glad this read could inspire. Some days when I get on BP I have something I need the community to help me figure out, other days I want to welcome new folks, sometimes I want to just offer advice, then there are the days when you just need some inspiration to keep plugging along!

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