Zero to 4 doors in a year and a half - All out of state

[Billy Maloney]

I wanted to share some of my recent progress.  I found BP about 2yrs ago.  Didnt have any experience in RE but I had a feeling it was something I could figure out.

I listen to the podcasts read the books like everyone recommended. About 6 months in I bought a property outside of Memphis through a turnkey company. My CoC was 7% when including vacancy and repair when I ran my numbers with the BP calculator, ehhh whatever right? (in actuality i got 16% the first year because there was no vacancy or repairs). I quickly realize there were way better returns to find out there. I spent count less hours banging my head thinking how any I gonna find these deals on my own? Btw I live in LA and all the properties are state and I have never seen them in person or visited those places ever. I continued to read listen and tell everyone who would listen that I was buying houses out of state. This is a great way to hold yourself accountable because the next time you see those people they will ask you , How is the RE investing going? and I always wanted to have good news to share. I decided to hire a coach to give me the confidence to go after these deals. I found a rockstar investor in @David Greene who was doing what I wanted to do.  You might recognize the name from BP podcast show 169.  He is also working on book for investing out of state so look out for that. 

I set my goal to have 2 rentals this year. I had a alarm go off every night to remind me that I was basically failing at it. I had nothing in October. Then I decided i cant just wait around for people to bring me deals and I hit Zillow and found all the properties that fit what i was looking for and called them one by one. Finally I found a property in Jacksonville Its a 4/1 currently getting a CoC just over 20%, 10 CAP. While in escrow an agent (@Matt Motil ) who I had been exploring deals with months ago brought me an amazing deal out side of Cleveland. A duplex that was rent ready I made an offer under asking, secretly hoping it was not accepted, but it was ...oops. Now I have to figure out how to buy it. Well I figured it out and this one ended up being a 30% CoC and a 12CAP.    

The biggest thing I have learned starting out is that you need to reprogram your thoughts and fears by pushing past your comfort zone.  I lost alot of sleep while in escrow for that first Turnkey deal just worrying, but by the 3rd I was sleeping like a baby.  

Things come together fast you just have to keep pushing forward until your goals are reached. You have to focus on them everyday even when they seem hopeless.  When I first came to BP I didnt think there was any way I would have 4 doors in a year and half. Thanks @Joshua Dorkin @Brandon Turner and all the podcast guests.    

[Chris Clothier]

@Billy Maloney - This is a great share by you and I am fired up to hear that you are pushing out of your comfort zone and figuring out ways to continue building your portfolio.  Great find in hiring @David Greene as well.

There are so many investors who get started buying a turnkey property and then use that experience as the springboard to invest themselves.  They use the experience of getting started and declaring that "I am an investor" as that impetus to go and do more and build their portfolio.  As much as a I would love to be the one you build your portfolio with, there is no better story you could ever tell me than the one you told here.  To know that you are having success and moving forward is huge and personally I'm excited for you.

A lot of investors are going to find inspiration and strength from this post.  Best of luck as you keep building.  You are absolutely a "real" real estate investor and learning that if you can envision it and are willing to be diligent, you can achieve it.

Best to you ~