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Updated about 6 years ago on . Most recent reply

User Stats

40
Posts
20
Votes
Michael Ohman
  • Rental Property Investor
  • Bakersfield, CA
20
Votes |
40
Posts

First BRRRR Success!!! Biggerpockets changed my life!!

Michael Ohman
  • Rental Property Investor
  • Bakersfield, CA
Posted

After spending months and months reading post after post and listening to podcasts seemingly all day long, I decided it was time to get off the bench! I had watched anything and everything @David Greene, we have very similar stories, and felt that I was confident enough to jump in to out of state real estate, because I live in Souther California, enough said there. I was finishing up a 6 month backpacking trip through Southeast Asia when it hit me one day, "what am I waiting for??"So while in Thailand I began networking through Biggerpockets and writing as many people I could find in the Indianapolis, Cleveland, and Memphis markets. 

Eventually I found a wholesaler who sent me a few deal in the Memphis area. The first house i decided on fell through at the last minute, but i was not discouraged. Within the next month (while still in Thailand) I purchased 3 SFH's. I like to live by the go big or go home motto so i dove head first into 3 properties.

Fast forward through remodels, evictions, headaches, trials and tribulations, and I have just finished refinancing 2 out of 3 properties! Here are the numbers for those two while the third is currently being remodeled and will be refinanced shortly after.

House #1 Purchased for 38k, the property had been previously updated, so with minimal work in the amount of 4k it appraised shortly after for 70k!

House #2 Purchased for 33k, the property needed more work in the amount of 17k. Bringing the all in total to 50k. The property appraised for 85k!

I was able to pull out 75% of the appraised rate on both the properties! Now the high of getting in the game is propelling me to my next properties. I am already looking for small multifamily properties in the Memphis, Indianapolis, Cleveland, or Milwaukee markets. 

I am very pleased that I finally decided to stop researching and start learning through experiences. I cannot wait to by more and more i am becoming a real estate feign! So if you know anyone with some good deals on duplex, triplex or fourplex in those markets let me know!

That being said it couldn't have been done without the Biggerpockets community, podcasts, webinars, and forums. So big thank you to everyone, especially Josh, Brandon and David Greene.

Most Popular Reply

User Stats

40
Posts
20
Votes
Michael Ohman
  • Rental Property Investor
  • Bakersfield, CA
20
Votes |
40
Posts
Michael Ohman
  • Rental Property Investor
  • Bakersfield, CA
Replied

@Ryan Daniher @Mickey Russo Thank You!

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