One Year Later - 10 units and full time investor

One Year Later - 10 units and full time investor

Jacksonville, FL · Member since 2016 · 76 posts · 130 votes

It was about this time last year that I discovered Bigger Pockets and found what I was looking for - a way to escape the boring, restrictive 9-5 life while doing something enjoyable and generating wealth. I caught the real estate investing bug and started listening to podcasts and reading articles for hours a day.

I kept hearing experienced investors say to jump in, so I did just that a few months later. By August, I had closed on a quad and was officially a real estate investor. Around that time, I partnered with a friend who was also interested in REI. By my 24th birthday at the beginning of this year, we collectively owned 10 units / 4 properties. We've done a house hack condo, a BRRRR triplex, and duplex and quad rentals.

This has given me the freedom to go into real estate investing full time while my business partner is sticking it out at his job to help us qualify for mortgages. This month, we've put a live-in flip and a BRRRR quad under contract, and we have another duplex in verbal negotiations that looks very promising.

It's easy to get frustrated when progress seems slow, but rewarding when I can look back at my first year in real estate and see we made it to double digit doors while earning enough to go into real estate investing full time. I can't thank BP enough for the advice and wealth of information. We are currently looking for connections in Jacksonville, FL, Greenville, SC, and southern Delaware to grow our business if anyone is interested. Thanks BP!

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Jerry W.Pro Member
Moderator
Investor · Thermopolis, WY · Member since 2012 · 4k+ posts · 4k+ votes
9y

Congratulations @Ethan Lee.  You have done very well.  I have been investing part time for almost 20 years and have not been able to leave the day job yet.

@Sam T., welcome to BP. BRRR is a buy, rehab, rent, refinance, repeat. it allows you to keep pulling money out to do rehabs over again. House hack means to live in a property while you rehab it. Often it is your primary residence to take advantage of the no capital gains from the sale of your primary residence for 2 of the last 5 years, but not always. you might start reading up in the education section above, it is loaded with tons of great information. Good luck.

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  • Real Estate Agent · Saint Louis, MO · Member since 2015 · 35 posts · 14 votes
    9y

    Reading this makes me so happy! Unfortunately due to credit I can't really get into residential loans. Looking at a 24 unit apartment tomorrow. I plan on going through investors. I don't mind presenting deals and finding people to present to. 

    Cashflow you have now is my goal too! Livable for a single person on a frugal budget. That way you have more time to find more deals ;) 

    Ideally I'll get the first apartment complex, 16-40 units most likely, use it as track record for next similar deal and live off cash flow, etc. move up from the small apartments when possible with 1031 to even bigger office building or complex.

    I really need to find a partner!

  • Alpharetta, GA · Member since 2016 · 44 posts · 5 votes
    9y
    Awesome Ethan Lee ! Keep up the moment. You are young and have a lot of potential to make it big!
  • Ian WalshBusiness Member
    Lender · Philadelphia, PA · Member since 2016 · 2k+ posts · 1k+ votes
    9y

    Nice work.  Way to push forward and accomplish your goals.

  • Investor · Saint Louis, MO · Member since 2016 · 970 posts · 1k+ votes
    9y

    @Drew Bonner thanks for the words! yeah, I'm lucky in that I can grab high paying tenants.

    I'm actually still a little too scared to leave my W-2 job yet and I like it haha. I told myself I'd start cutting my regular job hours when I felt like I had no time or I make 50k/month in cashflows.

  • Real Estate Investor · Greater Atlanta, GA · Member since 2016 · 32 posts · 8 votes
    9y

    Congrats on your success!!! Very inspiring to me, as I am beginning the process to get where you already are.

  • Realtor · Detroit, MI · Member since 2017 · 184 posts · 33 votes
    9y

    @Alexander Schwartz Are you only investing in MFs? And I noticed that you mentioned Properties that are performing, I do have some PN and CFDs to get rid of. What areas are you interested in?

  • Realtor · Detroit, MI · Member since 2017 · 184 posts · 33 votes
    9y

    @Tony Lanier What are you planning to invest into? Mfs only? what area? Have you gained any connections?

  • Jacksonville, FL · Member since 2016 · 76 posts · 130 votes
    9y

    @Steve B. @Dan Mead thanks guys!

  • Jacksonville, FL · Member since 2016 · 76 posts · 130 votes
    9y

    Thank you @Lily Quan! I actually just left CA (Los Angeles) and it's crazy out there! It's intimidating when a small house in a sketchy area goes for 600k, but I met many flippers making it work. Thanks for reaching out and I will contact you if I ever make it back out that way.

  • Jacksonville, FL · Member since 2016 · 76 posts · 130 votes
    9y

    @Sebastian Marroquin the first quad was 135k, gross rents are around $2600, PITI $675, the rest of the expenses (vacancy, repairs, CapEx) should average out to about $900, so cash flow around $1000 for that property. The other deals are similar ratios with the triplex being even better because we're all in for about 45k and it's over a 3% deal. We got lucky with that one thanks to some terrible marketing - it pays to look for value add and to act quickly!

  • Jacksonville, FL · Member since 2016 · 76 posts · 130 votes
    9y

    @Taylor L.! I feel very lucky to have found real estate and that "aha!" moment when I did, and now focus on taking advantage of it!

  • Jacksonville, FL · Member since 2016 · 76 posts · 130 votes
    9y

    I appreciate the kind words @Rhett Roden @Joseph Hoot @Ian Walsh @Tony Lanier thank you!

  • Jacksonville, FL · Member since 2016 · 76 posts · 130 votes
    9y

    @Alexander Schwartz have you thought of small deals using investor money? I like that you're thinking through your options. Work on improving that credit but push forward anyway! I recommend partners as long as your goals align and you trust them with your life.

  • Real Estate Investor · Memphis, TN · Member since 2016 · 940 posts · 695 votes
    9y

    @Ethan Lee!  Wow!  That is awesome!  Thanks for sharing!  

  • Specialist · Cypress, TX · Member since 2017 · 23 posts · 13 votes
    9y

    @Ethan Lee - CONGRATS and thank you for sharing so much of your journey!

  • Lancaster, CA · Member since 2015 · 28 posts · 3 votes
    9y

    WOW, you sound like me on regards to starting point. I made the move to Pro and will work on jumping in. Would like to speak with you, private, for guidance. Thanks

  • Real Estate Agent · Jacksonville, FL · Member since 2015 · 1k+ posts · 1k+ votes
    9y

    WOW, you are amazing!  Where did you buy?

    Which lenders did you use?

  • Derek S.Pro Member
    Wardsboro, VT · Member since 2016 · 13 posts · 2 votes
    9y

    Congratulations! Very Inspiring!  Keep it up!

  • Investor · Pace, FL · Member since 2015 · 23 posts · 7 votes
    9y
    Very Nice! Congratulations. We are in the process of buying a rental in Jackson, Florida. Any advice is welcome.
  • Investor · St. Simons Island GA · Member since 2015 · 73 posts · 13 votes
    9y

    @Ethan Lee - are you investing in Jacksonville at all? I am currently investing in Brunswick, GA and ATL, GA but I am very curious about the Jacksonville market. Let me know your thoughts! Thanks!

  • Investor · Appleton, WI · Member since 2017 · 40 posts · 30 votes
    9y

    @Ethan Lee congrats on the success! I house hacked a duplex, and am currently doing a cash out refi,  which is going to provide me with just under $50k. Now, with my business partner, looking into a flip, and/or multi family rental.  Both will happen, it just depends which comes first, obviously go with the better deal. It's great to hear your quick build up of units, and here's to much more success!

  • Real Estate Agent · Jacksonville, FL · Member since 2016 · 51 posts · 14 votes
    9y

    Congrats. I am a property manage in Jacksonville From the Westside- Riverside to Orange Park and the beaches. I work with a full service realty Company focused mainly in the Riverside Avondale and Urban core. I wish you luck. let me know if you need any comps for rents or Flips.

  • Investor · Jacksonville Beach, FL · Member since 2012 · 80 posts · 18 votes
    9y

    @Norma H.  Small world Norma, I went to Liberty High in Brentwood and now live in Jax.

  • Chicago, IL · Member since 2015 · 1 post · 0 votes
    9y

    Congrats!! I recently bought my first 2-unit and we are buying tax liens for investors in NW Indiana. I too am a full-time investor at 25. Wouldn't have it any other way!!

  • Investor · Bronx, NY · Member since 2016 · 4 posts · 1 vote
    9y

    This is so inspiring! I really needed to read this as it seems my first leap is taking so long to get started!

    Thank you for sharing and congratulations!

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