Quit my JOB! (Kind of)

[Brandon Richey]

The last three years have been a ride to say the least. Before I ever knew anything about Bigger Pockets, BRRRR, infinite returns or what a CAP rate was, I always had this dream of flipping and owning rentals. By trade I have been an insurance agent for about the last 8 year in which I have owned my own agency the last 6. I saved up money ($50K) and decided I would go buy 2-3 rent homes and that would be enough for the down payment. I settled on a $63K condo-town home that was already getting $1000 a month rent. The math worked, cash flow worked and heck I had just bought a truck that cost more than that so all else fails I could swing it. What happened next was GOD working to bring me in this game. I get referred to a local credit union's commercial department, they do an appraisal and low and behold they tell me the property appraised for $86,000. I thought that was great, I am buying value, have a lot of equity, net worth and all that. The bank calls back and said we can close in 7 days and we can lend up to $68,800 on this town home, how much do you want the loan for Mr. Richey? I was baffled, confused but held steady. I said ill take $68,800. We did the deal, closed the loan and I received a deposit of roughly $3500 within 24 hours. I told my wife, uncle, a few friends and everyone was some what baffled. The unit behind this one was actually for sale also, a little higher price but I offered the same $63K they countered at $65K and I took it. First 2 deals ever in real estate and I received MONEY BACK at closed! Holy Infinite returns! To keep it brief over the last 3 years (officially here in a few days) I have acquired and am now holding 30 rental homes (with one of those being an owner finance I count because of the cash flow). As I grew more to real estate and learned I faded from the insurance world. Good thing is , I owned the company. I am set to close early January for $1.285 Million on my insurance agency, I have 30 rentals, and will keep growing them, flipping and doing some new construction. Currently right around $36K a month in gross rent netting $14,000 a month ! I'm all in for 2020 and beyond! Hopefully I can be an active forum member and maybe one day @BrandonTurner will get me on a pod cast!