All Forum Posts by: Patrick Eldridge

Thank you!

My wife and I get a little creative with our financing but let’s say the Asking price is $100,000. We offer them $125,000 with 20% sellers assist, So we get $25,000 sellers assist at closing. There’s no cap on sellers assist with a commercial loan. I’d rather pay an additional $25k to  finance the closing costs and keep are hard cash to buy more properties. You have to explain the math to the sellers, they’ll still be getting there $100k in some cases we offer more to cover the taxes they’d pay on the additional 25k but only if they question it.

So it all began 3 years ago when I met my wife jenn. We both shared an interest in real estate and I cashed out my 401k/pension and we bought our first duplex. 1 /2 years later we now have 28 doors generating 30k a month! We’ve accomplished all of this by following the brrrrr method and doing all the renovations ourselves. We now have a great team in place that helps as well. To keep material costs down we shop Facebook market place for kitchen cabinets and etc. We buy pallets of lowes/Home Depot returns off people. My wife is also a genius and came up with the idea to rent washer/dryers out for $60 a month and nearly every one  of our tenants do, that makes us 18k extra a year. I am now a licensed contractor/home inspector and my wife almost has her real estate license. We both use these skills to acquire our deals. It’s amazing what 2 people can accomplish with the same drive/goals, we push each other so hard to make it happen. At one point we were closing on 6 properties at the same time, it was stressful but we made it happen!

You have to identify a property within 45 days after closing and you can list up to 3 I believe to have backup deals.  Also have to close within 180 days on new investment property. And I don’t believe it’s too late just have your realtor add an addendum to the sales agreement.  It is easier for the irs to track when auditing.  Also, add to sales agreement on new property.  If you intend to do a 1031 ask your title agent for a qualified 1031 company to handle it and they will walk you through it. We’ve used first American exchange for our 1031 sales.

My wife and I plan to double the 16 units we acquired in 2021 by using the brrrr method. We did all the renovations ourselves. At one point we were closing on 6 properties back to back! We also just started our own home inspection/contracting business and my wife is almost a realtor as well! 
We are excited too see what we can accomplish in 2022