Getting started investing in real estate can be so tough. Fear can hold you back: fear of losing money, fear of the unknown. While I find it helps to hear about times others have made mistakes–it’s nice to know I’m not alone there–it’s even more helpful to hear when (and how) others have succeeded.
How to Purchase Real Estate With No (or Low) Money!
One of the biggest struggles that many new investors have is in coming up with the money to purchase their first real estate properties. Well, BiggerPockets can help with that too. The Book on Investing in Real Estate with No (and Low) Money Down can give you the tools you need to get started in real estate, even if you don’t have tons of cash lying around.
The First Multi-Family Deal
This deal features two BiggerPockets members working together to get this deal done in Houston. Kevin Wood wanted to purchase a multi-family property, but kept running into the same basic problem: bad numbers. “Misrepresented” income, wishful-thinking expenses, etc. Enter Sharon Tzib to help them navigate the out-of-state investment.
Getting Paid $6,000 to Learn How to Flip Houses
Our next success story didn’t realize huge dollar gains, but the investor learned an enormous lesson and still walked away from the closing table with a check in hand. Any time you make money is a success story. Any time you don’t have to pay for an education is also a success story. Read about Victor Eng’s win-win.
I Paid a House Off in Just 3 Years!
Honestly, the headline says it all. I have absolutely nothing to add. Check out Dawn Anastasi’s awesome story about how she paid off her investment property in three years.
Successful Wholesaling in Canada
Another success story that owes itself to its BiggerPockets affiliation. William Johnson details how a conversation with Brian Gibbons encouraged him to increase his asking price, which led to a $20,000 profit.
Live and Flipping
It takes vision to see through the ugly and bring out the beautiful in a home, and it takes fortitude to live through all that mess. I’ve done it 6 times, and every time I say it is the last time. Then I get that check, and all those zeroes make me do it again.
Read how Marty Rini made $67,000 in his latest live and flip.
More Wholesale Success
This story is definitely in my top 5 favorites. Eric Harris describes in depth his experiences with his first mailing, contacts with sellers, and his first wholesale deal. He overcame his anxiety related to talking to sellers and took the plunge.
Overcoming Title Issues
Title insurance is recommended unless you know the entire history of a property, and even then it isn’t a bad idea. But what happens when you can’t get title insurance due to a cloud? Keep talking to title companies. Read how Jeff Soloway overcame his title problems through perseverance.
1031 Exchange PLUS BiggerPockets Members Collaborating
This deal features a 1031 exchange, BiggerPockets members collaborating, an 8-plex, instant equity, and below market rents. Read more about how Bill S. worked this deal from possible wholesale to outright purchase.
Success By Saying “No”
Not every property would be a good investment; in fact, most aren’t. In today’s hot market, it may be tempting to snatch up anything you can get, but that doesn’t always make good financial sense.
Learn how Tracy Mason stuck by his numbers, didn’t get emotionally attached, and walked away from a deal that didn’t make sense.
First Time Success Has Wife Saying “YES!” to Real Estate Investing
So Tim G. gets a new job, and his boss introduces him to real estate investing. He falls in love with the idea (sound familiar?), but his wife isn’t too keen on the whole landlord thing. They decide to try a flip and have such fantastic results she is now warming up to the idea of being a landlord.
Most Successful Mailing Campaign
I used to work in advertising, where a 1% response was considered a very successful campaign. Here’s a story with a 3% response. Read how Pavel Sakurets got more people to open his letters.
University Duplex Plus Maybe a Tiny House?
After spending some time reading and learning, our next successful investor felt ready to start. He and his wife purchased a duplex near the University where she works, with plans to live on one side and rent out a bedroom in their unit plus rent out the entire other half of the duplex. Currently unused land has him thinking of adding a tiny house to the property as well.
Connections Pay Off
Is everyone you know aware of what you do? Do you talk about investing in real estate with everyone you meet? Working your connections can have huge payoffs. Even when THEY don’t have a property to sell, perhaps they know someone who does.
Our next success story revolves around the connections that Matt M. has made throughout his real estate career and how it paid huge dividends to tell people he is always looking for his next deal.
Some Properties Just Need Cosmetic Touchups
This house wasn’t in horrible shape to begin with, and new paint, cabinets and flooring make it look fantastic. Net profit of $19,500, and Chris Sciolino is on to his next project.
Buying the Houses That No One Else Wants
Sometimes a house will sit on the market for a while due to issues that “seem” to have an expensive fix. Talk to contractors about ways to repair these issues; you might find out that the sloped floor is really quite inexpensive to repair. Tarl Yarber shares his story: the easy fix with a whopping $41,000 in profit in 130 days.
Flipping in a New Area
Moving from one area to another can make for some interesting learning curves. Rebuilding a team can also take some time. Read how Brian R. made the move, partnered up with a great agent, did a couple of deals with two BiggerPockets members, then found and completed their first flip in their new location.
Cat Litter House?!?
And now our last success story. I do not possess the vocabulary to adequately describe this story. Thankfully, Brian Burke had the foresight to take loads of pictures. I can actually SMELL this house from looking at them. Take the time to read the whole story. You’ll miss out on some pretty fascinating details if you just skim through!
What was your biggest success story?
Share it below, or even better, share it on the Forums!