Updated over 8 years ago on . Most recent reply
Closed on 2 deals in December 2017!
Hi Bigger Pockets Community,
We've waited a while to find a deal. Last one we closed was on March 2106. That brought us to 675 units. It took us almost 18 months to find our next deal. During that time, we were able to expand the company and shore up our management systems.
I think it was a blessing in disguise that it took us so long to find another deal. We were able to focus on the business.
We also did not waver in our buying criteria. One of the deals was a 64 unit foreclosure that we paid 20,000 per unit. It took 8 months to close from start to finish.
The other deal was 110 unit B+ asset that was purchased at a 7 cap in Knoxville, TN and there is huge upside in rents.
Moral of the story:
You have to take what the market gives you. I can't buy 8 and 9 caps in my market anymore, at least it will be difficult. Look for value or problems to solve
NO deal is so much better than a bad deal (I learned the hard way)!!!
Patience, Persistence and willing to walk away.
Wish you all a Happy New Year, and if people tell you there are no deals out there, don't believe them like I did. We almost stopped looking.
You create your reality and always look to challenge your limiting beliefs.
Gino from Jake & Gino