All Forum Posts by: Michael Beeman

I just wanted to thank the many awesome members of BP, and share a success story that may brighten some of your days. As some of you know I was interviewed by Rod Khlief multifamily podcast on episode #221 just a few weeks ago. Our team has since added some more units under contract and we went ahead used some advice given to me of using "other people's money" in a partnership with some investors to acquire an 8 unit building. We are up to 58 cash-flowing units in 1 year. Our team is just Rocking and Rolling. This website and the helpful members here have just been AWESOME!! Special thanks to @Brandon Turner book on Rental Property Investing.

But my Big Success Story is a personal Story. Since I started this business with my partners 1 year ago, we haven't taken any money out of this business. Well starting in June, we are doing a monthly draw. This has allowed my very large family to move from our crowded 1800 sq ft home and purchase a beautiful 3400 sq ft home with 6 acres and a pond/indoor pool outside of town!! We have some flooring to redo inside, and a few other minor repairs. But in June, we will have a new home paid for with cash-flow from our Real Estate business. 

I just wanted to let everyone know that this business is real and you CAN do this!! In one year we have changed the immediate lives of our family, and drastically changed our future!! TAKE MASSIVE ACTION!! I hope I could inspire some of you!!

we do more multifamily, But Ive bought 3 SFH's like this.. Although ours are more like purchase price and rehab total is 20k, and ours rent for 650-725/mnth.. Very similar stuff.. Good job doing this.. You will make buckets of money if u keep this up.

@Gerard J.  Since that episode, I was encouraged to use "other people's money" and I have decided to do a small syndication, because a few people had reached out to me about partnering with us. So we have another 8 units under contract with our current 46, we'll be at 54.. And those 8 are going to return great for the investors and even tho we have to share the deal; we only spent 6500 out of pocket. 

@Gerard J.  Yes Sir. Episode 221

I know many have asked for me to post when I was on a podcast sharing my story. Well I was on Rod Khlief's Multi-family podcast this week, and I'd love to have you guys check it out. It's up on Itunes and Sound Cloud. Or you can message me and I'll get you the link.  @John Van Uytven  @Nirmal Khanderia  @Phillip Lanier  @Gerard J.  @Monique Driver

I have a really good one!  But, I have kept him super busy, and have even brought him in on some deals just to insure that he can build passive income, and because he deserved the option. I do however know of some decent contractors, that charge a fair price.

@J. Lee  hey, that's awesome. There is a lot of opportunity when you can do things that others aren't willing or able to do. We have had a lot of luck around us, so it's not likely that I will be competing with you on that Charleston market lol. Hey, if you would like to get together and have coffee sometime, shoot me an email, and we will make it happen.

@J. Lee I have been using First Bank out of Marshall Illinois. But, they are currently being bought out by First Mid. Which is based up there in your area. I'm told that First Mid should work with us, just like First Bank has. Have you had luck in the Charleston area? I've avoided that area due to the shrinking student base at EIU and high vacancy rates that I see on most opportunities in Charleston. I have looked at the Mattoon market, but we just put a Terre Haute 8 unit under contract. With another SFH and duplex I found from a local distressed seller, we now have 38 units, with 11 more under contract.

@Daniel Akerman  Thank you! Yes it is possible to do, and to keep going and growing. I put an 8 unit building under contract since this posting. After doing an interview on Rod Khalief's podcast earlier this week I'm currently researching some larger syndications that I will put together this summer/fall. But currently we have 31 units, with 15 under contract and we are in negotiations with an owner that has 6 more. By the end of year 1 we believe we will be at 50+ with a goal of 200+ at the end of year 2. It started with earbuds in my ear, while working a side hustle to get it going. Now it's a full team of people pushing towards an ultimate goal of Financial Independence. 

@Sam Craven I really enjoyed the podcast! It is interesting to see how you refocused your business on what was making you the most money, and just improved that niche. That is a great reminder to the rest of us investors to pay attention and try to replicate that in our own businesses. Keep up the good work!