2016 Update - Deal #4

[Bryan C.]

It is essential that you have goals, short term & long term.  One of my 2016 short term goals was to have 8 deals completed this year.  Achieving our goals can be a challenge & for me the challenge is a bit larger because I am stationed overseas for the US Air Force.  Here is my progress so far:

Deal #1 Flip  Jan-June ....$15k profit split 50/50 with my JV partner

Deal #2 Apr Bought 2 duplexes via seller financing....paid $18k w/ $5k down on 5yr term of $238/mo.  Both duplexes are in need of serious renovations & work is still ongoing.  Expect rehab to cost $100k.  First unit will be available in about 1 week and estimated to be rented for $600-625/mo.  Second Unit of 1st duplex will be available for rent beginning of Sept for $600-625/mo.

Duplex #2 will be put off until Oct/Nov timeframe due to Contractor working on Deal #4.  Duplex #2 will be 1 bed/1 bath efficiency apartments.  Est. rent of $500-$550/mo.

Deal #3 June  Sold current 4plex from Great Falls, Montana to cash out equity and use to buy Deal #4.  

Deal #4 Jul  Bought 4plex in Dayton, Ohio with cash from 4plex in Montana sale.  Having contractor work on and expect all 4 units to rent by end Aug / mid Sept.

Deal #6 Jul/Aug Listed Single Family Home from Great Falls, Montana for sale.  Hoping to cashout equity and use cash to purchase multiple rentals.

Deal #7 Jul/Aug Submitted offers on multiple properties listed on MLS and hoping to snag one for a reduced price. Also keeping an eye out for potential flips from Wholesalers or MLS.

I am confident that I will make it to 10 deals this year which exceeds my goal.  I am going to try and stretch my cash by focusing on potential seller financing etc.  More updates to follow as we progress through the summer.

[Bryan C.]

**Update*** 

Have several offers out there for some rentals...hoping to lock 1 or 2 down for a decent price for Deal #9 & 10 for 2016.  

Seems like I am on pace to do 12 deals for 2016...which is good because my 3 yr goal is to acquire $1M in real estate by 2018.  5 yr goal is to earn $1M gross income by 2020 or 2021.  10 yr goal is to earn $1M net income by 2025 or 2026.  

This will line up perfectly with retirement from the military around 2025.