180 units in 12 months!

180 units in 12 months!

Investor · Member since 2021 · 62 posts · 108 votes

My partner, @Account Closed and I have been on an incredible journey for the last 12 months! We started our real estate investing business about a year ago, with the goal of retiring from our W-2 jobs within 3 years. We set a goal that both scared and inspired us. We then had to figure out how to get started...

We live in Seattle, WA. After extensive research we liked the opportunities we were finding in Cleveland, OH. So we had a target market, but with everything happening in the world it seemed daunting to get started, and there were many excuses and limiting beliefs that almost got in the way...

With the ongoing pandemic, how could we get to our target market to meet people and make deals happen? 

Retire in 3 years?! We don't have that kind of cash on hand? 

How are we going to find these deals? 

We both have full time W-2 jobs, we do not have the time to pursue such a crazy goal.


Thankfully friends helped keep us accountable. When we listed these excuses, our friends said "Oh you must not want it that badly...." OK! That lit a fire for us to just get started! Here's what we did:

  • We decided to move to Cleveland for 6 months to allow us to really learn the market, meet people and make deals happen. We can both work remotely, so we really wanted to take advantage of this time to make our dream happen.
  • We started small, by acquiring several single family and small multi-family properties.
  • We set a stretch goal to own 50 units by the end of 2021.
  • We self managed everything at first, which meant nights and weekends hustling to fix toilets and turn units. We learned a lot of valuable lessons doing this, one being that this was not a good use of our time!
  • We knew if we wanted to scale to 50 units we needed to after bigger deals. And so we started networking and meeting as many people as we could in the space, learning whatever we could from them.
  • We listened to audiobooks and podcasts non-stop (still do!)
  • We worked on our mindset, identifying and crushing limiting beliefs
  • We joined a mastermind group! This has made all the difference for us. Being surrounded by like-minded people, doing the kinds of deals we wanted to do has been such an incredible learning experience. We have constant accountability with this team and our mentors and we are inspired every day by each other's successes. We knew that joining a mastermind was an investment in ourselves that would have a tremendous ROI.

Through all of this hard work, education, and networking, we are so thrilled to say that last month we became GPs in a 151 unit deal in Columbus, OH. We absolutely blew our 50 unit goal out of the water. We were given the opportunity to join this deal because of the relationships we built in the mastermind, our hard work, dedication and our ability to bring value to the partnership. We have learned that multifamily is truly a team sport and we are really grateful for the opportunity to partner on this deal.

We are also really excited that the connections we've made have led us to become GPs in a 32 unit deal in South Carolina which just closed last week!

This is just the beginning and it's truly incredible to stand here a year later and look at all that we have accomplished.

Cheers to all who helped us along the way! (looking at you @Yosef Lee!)

What's next for us? We are working with partners on several upcoming deals. We are always looking to connect with active and passive investors who are passionate about real estate and making financial independence a reality.

Let's Make It Happen!

Javier & Amanda

65Reply
213 views

Most Popular Reply

Member since 2020 · 983 posts · 1k+ votes
4y
The entire post sound like advertising to seek investors. Real entrepreneurs don't set a goal to buy a few properties so they can retire. Real entrepreneurs love what they do and do it until they die. How can both of you have full-time jobs in Seattle and afford to move to Cleveland for 6 months. Overall, your post is not proof that your investing is successful. I went to Ohio a few months ago, looked at properties, crunched the numbers and I think it is a horrible state to invest in because rents are too low when comparing real estate prices and all costs to operate are going crazy. I would like to know how you can move for 6 months, close multiple deals and actually self-manage properties in another state when you have full-time jobs and when it often takes 60 to 90 days to the close of escrow to purchase many properties.
See this reply in the discussion

125 Replies

Jump to latestLatest
  • Real Estate Agent · Nashville, TN · Member since 2015 · 2k+ posts · 2k+ votes
    4y

    Nice!!! Keep up the awesome work. 

  • Investor · Member since 2021 · 62 posts · 108 votes
    4y
    Originally posted by @Luka Milicevic:

    Nice!!! Keep up the awesome work. 

     Cheers, Luka! Thank you!

  • Member since 2021 · 2 posts · 2 votes
    4y

    Hi Amanda.  Very impressive story.  My business partner and I also are investing in Ohio, Cuyahoga county area.  We are out of State investors and are looking for a good property management company.  Can you recommend your property management company?

  • Investor · Member since 2021 · 62 posts · 108 votes
    4y
    Originally posted by @Blanca Mejia:

    Hi Amanda.  Very impressive story.  My business partner and I also are investing in Ohio, Cuyahoga county area.  We are out of State investors and are looking for a good property management company.  Can you recommend your property management company?

     Hi Blanca! I'll send you a PM

  • Member since 2020 · 983 posts · 1k+ votes
    4y

    Dear Amanda:

    I've been doing a massive amount of research and number crunching for Ohio and other area my calculations don't come up with anything close to what you are describing. It is possible for you to post some actual numbers.

    Thankyou.

  • Don SpaffordPro Member
    Investor · Idaho Falls, ID · Member since 2016 · 912 posts · 629 votes
    4y

    @Account Closed Way to go! So happy for you guys. Let's keep it going in 2022!

  • Investor · Member since 2021 · 62 posts · 108 votes
    4y
    Originally posted by @Don Spafford:

    @Account Closed Way to go! So happy for you guys. Let's keep it going in 2022!

    Let's goooo!! MIH Don!!! 

  • Investor · Greenville, SC · Member since 2017 · 69 posts · 15 votes
    4y

    @Account Closed Hi. Yeah. I currently have 9 units in Greenville. Looking to do some bigger deals!!

  • New to Real Estate · Jersey City, NJ · Member since 2021 · 30 posts · 9 votes
    4y

    Thank you for sharing Amanda! What an awesome story and so inspiring.

    Are there any mastermind groups or meetups that you would recommend to someone that wants to get started in multifamily investing?

  • Investor · El Dorado Hills, CA · Member since 2016 · 75 posts · 24 votes
    4y

    Quite an Impressive accomplishment, Thanks for Sharing @Account Closed!!

  • Investor · Saint Louis, MO · Member since 2014 · 25 posts · 7 votes
    4y

    This is amazing and where we are headed too!  We started 2021 with 2 properties, we are going to close 2021 with 7 properties (sold 1 and 1031 it into 3 new properties) and now at that tipping point and momentum is rolling!  Have another portfolio purchase we are working on that has 7 properties in it and hopefully can get locked down in the next week or so. 

    Any tips on how you financed the larger properties so quickly?  This is my new hurdle we are working on overcoming...We looked at a 108 unit building but just didn't feel like we had the financial status to make that leap yet, but I feel like we are really close.  We have a great college town market that is serving us well.

    Thanks, Bryce

  • Member since 2020 · 983 posts · 1k+ votes
    4y
    Originally posted by @Bryce Bunton:

    This is amazing and where we are headed too!  We started 2021 with 2 properties, we are going to close 2021 with 7 properties (sold 1 and 1031 it into 3 new properties) and now at that tipping point and momentum is rolling!  Have another portfolio purchase we are working on that has 7 properties in it and hopefully can get locked down in the next week or so. 

    Any tips on how you financed the larger properties so quickly?  This is my new hurdle we are working on overcoming...We looked at a 108 unit building but just didn't feel like we had the financial status to make that leap yet, but I feel like we are really close.  We have a great college town market that is serving us well.

    Thanks, Bryce

     You become a syndicator, use other people's money, but there are many laws you need to learn and abide by. While Ms. Barker's story sound inspiring I have two old saying that say, "never believe what you hear and believe only up to 2% of what you actually see" and "never count someone else's money because the totals are not usually what you've been told'.

    I've been involved with syndicated real estate since about 1980, look at the numbers frequently, flew to Ohio in September to look at multi-unit properties, did the numbers for many apartment buildings for syndicating real estate and never came up with numbers that made sense to me. Maybe, Ms. Barker has more brain power and some things I don't have.

    The problem I come up with in investing in Ohio is the prices per rental units are as low as $50,000 per unit, but the rental income is low and the property taxes are 4 time that of California. If the property taxes eat up all your gross income and you can't increase rents a decent amount every year then you won't make enough profits to pay your limited partners in your syndication.

    The way I've seen the syndicated real estate deals work is you cannot advertise to take on limited partners. The people you take money from have to be Credited Investors meaning they need to have something like $1,000,000 in personal assets, or something like that. Then, you need to have an attorney who specialized in syndicated deals and the attorney is not hard to find. You sign an agreement with your limited partners for something like 5 to 10 years and you promise to pay them 5% to 8% on the money they invested every quarter. Then, when your agreement expires in 5 to 10 years you get to own (control) the entire property by paying your partners about 30% of the price the property appreciated.

    Syndicating properties can make turn you into a filthy rich real estate investor where you end up owning thousands of units, but as the old saying goes, "poop happens" and you also commit yourself to paying a very high rate for the money your limited partners invest. If you pay your limited partners 8% plus 30% of the appreciated value you may end up paying 14%, or more and I would personally prefer to pay only 3.2% and purchase properties with my own down payment since I have cash, but for investors with less cash the syndicating could be good for you ONLY IF YOU CAN DELIVER ON YOUR PROMISES TO YOUR LIMITED PARTNERS and that is where I have not seen good numbers in Ohio nor in any other state, at this time. A few years ago, when multi-unit prices were doubling almost every year the market was ripe for syndicating, but with today's prices, I have two fairly sophisticated spreadsheet-type calculation apps and I cannot find any properties that are a sure thing, but maybe other investor know better. So, don't listen to what I say.

    I look at Ms. Barker's post as soliciting to attract venture capital since it is not legal to straight-out advertise for venture capital for syndicated real estate and there is nothing wrong with what she is doing as long as anyone who invests with her understands the risks in regards to whether or not she has the abilities to analyze investment properties and to deliver on her promises. 

    I requested that Ms. Barker post some numbers a few time and did not receive a response for those requests. So, either her numbers are some sort of trade secret, or there is some other reason she remains tight-lipped about them. It bothers me when people make claims about their success and them refuse to post any details about the numbers. So, I take everything with a grain of salt (whatever that means).

  • Rental Property Investor · Boston, MA · Member since 2019 · 2k+ posts · 1k+ votes
    4y

    Incredible!!! 

  • Investor · Saint Louis, MO · Member since 2014 · 25 posts · 7 votes
    4y
    appreciate your response and makes sense. Would you be willing to share your spreadsheets you use to analuze a more complex deal? Thanks 

    Originally posted by @Account Closed:
    Originally posted by @Bryce Bunton:

    This is amazing and where we are headed too!  We started 2021 with 2 properties, we are going to close 2021 with 7 properties (sold 1 and 1031 it into 3 new properties) and now at that tipping point and momentum is rolling!  Have another portfolio purchase we are working on that has 7 properties in it and hopefully can get locked down in the next week or so. 

    Any tips on how you financed the larger properties so quickly?  This is my new hurdle we are working on overcoming...We looked at a 108 unit building but just didn't feel like we had the financial status to make that leap yet, but I feel like we are really close.  We have a great college town market that is serving us well.

    Thanks, Bryce

     You become a syndicator, use other people's money, but there are many laws you need to learn and abide by. While Ms. Barker's story sound inspiring I have two old saying that say, "never believe what you hear and believe only up to 2% of what you actually see" and "never count someone else's money because the totals are not usually what you've been told'.

    I've been involved with syndicated real estate since about 1980, look at the numbers frequently, flew to Ohio in September to look at multi-unit properties, did the numbers for many apartment buildings for syndicating real estate and never came up with numbers that made sense to me. Maybe, Ms. Barker has more brain power and some things I don't have.

    The problem I come up with in investing in Ohio is the prices per rental units are as low as $50,000 per unit, but the rental income is low and the property taxes are 4 time that of California. If the property taxes eat up all your gross income and you can't increase rents a decent amount every year then you won't make enough profits to pay your limited partners in your syndication.

    The way I've seen the syndicated real estate deals work is you cannot advertise to take on limited partners. The people you take money from have to be Credited Investors meaning they need to have something like $1,000,000 in personal assets, or something like that. Then, you need to have an attorney who specialized in syndicated deals and the attorney is not hard to find. You sign an agreement with your limited partners for something like 5 to 10 years and you promise to pay them 5% to 8% on the money they invested every quarter. Then, when your agreement expires in 5 to 10 years you get to own (control) the entire property by paying your partners about 30% of the price the property appreciated.

    Syndicating properties can make turn you into a filthy rich real estate investor where you end up owning thousands of units, but as the old saying goes, "poop happens" and you also commit yourself to paying a very high rate for the money your limited partners invest. If you pay your limited partners 8% plus 30% of the appreciated value you may end up paying 14%, or more and I would personally prefer to pay only 3.2% and purchase properties with my own down payment since I have cash, but for investors with less cash the syndicating could be good for you ONLY IF YOU CAN DELIVER ON YOUR PROMISES TO YOUR LIMITED PARTNERS and that is where I have not seen good numbers in Ohio nor in any other state, at this time. A few years ago, when multi-unit prices were doubling almost every year the market was ripe for syndicating, but with today's prices, I have two fairly sophisticated spreadsheet-type calculation apps and I cannot find any properties that are a sure thing, but maybe other investor know better. So, don't listen to what I say.

    I look at Ms. Barker's post as soliciting to attract venture capital since it is not legal to straight-out advertise for venture capital for syndicated real estate and there is nothing wrong with what she is doing as long as anyone who invests with her understands the risks in regards to whether or not she has the abilities to analyze investment properties and to deliver on her promises. 

    I requested that Ms. Barker post some numbers a few time and did not receive a response for those requests. So, either her numbers are some sort of trade secret, or there is some other reason she remains tight-lipped about them. It bothers me when people make claims about their success and them refuse to post any details about the numbers. So, I take everything with a grain of salt (whatever that means).

  • Rental Property Investor · San Diego, CA · Member since 2014 · 1k+ posts · 2k+ votes
    4y

    Hi all,

    This is Swanny.  I told my story on how I transitioned to Multifamily in the Cleveland, Ohio area on podcast 238. 

    I now have 9 apartment complexes in Painesville, Mentor, and Akron Ohio.  All of my apartment complexes were in pretty nice C plus or B Class areas and the average price I purchased Apartment complexes were about $35,000 a unit and since we have forced appreciation and are in the harvest period now, we are hoarding a bunch of cash from refinanced and a sale too.  In 2022, we expect to sell a 57 unit that we bought for $35,000 a unit in 2019, total purchase price was $2,000,000 and we are planning on selling between $5,000,000-$5,500,000 and we also plan on Refinancing 2 other complexes, a 34 unit and a 24 unit too.  

    Check out Podcast 238 to see how I started.  Also, anyone that messages me, I love to talk shop on the phone too!!


    2022 is going to be a great year!!! If a lowly paid PE teacher at a parochial school can do this, anyone can!!  I just retired from my teaching gig spring of 2021 and working on my RE investments solely now.  It is great to be financially free!!

    Swanny

  • Member since 2020 · 983 posts · 1k+ votes
    4y
    Originally posted by @Bryce Bunton:
    appreciate your response and makes sense. Would you be willing to share your spreadsheets you use to analuze a more complex deal? Thanks 

    Originally posted by @Account Closed:
    Originally posted by @Bryce Bunton:

    This is amazing and where we are headed too!  We started 2021 with 2 properties, we are going to close 2021 with 7 properties (sold 1 and 1031 it into 3 new properties) and now at that tipping point and momentum is rolling!  Have another portfolio purchase we are working on that has 7 properties in it and hopefully can get locked down in the next week or so. 

    Any tips on how you financed the larger properties so quickly?  This is my new hurdle we are working on overcoming...We looked at a 108 unit building but just didn't feel like we had the financial status to make that leap yet, but I feel like we are really close.  We have a great college town market that is serving us well.

    Thanks, Bryce

     You become a syndicator, use other people's money, but there are many laws you need to learn and abide by. While Ms. Barker's story sound inspiring I have two old saying that say, "never believe what you hear and believe only up to 2% of what you actually see" and "never count someone else's money because the totals are not usually what you've been told'.

    I've been involved with syndicated real estate since about 1980, look at the numbers frequently, flew to Ohio in September to look at multi-unit properties, did the numbers for many apartment buildings for syndicating real estate and never came up with numbers that made sense to me. Maybe, Ms. Barker has more brain power and some things I don't have.

    The problem I come up with in investing in Ohio is the prices per rental units are as low as $50,000 per unit, but the rental income is low and the property taxes are 4 time that of California. If the property taxes eat up all your gross income and you can't increase rents a decent amount every year then you won't make enough profits to pay your limited partners in your syndication.

    The way I've seen the syndicated real estate deals work is you cannot advertise to take on limited partners. The people you take money from have to be Credited Investors meaning they need to have something like $1,000,000 in personal assets, or something like that. Then, you need to have an attorney who specialized in syndicated deals and the attorney is not hard to find. You sign an agreement with your limited partners for something like 5 to 10 years and you promise to pay them 5% to 8% on the money they invested every quarter. Then, when your agreement expires in 5 to 10 years you get to own (control) the entire property by paying your partners about 30% of the price the property appreciated.

    Syndicating properties can make turn you into a filthy rich real estate investor where you end up owning thousands of units, but as the old saying goes, "poop happens" and you also commit yourself to paying a very high rate for the money your limited partners invest. If you pay your limited partners 8% plus 30% of the appreciated value you may end up paying 14%, or more and I would personally prefer to pay only 3.2% and purchase properties with my own down payment since I have cash, but for investors with less cash the syndicating could be good for you ONLY IF YOU CAN DELIVER ON YOUR PROMISES TO YOUR LIMITED PARTNERS and that is where I have not seen good numbers in Ohio nor in any other state, at this time. A few years ago, when multi-unit prices were doubling almost every year the market was ripe for syndicating, but with today's prices, I have two fairly sophisticated spreadsheet-type calculation apps and I cannot find any properties that are a sure thing, but maybe other investor know better. So, don't listen to what I say.

    I look at Ms. Barker's post as soliciting to attract venture capital since it is not legal to straight-out advertise for venture capital for syndicated real estate and there is nothing wrong with what she is doing as long as anyone who invests with her understands the risks in regards to whether or not she has the abilities to analyze investment properties and to deliver on her promises. 

    I requested that Ms. Barker post some numbers a few time and did not receive a response for those requests. So, either her numbers are some sort of trade secret, or there is some other reason she remains tight-lipped about them. It bothers me when people make claims about their success and them refuse to post any details about the numbers. So, I take everything with a grain of salt (whatever that means).

    The first 6 charts are from my software I give away for free and the last 3 charts are from a spreadsheet created by Michael Blank. You can easily find his website on the internet. Since I must have signed some sort of Terms I am afraid to give a copy away and get sued. I paid $129 for the spreadsheet and you get about 30 videos with all sorts of explanations for the software and syndicating. I also sort of duplicated this spreadsheet on my own MS Access software a few weeks ago and I give the software away for free, but since I was not enchanted with syndicating I deleted all the files for syndicating from the current version of my software, but I have backups of my software and since someone (you) have interest in syndicating it will take me a few hours to put the syndicating back on my software.

    If you go to bestlineplumbing.com, scroll down the home page (way down!) to a list of links, look on the link for MS Access software, read the instructions and in the software is a button that  PUIRCHASE SIDE-BY-SIDE  ANALYSIS. This is a section of Mr. Blank's spreadsheet that I created for syndicating and I did not delete because this side-by-side analysis is very critical to use when analyzing the purchase of multi-unit properties. The first column is used to double-check the marketing package numbers, 2nd column is used to negotiate for a better price and the 3rd column is for your offer and your realistic expectations. Then, there is a page tab for a chart that does some extended projections for apartment buildings.

    The real truth is; I did not particularly like many of the calculations in Mr. Blank's spreadsheet because I don't believe it is important to have to explain to limited partners the Internal Rate of Return nor do you have to get heavy into limited partners with many other calculation, but his spreadsheet does do some projections where I don't have the brainpower to figure out how he did the math. Since I am not interested in syndicating I decided to delete many things from my software.

    I am always willing to modify my software for the benefit of everyone providing people send suggestions. I have a son who has has a degree in math, is currently going to college for a Phd in math and he can do anything, but I limit my requests to only when I need help.

  • Investor · Saint Louis, MO · Member since 2014 · 25 posts · 7 votes
    4y

    Much appreciated! I will dig in and check them out. Thanks 

  • Member since 2020 · 983 posts · 1k+ votes
    4y
    Originally posted by @Michael Swan:

    Hi all,

    This is Swanny.  I told my story on how I transitioned to Multifamily in the Cleveland, Ohio area on podcast 238. 

    I now have 9 apartment complexes in Painesville, Mentor, and Akron Ohio.  All of my apartment complexes were in pretty nice C plus or B Class areas and the average price I purchased Apartment complexes were about $35,000 a unit and since we have forced appreciation and are in the harvest period now, we are hoarding a bunch of cash from refinanced and a sale too.  In 2022, we expect to sell a 57 unit that we bought for $35,000 a unit in 2019, total purchase price was $2,000,000 and we are planning on selling between $5,000,000-$5,500,000 and we also plan on Refinancing 2 other complexes, a 34 unit and a 24 unit too.  

    Check out Podcast 238 to see how I started.  Also, anyone that messages me, I love to talk shop on the phone too!!


    2022 is going to be a great year!!! If a lowly paid PE teacher at a parochial school can do this, anyone can!!  I just retired from my teaching gig spring of 2021 and working on my RE investments solely now.  It is great to be financially free!!

    Swanny

    If you come across something hot and need to partner with someone contact me because I am always looking, but I am interested in being partners as a general and not limited partner. Especially, since I am a hands-on investor with licenses and for 8 specialty trades, have several employees and can rehab properties fast, make changes to reduce annual expenses and increase the income.   

  • Rental Property Investor · San Diego, CA · Member since 2014 · 1k+ posts · 2k+ votes
    4y

    Hi @Account Closed

    I would love to talk to you about what you are doing and have done in RE.  We have used Michael Blank’s template and another from David Lindahl’s group RE Mentor.  

    Feel free to message me and we can talk more.  You may want to watch podcast 238 too and get an idea where I started and then we can talk about where I have come up to this point and how I got there.  Then, we can talk about the plan as to where I am going now.  

    At the moment my day is spent managing my assets by managing my 3 property managers, repositioning our apartment complexes for the refi or sale event, talking with brokers and different people about acquiring more deals, and my lending agent, book keeper, accountant, etc…

    I am intrigued by your analysis that you speak of on BiggerPockets of deals and would love to talk shop with you!!  

    I know you like to talk numbers on here and you think people are not being very transparent.

    My latest Refi was three months ago. I bought a 24 unit in Painesville in 2019 for $760,000. After increasing the NOI substantially, we just refinanced at a $1,475,000 valuation. We took back about $670,000 cash back, tax free. Our total investment at purchase was about $300,000.00. In the previous two years of ownership we had about $100,000 cash flow too. The cap ex required was pretty minimal over those two years. We spent about $50,000 total on cap ex.

    At refi the old loan was 20 yr amortization with a local bank and the new loan was Freddie non recourse, first 3 years interest only on a 10 yr term.  The fixed interest rate for the 10 years is 3.88%.  

    We set that refi up well to maximize the tax free money we received back.  We did the same with another 21 unit in Painesville back in March of this year too.  In 2022, I plan to do a few more refis sooner than later and possibly sell one apartment complex too.  

    Plus, keep making offers and finding a deal that meets our parameters!! I need to be able to bump rents up at least $250.00-$300.00 a unit in the next 2 years and at the same time reduce wasteful practices the previous ownership was using on an acquisition too!! It really is not that complicated with the right team.  That is key!!

    I can’t wait to hear what you own Jack and pick your brain too!! Nothing ever of great importance was achieved alone!!

    Swanny

  • Investor · Member since 2021 · 62 posts · 108 votes
    4y
    Originally posted by @Hung Nguyen:

    @Account Closed Hi. Yeah. I currently have 9 units in Greenville. Looking to do some bigger deals!!

     Awesome Hung!! We also love South Carolina! Where are you looking for deals now?

  • Investor · Member since 2021 · 62 posts · 108 votes
    4y
    Originally posted by@Michael Swan:

    Hi all,

    This is Swanny.  I told my story on how I transitioned to Multifamily in the Cleveland, Ohio area on podcast 238. 

    I now have 9 apartment complexes in Painesville, Mentor, and Akron Ohio.  All of my apartment complexes were in pretty nice C plus or B Class areas and the average price I purchased Apartment complexes were about $35,000 a unit and since we have forced appreciation and are in the harvest period now, we are hoarding a bunch of cash from refinanced and a sale too.  In 2022, we expect to sell a 57 unit that we bought for $35,000 a unit in 2019, total purchase price was $2,000,000 and we are planning on selling between $5,000,000-$5,500,000 and we also plan on Refinancing 2 other complexes, a 34 unit and a 24 unit too.  

    Check out Podcast 238 to see how I started.  Also, anyone that messages me, I love to talk shop on the phone too!!


    2022 is going to be a great year!!! If a lowly paid PE teacher at a parochial school can do this, anyone can!!  I just retired from my teaching gig spring of 2021 and working on my RE investments solely now.  It is great to be financially free!!

    Swanny

     Hey Swanny - love your story! Are you still looking to purchase at this time or mainly selling and refinancing?

  • Investor · Member since 2021 · 62 posts · 108 votes
    4y
    Originally posted by @Bud Gaffney:

    Incredible!!! 

     Cheers Bud! 

  • Investor · Member since 2021 · 62 posts · 108 votes
    4y
    Originally posted by @Bryce Bunton:

    This is amazing and where we are headed too!  We started 2021 with 2 properties, we are going to close 2021 with 7 properties (sold 1 and 1031 it into 3 new properties) and now at that tipping point and momentum is rolling!  Have another portfolio purchase we are working on that has 7 properties in it and hopefully can get locked down in the next week or so. 

    Any tips on how you financed the larger properties so quickly?  This is my new hurdle we are working on overcoming...We looked at a 108 unit building but just didn't feel like we had the financial status to make that leap yet, but I feel like we are really close.  We have a great college town market that is serving us well.

    Thanks, Bryce

    Hey Bryce! Congrats! That is awesome momentum this year!

    A few thoughts on financing. You want to establish a relationship with a local or community bank ahead of time. Open an account with them, do business with them this will help establish a relationship. In general most traditional banks or lender are going to be looking at your experience so its important that someone on your team has that if you don't. Traditional banks are going to underwrite your property very conservatively and will want to ensure the property stands on its own before you implement any business plan, so make sure you understand the numbers. Hard money is easier to get, but will cost you more of course, but sometimes its necessary. My best advice would be to work with someone who has some experience who can help you through the process of your first deal especially in the unit range you're talking about! 

  • Investor · Member since 2021 · 62 posts · 108 votes
    4y
    Originally posted by @Tuna Sakallioglu:

    Thank you for sharing Amanda! What an awesome story and so inspiring.

    Are there any mastermind groups or meetups that you would recommend to someone that wants to get started in multifamily investing?

     Sent you a PM

  • Rental Property Investor · San Diego, CA · Member since 2014 · 1k+ posts · 2k+ votes
    4y

    Yes @Account Closed

    We are looking to buy now too.

    Swanny 

Join the conversationCreate a free account to reply, vote on answers and follow this thread.