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Do you have any recent Real Estate Success Stories?
BiggerPockets has created a new Subcategory to celebrate your Real Estate Success Stories!
Did you close a deal recently? Maybe your FIRST deal?!
Did you just finish a BiggerPockets Bootcamp or Book and want to share?📚
Or maybe you just finished up a value add project that you want to show off?🛠️
Post your Real Estate Wins and take some time to celebrate how far you have come in your real estate journey!👏
I love this idea! I just moved out of my first house hack, using the MTR rent by the room strategy! Now that I've moved myself out, I have 3 renters, and I'm cash flowing $700/mo on my single family home. It's also lighting the fire under me to find my next property! So grateful for friends and family who will allow me to couch surf with them in the meantime.
Quote from @Jillyan MacMorris:
I love this idea! I just moved out of my first house hack, using the MTR rent by the room strategy! Now that I've moved myself out, I have 3 renters, and I'm cash flowing $700/mo on my single family home. It's also lighting the fire under me to find my next property! So grateful for friends and family who will allow me to couch surf with them in the meantime.
That is amazing, I can't wait to hear about the next one! Congrats, Jillyan 🥳
Just purchased a 4 unit and duplex in a great neighborhood in the Pittsburgh market. Our efforts to find deals is finally coming to fruition. we can then sell some of them and leave some equity for the next buyer and keep some of them for our own portfolio.
A little off the normal path....
I was standing in a long line at Target. I struck up a conversation with the man behind me. He was asking me about our local market and we chatted for a good while. Just went under contract for a 3 million dollar commercial listing! I realize that closing the deal is another story however I am up to the challenge!
I have a good amount of long-term rental properties and am under contract to close my first very own commercial property.
The owner owes property taxes as well as IRS back taxes on the property and must pay them off prior to closing. The property was priced way under market and I offered what the seller was asking.
We've had plenty of hold-ups as the seller must first close on another property and use those funds to pay off the taxes owed.
Since I'm a cash buyer, luckily I don't have to deal with a mortgage, which would no doubt have been a pain as we've had to reschedule the closing date multiple times.
Quote from @Melanie Thomas:
A little off the normal path....
I was standing in a long line at Target. I struck up a conversation with the man behind me. He was asking me about our local market and we chatted for a good while. Just went under contract for a 3 million dollar commercial listing! I realize that closing the deal is another story however I am up to the challenge!
wow! That is awesome
I'm a real estate agent also balancing school at 19. I'm yet to become a full fledged investor but I just closed on my first property not too long ago. $1.2m in the Eastside of Washington. Can't thank my team and my Bigger Pockets community enough for all the help and input!
Quote from @Alex Deacon:
Just purchased a 4 unit and duplex in a great neighborhood in the Pittsburgh market. Our efforts to find deals is finally coming to fruition. we can then sell some of them and leave some equity for the next buyer and keep some of them for our own portfolio.
That is amazing!! Congrats
#4 All Forums Contributor
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- Lake Oswego OR Summerlin, NV
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#4 All Forums Contributor
- Lender
- Lake Oswego OR Summerlin, NV
One of my JV partners ( I am the money) bought a nice fixer out east all in for about 100k full turn in 75 days
Sold for 150k net 50k which we had a split with her making the majority of the return so infinite return of 35,000 % for her 75 days of work.
she has 4 others going with me so I think she will make probably 150 to 200k net this year with me as a capital partner.. And no i dont charge up front like the guru's :)
I just bought a duplex. First multifamily property. I'm pumped to get this going and it had a renter with it so it's already generating a chunk of the mortgage which is always nice. Not as much as it should, but with my local market, the only place this duplex can go is up! My wife and I are really excited to have a multi family in our portfolio!
Quote from @Jay Hinrichs:
One of my JV partners ( I am the money) bought a nice fixer out east all in for about 100k full turn in 75 days
Sold for 150k net 50k which we had a split with her making the majority of the return so infinite return of 35,000 % for her 75 days of work.
she has 4 others going with me so I think she will make probably 150 to 200k net this year with me as a capital partner.. And no i dont charge up front like the guru's :)
Hi Jay!! Where did your partner purchase the properties?
Quote from @Jillyan MacMorris:
I love this idea! I just moved out of my first house hack, using the MTR rent by the room strategy! Now that I've moved myself out, I have 3 renters, and I'm cash flowing $700/mo on my single family home. It's also lighting the fire under me to find my next property! So grateful for friends and family who will allow me to couch surf with them in the meantime.
Hi Jillyan, could you please offer more details about the MTR rent strategy.
Thank you,
Laura Hidalgo
Hey @Laura Hidalgo! MTR is midterm or medium-term rentals. It's like corporate rentals, 30+ days, furnished, marketed to recruiters for traveling medical professionals, insurance relocation specialists, and government contracts. The market, the strategy, and the work are sort of between short term and long term rentals! DM me if you want to talk about anything in specific!
Great area. We are doing a lot of funding there…
Laurie Reiss
Great area. We are doing a lot of funding there…
Laurie Reiss
Good for you. Many times people are cash buyers but use hard money.
Laurie Reiss
#4 All Forums Contributor
- Lender
- Lake Oswego OR Summerlin, NV
- 61,310
- Votes |
- 41,566
- Posts
#4 All Forums Contributor
- Lender
- Lake Oswego OR Summerlin, NV
Quote from @Laura Hidalgo:
Quote from @Jay Hinrichs:
One of my JV partners ( I am the money) bought a nice fixer out east all in for about 100k full turn in 75 days
Sold for 150k net 50k which we had a split with her making the majority of the return so infinite return of 35,000 % for her 75 days of work.
she has 4 others going with me so I think she will make probably 150 to 200k net this year with me as a capital partner.. And no i dont charge up front like the guru's :)
Hi Jay!! Where did your partner purchase the properties?
South Carolina
Quote from @Alex Deacon:
Just purchased a 4 unit and duplex in a great neighborhood in the Pittsburgh market. Our efforts to find deals is finally coming to fruition. we can then sell some of them and leave some equity for the next buyer and keep some of them for our own portfolio.
When you say "leave some equity for the next buyer", do you mean you are not going to sell them for the highest offer?
I own a triplex in Fort Lauderdale. The previous tenant left the studio apt within it an absolute mess. I had to rehab it with a contractor that I hadn't personally used before. He gave me a great deal and we rehabbed it for $14k. The looks and feels great and I was able to increase the rent by over $500/mo....and I LOVE my new tenant! The second part of this win is that my contractor is now my go to guy and we are planning on going 50-50 on rehabbing homes for flips. My advice to folks...Talk to a bunch of people and work on building your team!
David we sell at fair pricing and most of our sales are not marketed. Just word of mouth or past clients. We dont try to squeeze out every penny. it has to be a win win situation for both parties to create trust and a repeat customer.
A little off-topic, but I wanted to share a cool success story!
My wife and I have been doing really well with our real estate investments, and my job as a real estate agent has gotten big enough that we don't need our regular jobs anymore.
For the past three years, both of us have been working at a property management company to become experts in managing properties in our local area. It's been a great learning experience for us.
Now that we have more freedom, we want to keep growing our real estate investments and our agent business. Our dream is to give our daughter an exciting life full of travel and adventure.
We think that by continuing to invest in real estate and doing well in our careers, we can give our daughter lots of amazing opportunities and a future full of fun. We're so thankful for our success so far, and we're excited to keep working hard and making our dreams come true.
Small victories are still victories. My local market is super hot and good deals are very hard to come by. I talk to anyone and everyone casually about real estate, and a SFH deal fell into my lap off market. A- home in a great school district with wonderful tenants, and cash flowing at a great rate it's first day. Needed no work and was well-maintained. Felt great to have a seat at the table, so to speak, as I had made about 30 different offers and never had any accepted on the open market. Was getting a little discouraged about being able to grow my portfolio.
In the mid 90's, I operated a car detailing business in a building I helped to build. I had a handshake deal to purchase the property at a later date once the business allowed. The owner changed his mind and eventually evicted me. However, in the meantime, I was offered owner financing for an undeveloped commercial property next door to my detail shop. The owner was an elderly man who was a local real estate developer. I developed this land into a car wash and eventually added a detail shop building on the West end of the property. It was actually a smooth transition moving from the rented space to the new detail shop. I recently updated the automatic car wash equipment and the business is doing well.
I became interested in apartment buildings when a car wash friend in North Dakota encouraged me. After years of fruitless searching, a local realtor dropped a listing on my desk for an 8 plex. I bought it for $167500. Years later, I made an owner financing deal on a 5 plex/beauty salon. Both buildings cash flow, and I put most of it back into the business for deferred maintenance and upgrades.
Quote from @Noah Bacon:
BiggerPockets has created a new Subcategory to celebrate your Real Estate Success Stories!
Did you close a deal recently? Maybe your FIRST deal?!
Did you just finish a BiggerPockets Bootcamp or Book and want to share?📚
Or maybe you just finished up a value add project that you want to show off?🛠️
Post your Real Estate Wins and take some time to celebrate how far you have come in your real estate journey!👏
I house hacked my first home 12/21. It was a 3 plex, rent rolls were 1600 total for property, i paid 224k for it. It was my first ever real estate deal and i was SOOOO nervous, but I was as prepared as I could be based on listening to Bigger Pockets Podcasts, and I had to take the leap. It now rents for $3600 a month through some renovation but mostly raising rents to market value. I am listing it for $450k, if I get 400-425 for it I'd be very happy.