2016 Success with singles and multifamily purchases

[Stephen Leonard]

So been investing off and on for a number of years also trying to get more active here on BP.  Short snap shot of me, End of 2013 we committed to buy n hold which started with 2 doubles which we were fortunate to purchase at 75k each and immediately have 40,000 in equity with 95k appraisals for each.  Fast forward to the end of 2015 my first partner and I with the 2 doubles, go ahead and by 6 additional units but no immediate equity.  I form a new partnership and we purchase a 4 plex with his cash and then with a month or 2 we are able to cash out most of his cash with about 20k left in and then we move on to a few singles.  Fast forward through to 2016 and 1 more additional partnership formed.  With my 1st partner we end the year with still only 10 units, my second partner we blew it up and ended 2016 with 34, my 3rd partner we purchased 12 doubles in October and so we ended the year with 24 units.  So all together with a few personal holdings we are now sitting at 73 rental units and approximately 4.5 mil in valued assets. All while running my real estate company which also offers rental management with approximately 60 rental units for clients.  

My 3 partnerships have like kind targets for 2017 which the Goal of the different partners will be to grow the respective portfolios by a minimum of 40 more units or more.  

Always looking to connect with like minded investors and wholesalers that might be able to direct properties my way.

Happy Investing in 2017

Stephen Leonard 

[Stephen Leonard]

@Carl Martin Biggest thing i could suggest is trying to work with someone you know and trust and that same person has to have the same trust in you. 

My original partner - we started flipping property back in 2006 and essentially he dropped 140k into my LLC bank account. He and I had a simple drafted agreement of what our roles were and our partnership split. once you can show that you can do it, other partnerships can or will form. As you will have the proof to show it.

when I start talking to someone about a new partnership, i sometimes get resistance. Then i show them my proof - which is HUD 1's and projects we've done or rent rolls. It gets easier building new partnerships as you grow and show what you can accomplish.

Good luck!! and Happy investing

Stephen Leonard