Closed on 202-units AND quit my job on the same day!

Closed on 202-units AND quit my job on the same day!

Multifamily Syndicator · Austin, TX · Member since 2015 · 127 posts · 247 votes

I started buying rental property five years ago to create a passive income stream. At the time, my realtor and friend who helped me buy the fourplex said “watch out, Real Estate is like crack.” For me truer words have never been spoken.

Late last year, with our portfolio standing at 72-units I made a decision: I could no longer ignore my real estate habit, and was ready to turn my side-hustle into a full-time hustle. Today, that became a reality.

Today, I closed on a 202-unit apartment in the Dallas/Ft. Worth area. Partnering with one of my mentors, we purchased a value add apartment complex that will provide solid returns to investors and gives me my first taste of being a General Partner on a large Multifamily property.

Today was also my last day as an employee. I resigned from my job a few weeks ago, ready to dedicate all my time, energy and passion into investing full-time. I never expected the two events would take place on the same day, but I’m glad they did. June 2 will always be a special day for me.

Thinking back over the last five years, I can’t believe how much I’ve learned about investing in Real Estate from this site, its members and the podcast. First off, I just want to say thank you to the whole community—for the blogs you write, the conversations you spark on the forums and the general willingness to put yourselves out there for our education.

I also want to offer encouragement to everyone out there. Investing in real estate, however you choose to do it, really is a ticket to financial freedom. I’m not quite there yet, but the “finish line” is in sight. If you’re kicking the tires and evaluating your options—keep going. But make sure to take action and get involved. When we bought our first property, I remember being scared to walk up and introduce myself to our new tenants. I had never managed a property before, and didn’t know anything about the business. But I figured it out pretty quickly, and stumbled my way through an educational first year. And 4 units turned into 72. And now 72 is turning into a new business, a new lifestyle and a whole world of possibilities!

Five years ago I never would have predicted I’d leave my job to start a company focused on buying large apartment complexes. Or that I’d walk away from a career I loved and had been so dedicated to. Or that I’d be so excited about the unknown and where my path will take me next. But I know with the continued education and help I’ll get from BP members, I’ll figure it out.

Thanks BP!

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Property Manager · Chicago, IL · Member since 2016 · 69 posts · 51 votes
9y

Congratulations! Finally found my daily dose of inspiration haha. 

So...you going to give us details on the deal? ;)

See this reply in the discussion

69 Replies

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  • Riverside, CA · Member since 2017 · 10 posts · 5 votes
    9y
    Congrats man! Keep doing big things! MW
  • Investor · Austin, TX · Member since 2013 · 933 posts · 1k+ votes
    9y

    Nice my friend.  You will continue to do well.  I'm glad we had that lunch and encouraged you to take it to the next level w/a great coach.  Look forward to hearing more about your journey as it continues to unfold !

  • Rental Property Investor · Lubbock, TX · Member since 2017 · 39 posts · 52 votes
    9y

    Fantastic!  I love hearing stories like this.

  • Rental Property Investor · Kansas City, KS · Member since 2016 · 114 posts · 57 votes
    9y

    excellent!!!! Congratulations man!!!! That's a beast of a story and deal!

  • Investor · Anchorage, AK · Member since 2017 · 45 posts · 9 votes
    9y

    Wow.  Well done!  Congratulations.

  • CA · Member since 2016 · 1k+ posts · 1k+ votes
    9y

    Hmmm... This starts to sound like a scam to me now....

    Check the website... It is a "crowd funding" type of deal, but they do NOT disclose the location of the properties....

  • Amahl MillerPro Member
    Real Estate Agent · Gainesville, VA · Member since 2016 · 76 posts · 14 votes
    9y
    That is awseome. I hope to work myself out of my job.
  • Rental Property Investor · Thousand Oaks, CA · Member since 2017 · 147 posts · 48 votes
    9y
    Andrew Campbell Such a cool story! Once I'm out of the military I'm going to use my benefits and get my school work complete and build up my bank roll in the process. I hope to get my first property within the next 18 months. If I can find a steal on a MFR I'll use my VA loan and get something in Southern California otherwise I'll use conventional financing and get something in the center of the country where prices are much more affordable. My goals are to get experience and with time acquire more properties. Once I get some good equity in the property, refinance, and start over! Thanks for sharing your story and I hope you reach financial freedom soon if not already! :) Jonathan Velarde
  • Investor · Keller, TX · Member since 2015 · 28 posts · 5 votes
    9y

    @Andrew Campbell  Congrats on the big step and I look forward to hearing about your many successes in the future!!  Very inspiring!

  • Daniel P.Pro Member
    Investor · Winchester, VA · Member since 2017 · 104 posts · 70 votes
    9y

    What a great story! Congratulations!

  • Investor · Greenville, SC · Member since 2016 · 5k+ posts · 13k+ votes
    9y
    Originally posted by @Diane G.:

    Hmmm... This starts to sound like a scam to me now....

    Check the website... It is a "crowd funding" type of deal, but they do NOT disclose the location of the properties....

     Syndication, not scam.  All syndications are funded by a group of individuals (i.e. funded by a crowd).  Most commercial real estate is purchased through the use of pooled funds (i.e. REITS, insurance companies, pension funds, syndications, etc.).  It would be challenging to purchase a $10 million+ apartment complex otherwise.  Hope that helps.

  • plantsville, CT · Member since 2017 · 32 posts · 9 votes
    9y
    "REAL ESTATE IS LIKE CRACK" very true words haha! Nice congratulations!
  • Kim Meredith HamptonBusiness Member
    Real Estate Broker · St Petersburg · Member since 2014 · 2k+ posts · 2k+ votes
    9y
    Andrew congrats on an amazing journey, excited to hear your next phase of investing. I actually liken this business to The Mafia, you just can't get out!!! It always drags you back in!!
  • CA · Member since 2016 · 1k+ posts · 1k+ votes
    9y
    @ mike dymski - ha... got it... thanks
  • Real Estate Investor · Dallas, TX · Member since 2016 · 10 posts · 1 vote
    9y

    awesome work @Andrew Campbell !!

  • Investor · Philadelphia, PA · Member since 2010 · 739 posts · 372 votes
    9y

    @Andrew Campbell

    How did you finance these?

  • Real Estate Agent · Ft. Lauderdale & Miami, FL · Member since 2015 · 46 posts · 63 votes
    9y

    Congratulation to you! It's amazing to read posts like this and see how much in charge we are of our lives. And for that I congratulate you, for taking the steps and staying focused on your goal. Well deserved!

    June 2nd is a special day for me as well. That's when I officially started taking steps towards my goal in wholesaling. 

  • Rental Property Investor · Baton Rouge, LA · Member since 2017 · 78 posts · 26 votes
    9y

    CONGRATS HOPE TO FOLLOW IN YOUR FOOTSTEPS ONE DAY!

  • Multifamily Syndicator · Austin, TX · Member since 2015 · 127 posts · 247 votes
    9y

    @Mark Allen

    Look forward to hearing from you. 

  • Multifamily Syndicator · Austin, TX · Member since 2015 · 127 posts · 247 votes
    9y

    @Diane G. We started small--bought a duplex and a fourplex the same month.  Saved money from our jobs, the bonuses we'd get and ALL the cashflow to buy the next.  Sprinkle in some great appreciation we took advantage of and it snowballed. 

    I plan to outline our specific process step by step in a post coming this week.  

  • Multifamily Syndicator · Austin, TX · Member since 2015 · 127 posts · 247 votes
    9y

    @Chris Purcell

    We used personal Fannie/Freddie loans to get 30-yr fixed rates as we got started.  Anything 4-unit and under qualifies, and you can get 10 of these per person.  Qualification is just like your own home mortgage.  We found a local bank that would do cash-out refi and put us back in individual 30-yr fixed rate loans which allowed us to access equity and keep our great terms and 30-yr amortization. 

    One (of many) factors that pushed me towards bigger apartments was the loan factor.  When we surpassed the 10-loan limit for fourplexes, we faced getting commercial loans--regardless of the property size. If we had to do that, why not go big? At least that was my thinking. 

  • Investor · Philadelphia, PA · Member since 2010 · 739 posts · 372 votes
    9y

    @Andrew Campbell

    I meant the 78 and 202 units

    Specifically purchase price, down payment, closing costs, cash outlay, etc

  • John CasmonPro Member
    Cincinnati, OH · Member since 2013 · 1k+ posts · 1k+ votes
    9y

    @Andrew Campbell Huge congratulations! It was so great spending time with you in Denver. Seeing you close on the 202 unit deal is absolutely amazing! 

  • Construction/ Investor · Santa Maria, CA · Member since 2017 · 29 posts · 9 votes
    9y
    Andrew Campbell that is awesome! Would love to hear more detail about your journey. I am just getting started and am currently trying to learn as much as I can. My goal is to partner in 5000 doors in next 10 years.
  • Developer · Houston, TX · Member since 2015 · 1k+ posts · 1k+ votes
    9y

    Congratulations, @Andrew Campbell. That's quite an exciting milestone. Good luck to you.

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