90 Day Challenge Webinar

[Emily C.]

I want to thank  @Brandon Turner for hosting the webinars; specifically the one around April 13 in which he proposed a 90 day challenge to buy the next property.  I took this very seriously and told my husband it was on!  We lost out on many offers (sometimes never even setting foot on the property) and looked at all types of homes in disrepair.  Thankfully, I have a great agent who stayed the course with us.  I'm happy to say that today (around day 104) we finally closed on our second rental property.  

We decided on a move in ready townhouse that was listed for just under $100K and we plan to rent for about $1,000.  For those just starting out, I recommend the webinars and the podcasts to keep you motivated.  I have finished almost all of the podcasts to date and could easily listen to them all and keep learning.  It takes awhile to figure out the financing strategy and what works best for you.  Stay the course and remember the eventual goal and it will happen!  

Thanks all for your dedication to this site; it is amazing! 

[Tony Castronovo]

Hi @Ken Breeze. Interesting looking back. At the time I posted 2 years ago I had just acquired my fourth property. I ramped up to 8 SFR's before selling the entire portfolio a few months ago. I stopped buying last October and turned my attention to multi-family (similar to @Emily C.).  

I love learning about this stuff so starting asking around for examples of offering memorandums and how to market a portfolio.  I put together a professional package and marketed it on my own.  Sold for asking price and had backup offers in place.  The proceeds are sitting in a 1031 exchange escrow account (again something I learned about on Bigger Pockets...and found my QI here as well).

We were under contract on a 16-unit apartment complex and spent 60 days performing due diligence only to terminate the deal.  Learned a ton in that couple months and we are once again under contract, this time on a 20-unit complex. I really feel like I have my act together when talking with lenders, performing due diligence, and negotiating.  But so much to learn....especially once I acquire it.

I am taking on this one independently as I want to earn my stripes and feel I learn best through immersion.  But I have been learning, networking, and getting mentored on syndication.  I should have enough confidence to pull that off on the second or third property.  Meanwhile I have been establishing my brand and reputation amongst my network and building a list of potential passive investors and KP's.

It's been a little frustrating not being "in the game" for a few months (sucks not seeing rental income flowing into my account every month).  Things move a lot slower in MF...but I think it will pay off in the end.