All Forum Posts by: Account Closed

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!

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Originally posted by @Bud Gaffney:

Incredible!!!

Cheers Bud!

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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?

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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?

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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!!!

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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

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Originally posted by @Luka Milicevic:

Nice!!! Keep up the awesome work.

Cheers, Luka! Thank you!

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Originally posted by @Adam M.:

Originally posted by @Account Closed:

Originally posted by @Adam M.:

Why not to continue to grow the 2-6 unit properties that often have more than double the IRR, including instant positive cash flow. With a good property manager and a bench of subs, why isn't this a better strategy than bigger buildings with far lower returns?

the returns may be be a lot better than the smaller properties. Just my opinion!

I understand the mortgage limitation, but how specifically can the returns be " a lot better"? What's an example? I'm asking because every time I look at the economics of larger properties vs smaller, it just doesn't make sense unless one is a syndicator.

THanks!!!

Depends on what the value add play is for the larger properties in my opinion. If you find something that has been mismanaged by the current owner there is a lot more upside to be had, opportunities for you to lower expense and raise rents. Its important to understand that with larger properties you can "force appreciation" due to how those properties are valued (based on cash flow) vs based on sales comps which is how smaller properties are valued (1-4 units) Also really depends on which markets your looking at!

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Originally posted by @Christopher Dudhnath:

Congratulations! Love this post. I'm just getting started and similarly have a 3 year goal of financial freedom away from my rat race job. I feel motivated by your experience. Thank you for sharing!

Amazing Christopher! Make it happen!

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All Forum Posts by: Account Closed

Account Closed has started 2 posts and replied 59 times.

Post: 180 units in 12 months!

Post: 180 units in 12 months!

Post: 180 units in 12 months!

Post: 180 units in 12 months!

Post: 180 units in 12 months!

Post: 180 units in 12 months!

Post: 180 units in 12 months!

Post: 180 units in 12 months!

Post: 180 units in 12 months!

Post: 180 units in 12 months!