Updated about 6 years ago on . Most recent reply
11 units down and many more to go!
Hello BP friends!
I'm excited to have closed on a second multi-family building (5 units) today! I started my REI journey last year at the urging of my brother in-law and partner. I read all the books, listened to all the podcasts and spent countless hours educating myself (still don't feel like I've done enough). We made offer after offer and ended up being under contract with about 7 or 8 properties so far this year. We closed our first deal in February on a 6 units multi-family unit in Manchester, NH. Today we wrapped up our second deal on a 5 unit in Nashua, NH. We have minority partners on both deals (first deal is a GC and MF invenstor himself) (second deal is a close friend and facilities manager for SNHU).
As most have probably experienced, we definitely made some mistakes on our first deal. Some small things like shopping around closing attorneys, paying too much to form our operating agreement LLC and likely spending too much on rehab. While some of those things may feel a little painful now, I have full confidence that down the road (we're long term buy/hold with BRRRR) we won't feel the same pain. I chalk it up to pricey education. I'm not really sure we would have learned otherwise. We had to get our feet wet on a deal.
I encourage those that are still waiting on the sidelines to figure out a way to get involved. Even if you're a minority partner on a deal with $5-10k. Get in a deal, learn the mechanics, the do's the don'ts and be part of all the conversations that happen. You'll meet more and more people in REI, develop your skills and more opportunities will come your way! It's easy for me to say this as I'm at the beginning of what I hope to be a long journey and haven't had any horror stories yet, but I'm sure those will come too. I'll be ready to learn from them and use that knowledge moving forward.
Cheers!
Rick