Rental Property Investor · Northern, CA · Member since 2012 · 5k+ posts · 5k+ votes
I went to a REI club meeting earlier this week, and the vast majority of the meeting was spent listening to other members' success stories from throughout the year. We were able to hear what other investors have done and/or are doing, as well as some of the actual numbers from their deals. It was very motivating and informative.
Additionally, with the changes in the market that we've seen over this past year (i.e. hedge funds buying more aggressively, increasing home prices, lower inventory, etc), there was also some discussion on if/how investors plan on altering their investment strategy in the coming year.
I think we could all benefit and get inspired from hearing what other BP'ers are doing. So...who would like to share?
Bondurant, IA · Member since 2012 · 13 posts · 18 votes
13y
Love hearing these stories!
2012 was when I joined BP and also the year I started buying investment properties.
Bought my first mixed commercial/residential property in April that consisted of 7 units, and I am closing on my second January 2nd 2013 (another 7 units). I hadnt planned on buying a second building, but bought it on the cheap, so I made it work.
I am currently in the process of raising the capital for my 3rd property which I hope to buy later in 2013.
I attribute 90% of 2012 to the wonderful people and their wealth of knowledge right here on BP. I read plenty of books over the last 5 years and always found an excuse to postpone my goals until I found this site and started reading your stories...This site is better than any book out there, and I thank you all for being so transparent, and more importantly, willing to share your knowledge with the world.
Investor · Kennesaw, GA · Member since 2010 · 158 posts · 61 votes
13y
Originally posted by Will Barnard:
Unfortunately, per Josh, Vegas is out of the question (no idea why) so no worries on the craps budget! :)
Guess that means I'll just have to plan a separate trip for Vegas. It might be better that way anyway. Every time I've gone to Vegas for a conference I ended up doing lots of things besides attending the conference! I didn't get to go to Vegas last year so I'm getting the itch.
Real Estate Investor · Chicago, IL · Member since 2008 · 1k+ posts · 218 votes
13y
In our club, we have a time at each monthly meeting to share successes. Amazing to hear what people are able to accomplish.
Personally, I run things in Quarters. So in Q4 of 2012 acquired, rehabbed 17 units. (3 units still being finished up). All have tenants moved in, (except the 3) but have a tenant moving in to one on Feb 1.
For Q1 of 2013, Goal is 12 units for rents. 3 Flips acquired and sold.
I will finish up a new PPM for real estate funding including the first round of subscription filled.
Real Estate Investor · Riverside, CA · Member since 2013 · 42 posts · 8 votes
13y
Humble highlights from 2012:
HARP 2.0 refinances lowered my payments and terms. (Thank you President Obama!)
Rising rents increased cash flow significantly.
A modification reduced the term on one loan.
Foundation repairs plagued my rentals during the Texas drought.
Carpet, paint, rinse and repeat.
Landlord and Rehabber · Newton, MA · Member since 2010 · 2k+ posts · 877 votes
13y
2012 was the year my RE business really took off.
Sold 5 flips for profits ranging from $34K to $63K each also wholesaled one deal since it was the 2nd one I had gotten under contract THAT DAY and 3rd in 4 days (THAT was a nice week!:) ).
I also aquired one new local rental and also started investing in out of state rentals in PA and had one place rent ready by the end of the year.
So far in 2013 I have sold my first carry over flip, have 2 others on the market with lots of interest and the last carry over about 1-2 weeks from completion.
I have rented out the place in PA and will be aquiring 3 more doors in 2 properties at the end of the month.
All these rentals are expected to bring in >20% returns.
Flip inventory has been tight recently and I do not have anything in the pipline so 2013 will be a year of expanded marketing to get deals here.
Investor · Kennesaw, GA · Member since 2010 · 158 posts · 61 votes
13y
Originally posted by Manuel Acuna:
Originally posted by Will Barnard:
no worries on the craps budget! :)
Will Barnard Craps!? Everyone know's it's all about Texas Hold'em ;)
Ha, You are correct. I've been playing Hold'Em since before TV made it popular. I started playing craps to pass the time while waiting on a seat to open up at the poker table and got hooked on that too.
Rental Property Investor · Phoenix/Lima, Arizona/OH · Member since 2012 · 4k+ posts · 4k+ votes
13y
Brandon Turner Are you sure that we are not related – we think so much alike... In 2012 I purchased 1 building, the 10-unit that I’ve told you about. With this purchase my passive CF exceeded my earned income and thus I no longer have a job.
In 2012 I became a better father. I realized that the focus of everything I do is my family, everything else is just the means. So, I chose to stay home with my kids a lot more in lieu of hiring a babysitter. I worked at home and completed the Cash Flow Freedom University, which I am proud of – I mostly worked during nap-times and at night. Finally, I’ve had a pretty good year as a real estate agent selling residences and long-term holds to like-minded investors.
Also, in 2012 I realized something that all of us need to learn at one point:
I am NOT in control. We can have a plan, and we should. But, ultimately we are not in control.
Investor · Canton-Akron, OH · Member since 2012 · 917 posts · 477 votes
13y
2011 Hired two guys, started building a rehab team. By the end of the year I had for guys. We rehabbed and sold 6 houses that year.
2012 I took 1 of those trained guys and started the second crew, we rehabbed and sold 12 houses.
2013 Took another trained guy and started a third crew, also just hired the best Lowes pro guy to run another crew, subbing out most of the work. I want to compare the two, see which method is most profitable and easiest to run
We get 90% of our deals from the mls, i think well be good for at least another year with this method. We are expanding our area and also adding hire priced homes. Its getting a lot more difficult but well ramp up the offer machine.
Planning on doing one rehab in fla this winter and start one crew there for 2015, using a bit different strategy as the market changes.
Most of our rehabs are in the 110-140 range. Profits per house last year 12,000-26,000. Working on lining up cheaper money so I can add an extra 5,000-7,000 per deal. Also working higher priced homes should help with the margin. Just bought a 240k arv that should double my upper end profit and take the same amount of time to time to rehab.