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? ;)

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  • Rental Property Investor · El Paso, TX · Member since 2017 · 3 posts · 1 vote
    9y

    @Andrew Campbell , You are a true success story looking for tips and trick in the Texas market as I currently own 2 single family's but I am really ready to buy my first multi-Family home. Thanks for the the inspiration.

  • Investor · Rye, NY · Member since 2014 · 80 posts · 35 votes
    9y

    Congratulations!!   Great inspiration!

  • Columbus, OH · Member since 2015 · 210 posts · 80 votes
    9y

    Congrats! btw, @Andrew Campbell, are you the syndicator/sponsor of this deal? How many private investors did you bring on board? What's the before and after cap rate?

  • Mansfield, TX · Member since 2016 · 37 posts · 2 votes
    9y

    Congrats Andrew!

  • Investor · Philadelphia, PA · Member since 2016 · 32 posts · 4 votes
    9y
    congrats Andrew and I wish you msny more doors to come!!!!
  • FORT MITCHELL, AL · Member since 2008 · 4 posts · 0 votes
    9y

    Congratulations@Andrew Campbell! What an awesome success story, you are truly inspiring!

  • La Porte, TX · Member since 2014 · 25 posts · 5 votes
    9y

    Right on @Andrew Campbell! 

  • Investor · Atlanta, GA · Member since 2017 · 11 posts · 2 votes
    9y

    That's very impressive! Congrats!

  • Home Stager · Sussex, WI · Member since 2012 · 170 posts · 64 votes
    9y

    @Andrew Campbell Congratulations on your success and new found freedom!

  • Miami, FL · Member since 2015 · 30 posts · 2 votes
    9y

    Congratulations @Andrew Campbell !

  • Rental Property Investor · NV · Member since 2014 · 241 posts · 85 votes
    9y

    @Andrew Campbell - This is a great motivational story. We also hope to be there one day. With the right amount of effort, courage, and education I do believe that anything can be achieved. You are proof of that. Great work produces great results right. We (my wife and I) have been looking into getting into more multi family property but our local area does not have much to choose from at a reasonable price. Our market currently is best mined for foreclosure, short sale, or off market deals. We had thought about looking outside our market as well and had heard Texas is a great. What are your thoughts on Texas right now for the mid to small multi family investor?? - Thanks in advance and congrats again. 

  • Plano, TX · Member since 2017 · 30 posts · 11 votes
    9y

    @Andrew Campbell Man, what a great accomplishment! Huge congrats to you and your team! This is such a great motivational story for a new guy like myself. Especially since we're in the same neck of the woods. I'm in the DFW area - if you're ever in town, I'll buy you a beer! (or anything else if you don't drink!)

    Ed 

  • Mount Laurel, NJ · Member since 2012 · 125 posts · 36 votes
    9y
    Andrew Campbell Congrats! Your post was very inspirational. I am under contract for a four unit property and am psyched to move forward and grow my real estate portfolio. Best of luck!
  • Multifamily Syndicator · Austin, TX · Member since 2015 · 127 posts · 247 votes
    9y

    @Garrett Diegel.  "Texas-its like a whole other country" is something you hear a lot, and its true.  In this case, I'm talking about the size.  Its tough to generalize the whole state, because there are pros and cons about each big market individually, and all the secondary and tertiary markets. 

    I would add it comes down to your goals, and how you define success criteria for investments.  In Austin for example, it is very difficult to find anything under 10-units that will cashflow at purchase.  In what I'd call mid-size (100-200 units), it is very competitive but we are still finding deals that meet our criteria and are pursuing properties in Dallas/Ft Worth and San Antonio. 

    I'd suggest picking a market, then a few submarkets in that area and study up.  Austin is very different than San Antonio, which are both worlds apart from something like El Paso or Corpus Christi. Overall though, I do believe Texas is a strong market with great job and population growth, low unemployment and a positive outlook for the future. 

    Good luck! 

  • Real Estate Investor · El Paso, TX · Member since 2017 · 47 posts · 23 votes
    9y

    Thanks for sharing your success story and congratulations. It's always a great motivator to read posts like this.

  • Houston, TX · Member since 2016 · 3 posts · 0 votes
    9y

    Congratulation!  It is a huge success!  Such a motivational story for all of us.

  • Rental Property Investor · NV · Member since 2014 · 241 posts · 85 votes
    9y
    Originally posted by @Andrew Campbell:

    @Garrett Diegel.  "Texas-its like a whole other country" is something you hear a lot, and its true.  In this case, I'm talking about the size.  Its tough to generalize the whole state, because there are pros and cons about each big market individually, and all the secondary and tertiary markets. 

    I would add it comes down to your goals, and how you define success criteria for investments.  In Austin for example, it is very difficult to find anything under 10-units that will cashflow at purchase.  In what I'd call mid-size (100-200 units), it is very competitive but we are still finding deals that meet our criteria and are pursuing properties in Dallas/Ft Worth and San Antonio. 

    I'd suggest picking a market, then a few submarkets in that area and study up.  Austin is very different than San Antonio, which are both worlds apart from something like El Paso or Corpus Christi. Overall though, I do believe Texas is a strong market with great job and population growth, low unemployment and a positive outlook for the future. 

    Good luck! 

     Thanks so much Andrew. Texas is on our list to look into. If we head that way I'd love the opportunity to pick your brain. Keep in touch and again CONGRATULATIONS!  

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