Closing on my 151st unit in less than 24 months!

[Daniel Toshner]

BP!

I would have never been able to do it without the BP community!  I will be closing on my 151st unit in less than 24 months.  If you told me I would have more than a 100 units when I first started looking into real estate I would have told you that you are crazy.  The more I listened to the podcast the more my belief grew.  I just kept thinking "if this person can do it then so can I!" I'm only 32 years old and feel like I am just getting started.

Anyway, I wanted to thank @Joshua Dorkin and @Brandon Turner for creating an environment  for people like me that started from nothing to be able to move into this type of lifestyle and create passive income. The reason I started was to replace my wife's income so she could stay home with my two boys but now my whole household income has been replaced and I can continue to save my earnings for future deals and pay down debt.  

Also I wanted to thank @Sean Tarpenning and @Account Closed for being such a great resource and partner with me.  USREEB has really been like a separate family for me.  I really wish I could make the holiday party but I have my family in town for our own! Ha.  If you haven't checked them out it is a great turn key provider that can start people out right, which is exactly what it did for me!  

People always ask me, What should I do?  When should I do?  How should I do?  I always say, "In-desicion creates more loss than decision will ever."  Meaning, what was my secret to scaling so quickly?  It was just jumping in head first into it.  I knew mistakes would come and I knew failures would come but I didn't care because I saw all the wealthy individuals I knew with real estate portfolios.  I wasn't handed "a small loan of a million dollars" like our POTUS so I had to scrape and claw to get where I am today.  It sounds corny but just know where you want to get and be relentless until you get there. I've learned there is always a way if you want to get it done but you have to be flexible and understand others points of view so you can meet in the middle.  Remember there is no deal if there is no agreement.  

My portfolio is a great accomplishment thus far but I am only getting started.  I will be at 500 units before 2020 and once I get to that I will create a new goal. I just wanted to share with everyone that I got my early Christmas present!

Feel free to ask any questions as I am an open book and will try to respond as quickly as possible!  Thanks again to everyone who has helped!

[Colin Simon]

Daniel, that sounds amazing. Closing on 151 units in that period of time is impressive.

Forgive me, but the analytical side of my brain can't quite accept your magnitude of success. I have so many questions:
-As someone else asked: if you're partnered on some deals, how do you claim 151 units? If you own 50% of a unit, how do you count it? Do you just say "30% of this unit and 70% of that unit = 1 unit"?
-What were your biggest financing hurdles? To take on that many loans, you must have made some complex and/or creative deals. Did lenders really just give you the green light repeatedly?
-Whoever was underwriting those loans(after they did it for the 10th, 11th, 12th time for the same guy within 2 years) must have cocked an eyebrow once or twice. What sorts of questions did you get?
-You must be leveraged to a very high level. Even paying closing fees again and again and again sounds like a strain. Doing that in a short period of time presents risks if there's even a market correction, much less a recession. Are you not afraid of that at all, and do you not see enormous risk in attempting to scale straight towards 500 units? 
-Building on the last question: wouldn't you rather let the whole "cash flow recycling" program run its course? It seems to me that with 151 units, with many of them cash flowing, you would have a powerful "velocity" of money with which to pay off at least a couple of loans, lower LTV's, and really entrench your position. Why wouldn't you take that path?

I'm still a newbie, let me know if my assumptions here are off-base. Thanks for your time :) and congratulations again. Quite the accomplishment.