From 1 to 54 Units so far this year!

[Richard Biechler]

I just thought I would share because I'm pretty excited really!

Being rather intrigued with real estate since I was 20 or so I have finally acquired some property. Circa 2005-2006 I built a couple of spec houses and made a few bucks not really knowing much. Real estate kind of went by the way side as I was working different jobs and building my electrical business.

Last year I was working at a home that was in rough shape when the neighbor told me it was for sale. I ended up making an offer and getting the house. We remodeled it and am now renting it. Purchase price was 55k. We stuck about 5k in it plus my own labor and are getting $850/month rent.

Last fall we got the line on 2-12 plexes side by side, and 2 more 6 plex units. The 2-6 plex units were dragging the return down to 2%. We took the 2-12 plex units with an 11% return after agreed on a price and the rest is history. Shortly thereafter we purchased another duplex with a garage and shortly after that another duplex.

Just when we thought that was it for the year having a goal of 50 units that I was leary of hitting, our broker called and said, hey I know where there are 12 more units that you can pick up for a reasonable price you just need to make an offer on them. He told us what he initially wanted and we made an offer around $100,000 less and the seller accepted.We also asked to do this as a land contract with 20% down 4.5 percent interest which he also accepted.

At this point I thought to myself, that's it for the year and low and behold the phone rang. The same guy that we bought the first 24 from that wouldn't move on the price of the other 12 had decided to take 130k off of the asking price from one year earlier. I said let's do it and that leaves us at 53 to date this year and 54 total!

Cheers to a life long of real estate investing!