Newbie to 5 units in 7 months!

[Junior Soares]

I want to personally thank the BP Community for being so helpful and very humble with all of the questions us newbies always have. With the help of this great network my wife and I were able to start our OOS investing career at the close of 2017 and we are very blessed and thankful to say that we currently have 5 units under our belt and are in the midst of acquiring 2 more before the close of this year with the amazing growth that we gained from our first unit which we are in the process of doing a cash out Refi on. Alot of people here in the Bay Area think that OOS investing is crazy, that I'm out of my mind and that you can never grow wealth this way and that you should invest here in the Bay and blah blah blah so it was very difficult to learn and go at this alone until I found this beautiful network of good folks doing it everyday! My thing was always, sure I can invest here in the Bay Area but by the time it would take me to acquire $150k down payment I could have taken the opportunity and purchased 5 properties out of state that cash flow positively getting more bang for my buck. All I needed was a good team in place which I'm blessed to say I have in the 2 markets that I'm currently vested in. Our first deal (SFR ranch is sitting at a 10% COC return after all expenses, vacancy, maintenance, capx,property management, PITI etc.. our second deal (4plex is sitting at an 8% after the same expenses with meat on the bone to get me closer to a 9.5%) For all of those that were newbies like me hearing negative things and that you cannot build wealth, I'm here to tell you that yes you can! We have so much valuable information at our fingertips to make this possible especially with the amazing community here on BP! Thank you again all, I'm humbled and very much appreciate all of you! Junior

[Junior Soares]

@Jacque Sacramento Good morning Jacque, sure no problem: Michigan SFR Ranch: Purchase Price: $85,000 DP All in: $17,000 including a few repairs Currently rented at $925 (3% below mkt) PITI: $550 Property Management: $90 Vacancy 5%: $45 Maint 5%: $45 Capx: $50 (will need roof in 10 yrs, all else fairly new) Net income: $145 (10% COC) Just got it appraised at $105k and in the process of doing a cash out refinance and purchase another property. Ohio 4 plex : Purchase price $106,000 Paid cash 106k Currently rented at $2,050 Property Tax: $210/M Property Mgt: $200 Insurance: $100/M Trash: $85 Water/Sewer: $200 Vacancy: $200 Maintenance $200 Capx: $200 (interior completely renovated, roof in about 5 years) Net income: $655 (on track for 8% this year with a few minor adjustments) I plan to do some minor exterior remodels, including paving 4 parking spaces in the back for the tenants and bring rents up to market at $2,250 within the next year and sell to get into a larger multi family. Both properties have 3 months worth of all expenses in each of their bank accounts.