0-25 units in four months and it all started with Bigger Pockets!

0-25 units in four months and it all started with Bigger Pockets!

Rental Property Investor · Papillion, NE · Member since 2017 · 398 posts · 1k+ votes

Its amazing that the morning of January 1st I knew nothing about real estate investing. Now after purchasing six deals with a seventh under contract I realize I have just scratched the surface and have much more to learn.

After reading Rich Dad Poor Dad on Jan 1st (and three days before my 32nd birthday) I had a realization… I needed to get my a** in gear, take calculated risks, and begin pursuing the lifestyle I have always dreamed of.

I started my real estate endeavor by reading numerous books including “Millionaire Real Estate Investor”, “The One Thing”, “Multi-Family Millions”, by David Lindahl, “Toddlers Are A**holes” (more on that later), all of Ken McElroy’s books and many more. I couldn’t get enough real estate insight by reading alone so I started consuming Bigger Pockets podcasts on my drives to work.

At the same time I took the advice of the books/podcasts I was reading and reached out to everyone smarter and more successful than me. That lead me to…. My wife’s, cousins, boyfriends, friends, friend….seriously! (I will include an ancestry chart in the appendix). This individual is now my mentor, business partner, and good friend.

First deal: 100% attributed to Bigger Pockets. Colton Luchsinger (great real estate agent!) reached out to me on BP and after some conversations he sent me a deal. Not having a clue what to do I reached out to my soon to be partner for his opinion (wifes, cousin, brothers, friend, etc.). On my own accord I would have said no to the property, being too fearful of the lackluster financials, he on the other hand saw an opportunity and he was correct. The property appraised at 20% over sales price and rents have been increased substantially after purchase.

Today I just closed on my 24th and 25th unit less than four months after my first deal.

I am so grateful and happy to be in the position I am in. The days since January 1st have taught me more about business and myself than nearly a lifetime of learning.

I hope to continue to connect with amazing individuals on BP and learn from others everyday!

(Below is a pic of 24 and 25.)

95Reply
718 views

Most Popular Reply

Roshan K.Pro Member
Oklahoma City, OK · Member since 2017 · 258 posts · 215 votes
9y

Congrats on your success!!

Can you talk about how you made financing happen? Most people can't afford downpayment on their first door, let alone 25 doors in 4 months!!

See this reply in the discussion

160 Replies

Jump to latestLatest
  • Fort Lauderdale, FL · Member since 2017 · 1 post · 2 votes
    9y

    Congratulations on the success! Very awesome story!

  • Rental Property Investor · Papillion, NE · Member since 2017 · 398 posts · 1k+ votes
    9y
    Thanks Mark Almeida and best of luck getting a deal soon!
  • Investor · Dallas, TX · Member since 2013 · 619 posts · 128 votes
    9y

    That's awesome @Collin Schwartz

    Are you saying you most recent purchase or all 25 units were financed with a line of credit on your primary residence? What kind of repair costs are you putting into these properties?

  • Rental Property Investor · Papillion, NE · Member since 2017 · 398 posts · 1k+ votes
    9y
    Gautam Venkatesan all my properties were funded through a LOC. Below is a list of my properties and repair/rehab costs. 3 plex, purchase price $260k - $10k (2 units light remodel- new carpet, paint, appliances etc) Duplex $155: $3k (roof patch, finish hardwood floors new fridge) plus capex of $5k for eventual new furnace. Duplex $100k: $20k (plumbing, one side medium cosmetic rehab, roof patching) 11 plex (470k): $30k (roof, furnace, unit updates) 5 plex $165k: $40k ( update all units, paint interior/exterior, porch, deck, hvac, roof) Duplex $172k: $0 turn key but will keep $3-4k in case of large ticket item ac/hvac etc.
  • Rental Property Investor · Papillion, NE · Member since 2017 · 398 posts · 1k+ votes
    9y
    Originally posted by @Alan Strong:

    Congratulations @Collin Schwartz  It is true today as the day it was spoken. Show me your 5 closest influencers and I will show you what you will look like in 5 years. They say keep your friends close and your enemies closer. I say keep your friends close and your mentors closer. :) 

     Great advice Alan Strong!

  • Auburn, WA · Member since 2017 · 22 posts · 6 votes
    9y

    First off Colin congrats on achieving that many properties it's very much inspiring! My question is now do you have all those loc's that your paying back now or are they paid off? 

    Secondly, did you get individual loc's or just one big lump sum? 

    I'm looking at all avenues that I can utilize to achieve my financial freedom😁

  • Real Estate Agent · Mesa, AZ · Member since 2017 · 231 posts · 169 votes
    9y
    I love seeing business boom like this. I'm trying to do the same where I'm at
  • Rental Property Investor · Papillion, NE · Member since 2017 · 398 posts · 1k+ votes
    9y
    Mark Weinmann my downpayment financing is one LOC. I pay it down monthly with my current salary/cash flow. I have reduced my 401k contributions to speed up the paydown of the LOC. I use local banks for my financing and use commercial loans. The rates may be slightly higher with a local bank, but the customer service and ability to fund quickly is well worth it! Have you checked with your local banks yet? Best if luck Mark!
  • Rental Property Investor · Papillion, NE · Member since 2017 · 398 posts · 1k+ votes
    9y
    Mark Weinmann I just reread your question and should clarify my answer. My LOC can be drawn in increments as I chose (as long as I speak with my bank first) through the first five years. After five years the LOC balloons.
  • New Orleans, LA · Member since 2017 · 21 posts · 7 votes
    9y

    I love reading stories like this! As a Realtor, it makes me excited about you investing in Real Estate and it also gives me the motivation I need to continue forward with my rehab goals! Great read! 

  • Lanesboro, MN · Member since 2017 · 16 posts · 5 votes
    9y

    Great story!

    It seems like all these stories start out with apprehension at that first deal and then it builds confidence, and you just roll from there!

  • Rental Property Investor · Papillion, NE · Member since 2017 · 398 posts · 1k+ votes
    9y
    Jasmine Bakewell-Barre' Best of luck with your rehab goals!
  • Auburn, WA · Member since 2017 · 22 posts · 6 votes
    9y

    @Collin Schwartz that's great I didn't know of that option. Would you say now after doing the loc route was a better choice than private investors or other maybe less risky options like the loc with balloon in 5 years?

  • Long Beach, CA · Member since 2016 · 44 posts · 21 votes
    9y
    congrats on taking action @Collin Schwartz . working you be right there with you soon. As you went on your path to purchasing, what activity did you find gave you the best return on your time spent?
  • Anthony GaydenPro Member
    Rental Property Investor · Omaha, NE · Member since 2014 · 2k+ posts · 3k+ votes
    9y
    Collin Schwartz It sounds like you are kicking butt. Congratulations. It's great seeing another success story out of Omaha.
  • Investor · Barcelona, Catalunya · Member since 2017 · 5 posts · 3 votes
    9y
    Congrats!!
  • Miami, FL · Member since 2015 · 154 posts · 38 votes
    9y

    @Collin Schwartz great job!! 

  • Franklin, TN · Member since 2017 · 15 posts · 7 votes
    9y
    Congrats! This is super inspiring!
  • Investor · St. Louis, MO · Member since 2009 · 153 posts · 44 votes
    9y

    @Collin Schwartz Yours is a very inspiring story!!!!  May I ask after all expenses, how much monthly cash flow have you created for yourself in 8 short months?

  • Dain HungelmannPro Member
    Investor · Juneau, AK · Member since 2016 · 48 posts · 4 votes
    9y

    @Collin Schwartz

    did you put a blanket loan on some and start the process all over again?

  • Investor · Philadelphia, PA · Member since 2017 · 97 posts · 30 votes
    9y

    @Collin Schwartz I love it! It's knowledge, hungry and the last and final step implementation 

  • Hadar OrkibiPro Member
    Rental Property Investor · USA / NZ · Member since 2016 · 1k+ posts · 812 votes
    9y
    Collin Schwartz congratulations on the achievements and for taking action. Do you mined sharing the numbers on that first deal? Sounds great to have 20% equity on valuation, but we would love to hear the details and the end cashflow results. P&I cost ( for both Loans ) Tax , insurance, other running costs if the tenant don't pay. HOA ? Property Management? Did you had to do any work to the property? Are you allocating for maintenance and Capex ? The BP rental property calculator is great tool for that. Allways great to learn more, if you don't mined sharing....
  • Real Estate Agent · Hackensack , NJ · Member since 2016 · 4 posts · 1 vote
    9y
    Congrats Colin
  • Rental Property Investor · Papillion, NE · Member since 2017 · 398 posts · 1k+ votes
    9y
    Chad Gaither Great question! What has benefited me the most, especially being a novice to the industry is learning from those with more experience! Education through podcasts, reading, and research have been most beneficial. What has also been very helpful is walking through the entire deal process from marketing a lead, negotiating with owner, closing the deal, and the managing the property. What has been the most influential advice in your career? Thanks! Collin
  • Detroit, MI · Member since 2017 · 1 post · 1 vote
    9y
    Great to read these stories motivation for me to jump in !
Join the conversationCreate a free account to reply, vote on answers and follow this thread.