Successful close on a Quad! Hit my 2017 Goal in August!.

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Successful close on a Quad! Hit my 2017 Goal in August!.

Cassidy BurnsBusiness Member
Investor · Alexandria, VA · Member since 2016 · 859 posts · 460 votes

Good morning BiggerPockets,

It has been a great 2017 thus far, and I owe a lot of the success and triumphs to this site.  I started selling real estate in March of 2016 in the Washington DC area.  Our team, Trent&Co. focusing mostly on high end condominiums by local developers.  I purchased my first condo, primary residence, in November of 2016.  Not knowing what I was doing, but by the guidance of a mentor.  I found this site the in January of 2017, I listened to one of @Brandon Turner webinars on how to buy your first investment property in the next 90 days. I set a goal that night of owning 10 units by the end of the year. I closed on my first duplex in Covington, VA on March 1st and since I have purchased 3 single family homes, and as of yesterday closed on my most recent Quad. Totaling 10 total units, having another under contract and set to close September 1, I have hit my goal for 2017!! It has been a great year, and I am so grateful for the journey that I have experienced to date. I have recently increased my goal to owning 15 units by the end of the year, so 4 more to go. Thanks again bigger pockets, look forward to hitting the ultimate goal of 465 units by age 30 in 2022.

[email protected]540-960-1507
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Chris SeveneyBusiness Member
Moderator
Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
9y
Cassidy Burns congrats that is awesome. I recommend you write up case studies for these including what you did / how you did it / how you financed. Spreading the word in your work will also lead to more deals Brand brand brand...
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  • Chris SeveneyBusiness Member
    Moderator
    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    9y
    Cassidy Burns congrats that is awesome. I recommend you write up case studies for these including what you did / how you did it / how you financed. Spreading the word in your work will also lead to more deals Brand brand brand...
    7e investments53 Reviews
    WebsiteView Page
    4Reply
  • Marina M.
    Pasco, WA · Member since 2017 · 8 posts · 2 votes
    9y

    @Cassidy Burns this is awesome! Very motivational since I just recently discovered biggerpockets myself a few months ago. I would really appreciate some more detail on how you accomplished this. Best of luck on what looks like an incredible future! 

    0Reply
  • Mark H.
    Hamilton, OH · Member since 2015 · 19 posts · 3 votes
    9y

    Very cool @Cassidy Burns!!! That is quite a goal in 5 years of 465 units! Like @Chris Seveney says, brand brand brand! May I ask, why such a specific goal?

    0Reply
  • David Baker
    Franklin, TN · Member since 2017 · 14 posts · 2 votes
    9y

    Awesome @Cassidy Burns!  Are most of your properties in Maryland?  I too would like more detail on your deals.

    0Reply
  • Dustin Verley
    Wholesaler · Newark, DE · Member since 2015 · 303 posts · 80 votes
    9y
    Congrats! Glad everything worked for you and best of luck towards your ultimate goal. As someone asked, are most of these multiplexes in MD?
    0Reply
  • Cassidy BurnsBusiness Member
    OP
    Investor · Alexandria, VA · Member since 2016 · 859 posts · 460 votes
    9y

    Hi All, 

    The units are in SouthWest Virginia. Covington, Selma, and Clifton Forge VA. I own 1 condo in Washington DC as well that I am currently house hacking. That is 3 bedroom/3 bathroom. 1,500 soft. $2800 PITI, $321 HOA. Renting out 2 rooms for $1,250/each. $2,500 in income. So living in one of the most expensive areas in the world for $650 plus splitting utilities, extremely happy with this.

    The units go as followed:

    112 & 114 Duplex: $30,000 purchase price.  Appraised at $45,000 at closing.  Put $12,000 into it, expecting to appraise for $65-70k.  $1,020 in rent.  Will refinance in October

    1551 Alleghany (SFH): $30,000 purchase price. Appraised at $35,000 at closing (disappointed in this). Put about $1000 and my own sweat equity into it, expecting $45-50k appraisal. $650/monthly rent.

    1020 W. Jackson (SFH: $35,000 purchase price. Appraised at $45,500 at closing. Put $13,000 into it, expecting $65-75k appraisal. Currently vacant but expecting $650/monthly rent in the next week or so. Refinancing in October.

    420 Mallow (SFH): Purchased $12,000 cash. Put $4000 into it. Took line of credit out on it. Appraised for $31,500, approved for $25,000 line of credit and used to purchase quadplex. Rents for $530/month.

    303-309 Wintergreen (Quadplex): $165,000 purchase price.  Assessed at $229,000, got low appraisal at $180k at closing.  Will do a little work ($3-5k) and then get it reappraised.  1 Unit vacant when purchased.  Already occupied before closing for $625/month.  3 units under market value rents at $475, $550, $550.  Plan to have all of rents up to market ($625-650) by August 2018.  Current total rent: $2,200.  Expected rent: $2,500

    1203 Staunton (SFH): First Flip... Currently Under contract set to close September 1 for $35,000, assessed at $69,000. Purchasing all cash. Got reno budget quote for $15,000 21 days all in. Sale Comps are $110,000 and $98,000. Really looking forward to this one.

    Thanks everyone for checking in!  Let me know if you have any other questions or have anymore wonderful advice.

    [email protected]540-960-1507
    0Reply
  • Marina M.
    Pasco, WA · Member since 2017 · 8 posts · 2 votes
    9y

    @Cassidy Burns I noticed that in a few of your properties you were expecting a higher appraisal that what you actually received. What lessons have you learned about overestimating the appraisal value that would be useful for a newbie like myself to know before she jumps into her fist deal? Thanks!

    0Reply
  • Rachan M.
    Rental Property Investor · Washington, DC · Member since 2017 · 78 posts · 13 votes
    9y

    Great to read about your @Cassidy Burns !

    0Reply
  • Karla Yudy
    Investor · Raleigh, NC · Member since 2016 · 28 posts · 3 votes
    9y

    @Cassidy Burns, congrats. Damn, 465 units within the next 5 years, that's real impressive. How are you funding your purchases? What strategies are you targeting and how are you deciding on what to purchase? 

    0Reply
  • Cassidy BurnsBusiness Member
    OP
    Investor · Alexandria, VA · Member since 2016 · 859 posts · 460 votes
    9y

    Hi @Marina M., very good question.  At first I was basing my purchase prices off of the current assessed value.  I would purchase properties no more than 75% of the assessed value.  Some appraisers in the town (I now know which ones are a little tight) are not very generous.  I am not trusting my real estate agent more and basing purchases more on comps rather than the assessed value.

    [email protected]540-960-1507
    0Reply
  • Cassidy BurnsBusiness Member
    OP
    Investor · Alexandria, VA · Member since 2016 · 859 posts · 460 votes
    9y

    Thank you @Rachan M. hopefully we can link up in the Washington DC area soon. 

    [email protected]540-960-1507
    0Reply
  • Cassidy BurnsBusiness Member
    OP
    Investor · Alexandria, VA · Member since 2016 · 859 posts · 460 votes
    9y

    @Karla Yudy thank you for reading.  Yes I just recently read Grant Cardones 10x Rule and decided that I wanted to take massive action and really start to push myself in the sector.  I am being creative with how I am purchasing.  The first few were with my personal cash, after I starting gaining a little more experience I now have a a few investors that I am paying anywhere from 6-10% returns.  Also I have utilized a line of credit on a property that I purchased free and clear.  I am doing a cash out Refi at the end of September for 5 of the properties and will be able to pull out all of the cash that both I and my investors have put into the deals, pay them back (hopefully they will want to reinvest that $$) and do it again and again and again.  

    [email protected]540-960-1507
    0Reply
  • Brandon Raeburn
    Brooklyn, NY · Member since 2017 · 63 posts · 30 votes
    9y

    @cassidyburns  great job, great story and don't ever quit. You give me hope God bless.

    0Reply
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