Zero to Thirty in less than Two years!

[Jacob Gregory]

Hello BP members, Well, I don’t know if it’s a success quite yet, but I wanted to share my wife’s and I story with all of you. In 2016, I read a book that got me on the real estate bug( Wife already knew the secret). Rich Dad, Poor Dad really hit home with me and from that day forward I knew how we were gonna make our money. Again, Wife already knew this. We had purchased our first home in 2014. We don’t really make money with cash flow on it, however, it has appreciated very well. The second home we bought was at sheriffs auction. We paid $59,600 for it. Put close to $10,000 into it and it just appraised for $107,000 ( not to bad). We are gonna rent it for around $850-900 per month. We will refinance it after it’s cleared ( later explained). We were moving pretty well when we started thinking about scale ability. Then we thought, why not go bigger? So, we made a decision that we wanted to own an apartment complex. So, we actively engaged in letting the universe know what we wanted. I was telling everyone what we were wanting to do. Not long after we found an apartment on Loopnet. I know most think that there is no deal there. However I called on it anyways. Most people in town had no idea that these were up for grabs. I think I will never forget what I told that Broker. I said “listen, my wife and I have made a decision that we are going to own apartments whether that be these or not”. I know he knew I was a newbie investor but I did not care. Now we are the proud owners of a 28 unit apartment complex directly across the street from the university. We manage them ourselves and we should be cash-flowing around 100 dollars a door. I am not gonna get into details of the deal, but I will share how we financed it. We took out a commercial loan with a local bank at six percent interest with a five year balloon 25 year am. How I paid the down payment was with 80,000 cash and I put my house earlier mentioned up for collateral until the 20% is met then the house is cleared. We had a little money saved up, however I truly believe that if you want something bad enough you can will it into your life by taking massive action. I hope this helps anyone out there hesitant on pulling the trigger. We only have one life so take risk, cause none of us are gonna make it out alive. Thank you guys for reading. Jacob R Gregory