All Forum Posts by: Andrew Campbell

@Nathaniel Jee Hoon Weber Agree with Chris about finding a team and mentors that are already doing this.  We just closed on our first deal by partnering with a team of people that have more experience.  Its a great learning experience that you also get paid for. 

Also recommend podcasts--there are several focused specifically on multi-family that will help you learn the terms, hear from some great guests and provide inspiration. Jake & Gino and Michael Blank both do great ones focused just on Multi-family, but there are many other good ones that have a variety of RE-oriented guests. 

Good luck!

@Chris Purcell

We used personal Fannie/Freddie loans to get 30-yr fixed rates as we got started.  Anything 4-unit and under qualifies, and you can get 10 of these per person.  Qualification is just like your own home mortgage.  We found a local bank that would do cash-out refi and put us back in individual 30-yr fixed rate loans which allowed us to access equity and keep our great terms and 30-yr amortization. 

One (of many) factors that pushed me towards bigger apartments was the loan factor.  When we surpassed the 10-loan limit for fourplexes, we faced getting commercial loans--regardless of the property size. If we had to do that, why not go big? At least that was my thinking. 

@Diane G. We started small--bought a duplex and a fourplex the same month.  Saved money from our jobs, the bonuses we'd get and ALL the cashflow to buy the next.  Sprinkle in some great appreciation we took advantage of and it snowballed. 

I plan to outline our specific process step by step in a post coming this week.  

@Mark Allen

Look forward to hearing from you. 

Jay Hinrichs I hear you, and looking forward to it. A buddy was joking with me the other day about what I was going to do with all my free time. I said "I now have no free time, but all the time is MY time".

@Susan Knight  I spent 15 years doing research and strategy work inside ad agencies and then tech startups.  Never would have projected this outcome when I started that journey--but so excited it has happened. 

Get educated, and take action.  I'm sure you'll meet your goals. 

@Brian Adams  Thanks!  I've followed your success with much admiration, and hoping to continue following in your footsteps!

I started buying rental property five years ago to create a passive income stream. At the time, my realtor and friend who helped me buy the fourplex said “watch out, Real Estate is like crack.” For me truer words have never been spoken.

Late last year, with our portfolio standing at 72-units I made a decision: I could no longer ignore my real estate habit, and was ready to turn my side-hustle into a full-time hustle. Today, that became a reality.

Today, I closed on a 202-unit apartment in the Dallas/Ft. Worth area. Partnering with one of my mentors, we purchased a value add apartment complex that will provide solid returns to investors and gives me my first taste of being a General Partner on a large Multifamily property.

Today was also my last day as an employee. I resigned from my job a few weeks ago, ready to dedicate all my time, energy and passion into investing full-time. I never expected the two events would take place on the same day, but I’m glad they did. June 2 will always be a special day for me.

Thinking back over the last five years, I can’t believe how much I’ve learned about investing in Real Estate from this site, its members and the podcast. First off, I just want to say thank you to the whole community—for the blogs you write, the conversations you spark on the forums and the general willingness to put yourselves out there for our education.

I also want to offer encouragement to everyone out there. Investing in real estate, however you choose to do it, really is a ticket to financial freedom. I’m not quite there yet, but the “finish line” is in sight. If you’re kicking the tires and evaluating your options—keep going. But make sure to take action and get involved. When we bought our first property, I remember being scared to walk up and introduce myself to our new tenants. I had never managed a property before, and didn’t know anything about the business. But I figured it out pretty quickly, and stumbled my way through an educational first year. And 4 units turned into 72. And now 72 is turning into a new business, a new lifestyle and a whole world of possibilities!

Five years ago I never would have predicted I’d leave my job to start a company focused on buying large apartment complexes. Or that I’d walk away from a career I loved and had been so dedicated to. Or that I’d be so excited about the unknown and where my path will take me next. But I know with the continued education and help I’ll get from BP members, I’ll figure it out.

Thanks BP!

@Nick Bleser  Depends on your goals.  Like the others, we opt for 30-year loans to maximize cash flow.  I have friends that do 15-yr and are happy breaking even now (after expenses) so they have more cash flow later.  Define your goals and you'll find the right answer. 

@Gerry Swartz. It obviously depends on the market, but we aim for $100-$125 as an average.  We may do resurfacing of counters and a "bronze" package on some units to get $75 bumps and then spend $7500 on a gold package to get $150.  In my Texas markets, those are pretty good ballpark figures to run quick numbers before doing a full underwriting.