It has been a little while since I wrote a post on here. This past year has been real crazy im sure for everybody. Just wanted to give a update, and some possible motivation for those who are filling like giving up. This game of real estate can be really discoursing especially for all my first time home buyers trying to take advantage of these low rates we currently have. I made a goal to my self when I first got started that I would buy one property a year, and right now I am pleased to announce that despite covid, Im still on track with that goal!

My first property was a buy and hold non owner occupied 4 plex in las vegas ( about 7 mins from Summerlin) , I purchased this in 02/2019 for 369k, started at a 6.125% and was barley making $400 cash flow every month. That same 4 plex today appraised for 490k in only 1 year! I currently have a 3.6 % rate on this property, make around $3,300

( with a little below market rents ) a month and cash flow around $1200 after all expenses. Despite all the negative feed back I got from some of the BP members about multi family in las Vegas , I still stuck to the script and remained focus. im glade I did so.

More recently, I have been trying to find a fha owner occupied property for my house hacking journey in California, so that I can only have to drop 3.5% down. literally since July I have put in 8 offers, and have been out bid by cash buyers on 6 of those and the other 2 got beat out by conventional buyers. these properties were only on market on a average of 3 days before going " pending " no lie! supper hot market that I live in. I was really starting to lose hope and even went as far as trying to find a deal and drop 20% just to increase my odds. I was so discouraged that I gave up looking and said I wouldn't put any more offers in until the market cooled down.

The following week, I received notice on my phone about a property that just hit the market. It was a tri plex in Tracy , Ca that was only on market for 37 mins, I ran the numbers and made sure everything made since and put a offer in right away! I put my offer in a little over asking (contingent to appraisal of course). The very next day I received notice that a all cash offer came in , but it was lower then my offer, so they wanted to go with me! finally , after 6 long months of searching for something I found it. The funny thing about it all , is that this is the best property out of everything I have been putting offers in for . 3 bed 2 bath each unit ,washer dryer, 2 car garage , and back yard space for each unit! I will be living in one of the units and collecting rents from the other 2. I have a total of 7 doors at 28, and still on track to buy one property a year! I am very pleased with my self and my team. Just wanted to share with anyone looking for motivation to not give up!

Maurice Smith

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