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Updated about 8 years ago, 10/15/2016

User Stats

616
Posts
547
Votes
Amy A.
  • Portland, ME
547
Votes |
616
Posts

Met my $100k cash flow goal!

Amy A.
  • Portland, ME
Posted

A few years ago I set a goal of $100k of rental cash flow per year. This month (it's only Sept!) I made it! Started in 2007 with a 5 unit, another 5 unit in 2008. Tried to sell around 2010 due to frustrating tenants, thank goodness they didn't sell! Added a SFH in 2012, a 5 unit and 4 unit in 2013, and a 12 unit in 2014. Did tons of capex in 2015, and now have met the goal in 2016!

I earned my down payments by fixing and flipping foreclosures.  I have done 17.  Now I realize my goal was too small and am under contract to develop a mixed use commercial property and purchased another 4 unit this year.  These will be professionally managed as I give up management duties of the portfolio little by little.

Of course, I couldn't do this without my husband who is the "second set of eyes" on the numbers and is my (often reluctant) emergency plumber.  We always agree before we purchase anything, except for one foreclosure that I bought online, but he wasn't mad when we made $37k.

Account Closed#1 BiggerPockets Exclusive PRO Area Contributor
  • Professional Auctioneer
  • Baltimore, MD
1,468
Votes |
1,857
Posts
Account Closed#1 BiggerPockets Exclusive PRO Area Contributor
  • Professional Auctioneer
  • Baltimore, MD
Replied

Congratulations, $100,000 a year net is pretty good. No doubt you work very hard to make that, we have some associates in Baltimore flipping properties at public auction making between 30 and $50,000 per month. I know you're working hard taking care of  your portfolio. You deserve a lot of credit.

User Stats

8
Posts
2
Votes
Monica Dixon
  • Lake Wales, FL
2
Votes |
8
Posts
Monica Dixon
  • Lake Wales, FL
Replied

Nice! 

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User Stats

23
Posts
5
Votes
Amy Osterberg
  • Charlotte, NC
5
Votes |
23
Posts
Amy Osterberg
  • Charlotte, NC
Replied

Congrats!

User Stats

25
Posts
7
Votes
Westley Bachmeyer
  • Investor
  • Spring, TX
7
Votes |
25
Posts
Westley Bachmeyer
  • Investor
  • Spring, TX
Replied

Living the dream!

User Stats

130
Posts
28
Votes
Rico S.
  • Daytona Beach, FL
28
Votes |
130
Posts
Rico S.
  • Daytona Beach, FL
Replied

@Amy A.

Good morning Amy,

What a wonderful story and thank you for sharing! Congrats on meeting your goal! So from your post that will put you around 32 units, is that correct? What made you get started and what helped you take the plunge in 2007?

Best Regards, 

Rico

User Stats

5
Posts
0
Votes
Chris Itotia
  • Essex, MD
0
Votes |
5
Posts
Chris Itotia
  • Essex, MD
Replied
Originally posted by @Account Closed:

Congratulations, $100,000 a year net is pretty good. No doubt you work very hard to make that, we have some associates in Baltimore flipping properties at public auction making between 30 and $50,000 per month. I know you're working hard taking care of  your portfolio. You deserve a lot of credit.

 @Charles_Parrish how can I get in on that game of flipping here in Baltimore public auctions

User Stats

616
Posts
547
Votes
Amy A.
  • Portland, ME
547
Votes |
616
Posts
Amy A.
  • Portland, ME
Replied

@Rico S.  Yes, 32 units.  I recently purchased 4 more, but those are not included in the income calculation.  I started buying because it made economic sense.  I sold my primary home in 2006 and needed to invest the profit in something.  I had lost some money in stock in the tech crash.  Not a lot, but enough to teach me a lesson.  I wanted an investment that I could control, and real estate was perfect.  I knew it would not be passive at first, but still give me some flexibility to work around my children's schedules.   I guess in that sense it's not purely an investment, but a job as well, and I'm okay with that.

User Stats

942
Posts
501
Votes
Marci Stein
  • Rental Property Investor
  • New York, NY
501
Votes |
942
Posts
Marci Stein
  • Rental Property Investor
  • New York, NY
Replied

Amy-- I notice you are a broker--do you think that is very helpful in reaching your goal? would someone like me find it harder since I'm not an agent?

User Stats

1,433
Posts
423
Votes
Jill DeWit
Pro Member
  • Investor
  • Scottsdale AZ
423
Votes |
1,433
Posts
Jill DeWit
Pro Member
  • Investor
  • Scottsdale AZ
Replied

@Amy A.

Love to hear how many folks did not believe you could do this. I hear all the time that people do not believe it is possible and you just did it!

CONGRATS!!!

  • Jill DeWit
  • User Stats

    95
    Posts
    60
    Votes
    Omar Ismael
    • Agent / Investor
    • Newark, NJ
    60
    Votes |
    95
    Posts
    Omar Ismael
    • Agent / Investor
    • Newark, NJ
    Replied

    Congrats on your success Amy

    User Stats

    464
    Posts
    563
    Votes
    Ujwal Velagapudi
    • Investor/Agent/Entrepreneur
    • Dallas, TX
    563
    Votes |
    464
    Posts
    Ujwal Velagapudi
    • Investor/Agent/Entrepreneur
    • Dallas, TX
    Replied

    Congrats on the milestone!! I have the same goal as well before the end of the year, very close!

    @Amy A. Do you plan on transitioning any other activities off to a 3rd party company or hire employees in order to scale the rental business even more? Like accounting, property management of entire portfolio, marketing, etc.? 

    User Stats

    616
    Posts
    547
    Votes
    Amy A.
    • Portland, ME
    547
    Votes |
    616
    Posts
    Amy A.
    • Portland, ME
    Replied

    @Marci Stein I purchased my first two buildings with a broker.  He sent me the listings and disclosures and did showings.  However, he didn't know anything about the numbers or how to calculate capitalization rates.

    @Jill DeWit Very many people who have never seen my buildings call me "slumlord".  I also know many who failed as landlords and think that everybody does (I almost did!).  However, I'm not telling any friends how much money I make, that's a good way to lose friends or make the wrong ones!

    @Ujwal Velagapudi Yes, a 4 unit building I recently bought has a property management co.  I did a lot to vet them and am happy so far.  I find that right after acquisition the management is hardest,  so I let them have it from the date of closing and the tenants don't know me (but it's hard not to stop by and work!)  I have tried hiring an employee, but found that payroll paperwork was a big pain (who knew the gov't. made it so hard to hire people legally?) and keeping him working was hard - he took a LOT of breaks when I was away.  I was relieved when he moved away.

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    User Stats

    65
    Posts
    23
    Votes
    Travis Lauchman
    • Investor
    • Baltimore, MD
    23
    Votes |
    65
    Posts
    Travis Lauchman
    • Investor
    • Baltimore, MD
    Replied

    Well done! You deserve a drink and whatever else your nearly $10k/mo passive income affords you!

    User Stats

    109
    Posts
    46
    Votes
    THU NGUYEN
    • Investor
    • Sugar Land, TX
    46
    Votes |
    109
    Posts
    THU NGUYEN
    • Investor
    • Sugar Land, TX
    Replied

    That's so inspiring!!!!  Thank you for sharing.  

    User Stats

    4,881
    Posts
    12,926
    Votes
    Mike Dymski
    Pro Member
    #5 Investor Mindset Contributor
    • Investor
    • Greenville, SC
    12,926
    Votes |
    4,881
    Posts
    Mike Dymski
    Pro Member
    #5 Investor Mindset Contributor
    • Investor
    • Greenville, SC
    Replied

    Your story would make a good podcast.

    Account Closed
    • Kennebunk, ME
    5
    Votes |
    11
    Posts
    Account Closed
    • Kennebunk, ME
    Replied

    Congratulations, Amy!  Will you and your husband be at the next SMREIA in Scarborough?  

    User Stats

    616
    Posts
    547
    Votes
    Amy A.
    • Portland, ME
    547
    Votes |
    616
    Posts
    Amy A.
    • Portland, ME
    Replied

    @Account Closed maybe, I'll check Facebook to confirm the date.  Wednesdays are pretty hard for me.

    User Stats

    1
    Posts
    0
    Votes
    John Mills
    • Investor
    • Winston Salem, NC
    0
    Votes |
    1
    Posts
    John Mills
    • Investor
    • Winston Salem, NC
    Replied

    Congrats on reaching your goal. Reward yourself with something special for the achievement then buckle down and work on the next goal! very inspiring.

    User Stats

    144
    Posts
    65
    Votes
    Andy Gross
    • Baltimore, MD
    65
    Votes |
    144
    Posts
    Andy Gross
    • Baltimore, MD
    Replied

    Great work @Amy A.! Where are you investing? My family takes a vacation near Portland every year, and I keep telling them to look at stuff in Munjoy Hill. That way, they can make a portion of their vacation tax-deductible.

    User Stats

    616
    Posts
    547
    Votes
    Amy A.
    • Portland, ME
    547
    Votes |
    616
    Posts
    Amy A.
    • Portland, ME
    Replied

    @Marci Stein I just realized I didn't completely answer your question. Yes, it is helpful for me to be a broker because I have quick access to new MLS listings and can use all the research tools the MLS has. I also get paid the buyer's agent portion of the commission, which can cover closing costs. However, my traditional lender will not allow it to simply be a credit, I have to bring a check and take home a check.

    I've been trying to figure out how to remove my broker title from BP for months, but don't think it's worth bothering the admin team about.  I no longer practice brokerage for other people because I hate it, but that's a topic for another post!

    User Stats

    616
    Posts
    547
    Votes
    Amy A.
    • Portland, ME
    547
    Votes |
    616
    Posts
    Amy A.
    • Portland, ME
    Replied

    @Andy Gross a bit north of Portland, but am looking to buy some further south.  Portland doesn't cash flow well at current list prices.

    User Stats

    10
    Posts
    5
    Votes
    Franklin McGuire
    • Lexington, SC
    5
    Votes |
    10
    Posts
    Franklin McGuire
    • Lexington, SC
    Replied

    That's awesome @Amy A.! I'm just getting started so your story is inspiring. Thanks for sharing!

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    User Stats

    50
    Posts
    22
    Votes
    Evan Thoma
    • Real Estate Investor
    • Chicago, IL
    22
    Votes |
    50
    Posts
    Evan Thoma
    • Real Estate Investor
    • Chicago, IL
    Replied

    @Amy A. Very inspirational story. I'm sure I speak for a lot of us when I say the first $100,000 is the hardest. Be sure to keep us updated as you grow your portfolio. While plumbing is simply never fun, realizing that you have $100,000 in passive income is a great thing to wake up to every morning. Not to mention that YOU built up this empire, no one handed it to you. You've already made some of the hardest mistakes so hopefully the next $100,000 is a breeze compared to the first. Keep up the inspiring work Amy! 

    User Stats

    123
    Posts
    84
    Votes
    Ben Dao
    • Rental Property Investor
    • Saint Louis, MO
    84
    Votes |
    123
    Posts
    Ben Dao
    • Rental Property Investor
    • Saint Louis, MO
    Replied

    Very cool. Hard work pays off. But you got to pay the price in advanced

    User Stats

    14
    Posts
    5
    Votes
    Bernard Antwi
    Pro Member
    • Limerick , PA
    5
    Votes |
    14
    Posts
    Bernard Antwi
    Pro Member
    • Limerick , PA
    Replied

    @Amy A. Congrats!! I can't imagine your joy when you finally reached that goal. Just reading your post has inspired me to be patient and grind it out as my first acquisition is taking months to close.

  • Bernard Antwi