5 yrs to reach my cash flow goal

[Amine E.]

Hello fellow BP members,

I wanted to recap my last 5 years as an investor hopefully to inspire someone to jump into the field.

I started out in August of 2012 with a SFR that I still own today. I had about 10K in savings and 10K in credit card debt to put as down payment and fund the rehab of the property. Purchase price was 69K and i spend 8K in rehab. ARV for the property is 110K and rents at $945. Fast forward 5 years later...Today, I own and manage 43 doors split between SFR and Duplexes with a $10,500 monthly cash flow. I also completed about 15 flips in the last 3 years.

Last 5 yrs. has not been a walk in the park, especially with having a full time job, wife and 2 daughters. but it has been worth every minute. I’m a problem solver and real estate presented me with challenges that made me more resilient and persistent. I wanted to give up so many times but i did not. Mainly because, in real estate, the exit strategy is not as quick as other investments (i,e: Stocks). not having a quick out, gave me time to think long term, stick with the plan and keep buying assets. I also invest in Oklahoma city, and we have a great community in investors that helped me throughout my journey as well.

in 2018, my goals is to complete and sell three flips projects I'm working on right now and also sell 2 of my rentals. This will allow me to raise enough money for a larger multi-family or commercial deal. I have been studying Multifamily and Commercial real estate for the past 3-4 months including meeting people in commercial field and I feel prepared to make the jump.

Thank you

[Amine E.]

@JJ Gritts. You have definitely been part of my modest success. I appreciate you and I'm looking forward to doing more deals with you in the future.

@Brian Garrett. @Peter Tverdov I used the BRRRR strategy on and off. What got me really going is securing a guidance line of 500K from a small (one location bank). That line grew to 750K and later to 1MM. They finance up to 90% of purchase price and 100% of rehab (in a way of advances). I have not used any private money as of yet. Although, in order to grow and do bigger deals, I will have too use private money eventually. Quick time table of how I got to the number of units...

2012: 1 SFR rentals

2013: 5 SFR rentals

2014: 5 SFR rentals

2015: 8 SFR rentals

2016: 20 Duplexes and 3 SFR rentals/ 3 flips

2017: 8 SFR rentals/ 4 flips

2018: 0 SFR rentals/ 3 flips/ sold 2 Rentals

@Chad Rider Main thing is to build solid relationships with wholesalers and small local banks. don't just get on some wholesalers list and wait for them to send you deals. Be proactive and identify top wholesalers in your area, call them regularly, take them to lunch, become their friend...whatever it takes to stay on top of their mind. So when a deals comes up, you are the first person they call...

@Nathan Allen Hey man, Long time no see... One of the coolest dudes out there living life by your own design... I appreciate all the motivation and inspiration I get when we meet.

Thank you