Skip to content
Real Estate Success Stories

User Stats

32
Posts
8
Votes
Eric Girard
  • Real Estate Broker
  • Boston
8
Votes |
32
Posts

I help regular buyers build real estate portfolios

Eric Girard
  • Real Estate Broker
  • Boston
Posted Nov 11 2023, 11:14

Hi guys,

I love to see all of the success stories but I have noticed I just don't have the income to keep investing past 1 property. 

Here are two real world strategies that I used with my clients:

Success story A

Step 1: Bought a condo for $175,000 in 2013 in an up and coming area that cost less per month than market rent. Lived it in then rented it out. Cash flow was around $350 per month.

Step 2: Sold the condo using a 1031 exchange to roll over the taxes.

Step 3: Bought a primary home in a LCOL city for $200,000 and rehabbed it. Now worth $350,000.

Step 4: Bought a four multifamily in a LCOL for $500,000. No rehab needed. Now worth $650,000

Step 5: Brought the four family rents up to market rate which is $5200 per month.

Time to complete: 10 years.

Cash flow went from $350 per month to $2,000 per month.

Properties are now worth around $1,000,000.

Success story B

Step 1: Bought a condo in 2014 in a HCOL city for $200,000 and rented it to a roommate (house hacking). 

Step 2: Moved out, rented the 1st condo for $1800 per month.

Step 3: Bought a new primary home in a LCOL for $175,000 which costs less per month than rent.

Step 5: Moved out of the 2nd property and rented it for $1850.

Step 6: Rented an apartment with somebody else. Saved $1,000 per month in monthly housing costs.

Step 5: Saved up the cash flow money and bonus money from their work.

Step 6: Bought another condo $250,000 in a HCOL city that cash flows with 5.5% rate and 25% down

Step 7: Raised rents on all 3 properties to market rate equal to $5,800.

Time to complete: 9 years.

Cash flow went from $300 to $1500 per month.

Properties valued at approximately $925,000.

------

Each client started with a 5% down payment, was in the early 30s, and didn't make a six figure income. No family help either. 

It's possible to build up a portfolio with time. Time is the key because over-time rents and home prices rise. 

User Stats

2,787
Posts
2,420
Votes
Rick Pozos
  • Wholesaler, Rehabber and Landlord
  • San Antonio, TX
2,420
Votes |
2,787
Posts
Rick Pozos
  • Wholesaler, Rehabber and Landlord
  • San Antonio, TX
Replied Nov 12 2023, 07:32

That's great that you are helping others. You should be making commissions off of them, great.

There are only 1 or 2 things that you need to do to start investing past 1 house. Make more money or spend less.

More income: Meet more people, get more listings, hire more people for your team, work harder!!

Less expenses: Stop going out to eat so much, trade your car for a cheaper one, sell the $5000 golf clubs for $1000 ones, 1 vacation a year instead of 2 or 3 a year because "I deserve it", cut the grass yourself.

I am being a little silly, but seriously get on a budget and see what you need to do to cut expenses or where you can work a little harder. You will find that there is plenty of fat. The question is do you really want to cut the fat?? Its tough to live a little leaner if your WHY is not strong enough.

User Stats

72
Posts
39
Votes
Replied Jan 4 2024, 20:16
Quote from @Eric Girard:

Hi guys,

I love to see all of the success stories but I have noticed I just don't have the income to keep investing past 1 property. 

Here are two real world strategies that I used with my clients:

Success story A

Step 1: Bought a condo for $175,000 in 2013 in an up and coming area that cost less per month than market rent. Lived it in then rented it out. Cash flow was around $350 per month.

Step 2: Sold the condo using a 1031 exchange to roll over the taxes.

Step 3: Bought a primary home in a LCOL city for $200,000 and rehabbed it. Now worth $350,000.

Step 4: Bought a four multifamily in a LCOL for $500,000. No rehab needed. Now worth $650,000

Step 5: Brought the four family rents up to market rate which is $5200 per month.

Time to complete: 10 years.

Cash flow went from $350 per month to $2,000 per month.

Properties are now worth around $1,000,000.

Success story B

Step 1: Bought a condo in 2014 in a HCOL city for $200,000 and rented it to a roommate (house hacking). 

Step 2: Moved out, rented the 1st condo for $1800 per month.

Step 3: Bought a new primary home in a LCOL for $175,000 which costs less per month than rent.

Step 5: Moved out of the 2nd property and rented it for $1850.

Step 6: Rented an apartment with somebody else. Saved $1,000 per month in monthly housing costs.

Step 5: Saved up the cash flow money and bonus money from their work.

Step 6: Bought another condo $250,000 in a HCOL city that cash flows with 5.5% rate and 25% down

Step 7: Raised rents on all 3 properties to market rate equal to $5,800.

Time to complete: 9 years.

Cash flow went from $300 to $1500 per month.

Properties valued at approximately $925,000.

------

Each client started with a 5% down payment, was in the early 30s, and didn't make a six figure income. No family help either. 

It's possible to build up a portfolio with time. Time is the key because over-time rents and home prices rise. 


this is a great story 😁😁😁

gives me hope in my journey 

BiggerPockets logo
BiggerPockets
|
Sponsored
Find an investor-friendly agent in your market TODAY Get matched with our network of trusted, local, investor friendly agents in under 2 minutes

User Stats

32
Posts
8
Votes
Eric Girard
  • Real Estate Broker
  • Boston
8
Votes |
32
Posts
Eric Girard
  • Real Estate Broker
  • Boston
Replied Apr 16 2024, 10:16
Quote from @Twannisha Jackson:
Quote from @Eric Girard:

Hi guys,

I love to see all of the success stories but I have noticed I just don't have the income to keep investing past 1 property. 

Here are two real world strategies that I used with my clients:

Success story A

Step 1: Bought a condo for $175,000 in 2013 in an up and coming area that cost less per month than market rent. Lived it in then rented it out. Cash flow was around $350 per month.

Step 2: Sold the condo using a 1031 exchange to roll over the taxes.

Step 3: Bought a primary home in a LCOL city for $200,000 and rehabbed it. Now worth $350,000.

Step 4: Bought a four multifamily in a LCOL for $500,000. No rehab needed. Now worth $650,000

Step 5: Brought the four family rents up to market rate which is $5200 per month.

Time to complete: 10 years.

Cash flow went from $350 per month to $2,000 per month.

Properties are now worth around $1,000,000.

Success story B

Step 1: Bought a condo in 2014 in a HCOL city for $200,000 and rented it to a roommate (house hacking). 

Step 2: Moved out, rented the 1st condo for $1800 per month.

Step 3: Bought a new primary home in a LCOL for $175,000 which costs less per month than rent.

Step 5: Moved out of the 2nd property and rented it for $1850.

Step 6: Rented an apartment with somebody else. Saved $1,000 per month in monthly housing costs.

Step 5: Saved up the cash flow money and bonus money from their work.

Step 6: Bought another condo $250,000 in a HCOL city that cash flows with 5.5% rate and 25% down

Step 7: Raised rents on all 3 properties to market rate equal to $5,800.

Time to complete: 9 years.

Cash flow went from $300 to $1500 per month.

Properties valued at approximately $925,000.

------

Each client started with a 5% down payment, was in the early 30s, and didn't make a six figure income. No family help either. 

It's possible to build up a portfolio with time. Time is the key because over-time rents and home prices rise. 


this is a great story 😁😁😁

gives me hope in my journey 


 You can do it too! One of these investors are now buying a MF.