I have $7.32-Success Story

[Tyler Ansell]

I have $7.32.

Of course I'm not a complete idiot. I have my emergency fund and a mortgage payment set aside. But for all intensive purposes, I have $7.32. That also comes with a shiny $10k in credit card debt from the rehab. But guess what?! I have purchased and fully renovated half of a duplex and am set to start cashflowing $400/month. That number will turn to over $1400 once both sides are occupied. 

It has been quite the journey, but over the past 60-70 days I've singlehandedly, completely renovated this home with only the credit card that I recently acquired and every spendable penny from my W2 paychecks. 

People (read: best friends, roommates, some family, etc) say I'm crazy, at first it bothered me. It made me question if I was doing the right thing. But constant dedication to my success kept me focused on my near goals, and my long term ones. Since the end of December when I really committed to getting this RE train rolling...I've worked no less than 120 hours a week. I decided that I would not sacrifice my study time (podcasts, reading, seminars, videos, journaling etc.), and I needed to remain successful at my W2 (Property Mgr 570 beds of student housing, $30+MM asset), as well as hand-on renovating this duplex. 5am until work I study, day job in the middle and work no later than 11pm on the house. That includes 36 hours of work every weekend, too. I'm not writing this to be a braggard, I'm far from being able to brag. But you should know that this junk is hard. Even for me, whose been working in multifamily since I was 19. I've been managing $25+MM assets since I was 22. This was the hardest thing I've done to date.

Property turned out nice. Once I finish some exterior work and the other unit I'll stand to make some killer money. In fact, from January 1st to the upcoming June 1st my girlfriend and I will have flipped our cost of living from -$2100/mo to a +$300/mo. A $2400 turnaround, per month.

Thank you to BP for helping me stay interested in RE during the frustrating times and though she'll likely never see this...to my loving lady for putting up with my through it all.

[Thomas S.]

It is unfortunate that every new investor does not understand how hard investing, even in buy and hold move in properties, really is or the amount of time and dedication  required. Far too many simply believe their biggest issue will be finding the money to invest. If only they knew. 

You are a good example of the determination required to be successful in investing in real estate whether it be wholesaling, flipping or buy and hold.

You will be the 1 in 100 that will likely succeed. Congratulations.