Year One - 7 Deals and No Money Invested

Year One - 7 Deals and No Money Invested

Joe PrillamanPro Member
Rental Property Investor · Carolina Beach, NC · Member since 2017 · 441 posts · 462 votes

Ok no money is a bit of a stretch but none the less this has been an epic year! I have put little to no money down and have increased my net worth substantially through forced appreciation, positive cashflow, and debt pay down. 

 I joined BP in January of 2017 and purchased my 1st deal on June 5th 2019 (I know i'm posting this one day late sue me I was working on my duplex). The Bigger Pockets Podcast got me from knowing nothing about real estate to where I am today. I have read more books over the past year than I have read my entire life. Huge shout out to BP and everyone who makes this community happen. You have changed my life! 

Here is where we are at!

Property 1: BRRRR, Single Family in Fayetteville, NC

Property 2: BRRRR, Single Family in Fayetteville, NC

Property 3: BRRRR, Single Family in Fayetteville, NC

Property 4: BRRRR, Single Family in Fayetteville, NC

Property 5: Sorta BRRRR still trying to figure out the whole refinancing thing, Vacation Rental Duplex (AirBnB) in Carolina Beach, NC

Property 6: House Hack, Vacation Rental Duplex (AirBnB) in Carolina Beach, NC - Closed on this one June 5th 2019!!!!!

Property 7: 1st property (Purchased before I knew anything about real estate) Turned into a Single Family Rental.

Last but not least I started a BP meet up group that meets monthly and we are awesome ... so come hang out 1st Tuesday of every month. 

Over 100K in forced equity and positive cashflow every month. I've got way to many people to thank but @Alexander Felice, @Clint Harris, @Shelby (Osborne) Johnson, @Joshua D., @Brandon Turner, David Green, Scott Trench, is a good start. Sure I've only actually met Shelby, Alex, and Clint but who cares I will find the rest of you and we will be friends. 

Thanks again for all the help. Looking forward to year two! 

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Rental Property Investor · St. Petersburg, FL · Member since 2017 · 3k+ posts · 4k+ votes
7y

@Joe Prillaman wow! Quite a year!

How are you structuring these BRRRR to do so many of them with such little cash? My BRRRRs are slow moving and cash intensive.

See this reply in the discussion

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  • Joe PrillamanPro Member
    OP
    Rental Property Investor · Carolina Beach, NC · Member since 2017 · 441 posts · 462 votes
    7y

    purchased my 1st deal on June 5th 2018 not 2019.

  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    7y

    good work. !!! 

  • Theresa HarrisPro Member
    Member since 2019 · 15k+ posts · 11k+ votes
    7y

    Pretty good for 1 year!

  • Rental Property Investor · Midwest USA · Member since 2018 · 24 posts · 15 votes
    7y

    Hey that's awesome news and ultra motivating!

    What were some of the pitfalls you experienced during this first year, and some of the most important lessons learned?

    Congrats on the success, and keep grinding out wins!

  • Real Estate Broker · Lexington, KY · Member since 2017 · 135 posts · 139 votes
    7y

    @Joe Prillaman you’re the bomb. You’re super positive, always learning, practice extreme ownership and take action. JP FTW!!!

  • Rental Property Investor · St. Petersburg, FL · Member since 2017 · 3k+ posts · 4k+ votes
    7y

    @Joe Prillaman wow! Quite a year!

    How are you structuring these BRRRR to do so many of them with such little cash? My BRRRRs are slow moving and cash intensive.

  • Joe PrillamanPro Member
    OP
    Rental Property Investor · Carolina Beach, NC · Member since 2017 · 441 posts · 462 votes
    7y

    @Charles Miller, Great question. One of the main pitfalls I discovered is that every single property is different and can present unique challenges. I also learned that it is all about the people who make up your team. If you work with Rockstars they will provide rockstar results. I discovered that the hard way when my contractor for my first Airbnb property randomly disappeared For a week which made me miss the start of the vacation rental season here in Carolina Beach for my second unit.

  • Joe PrillamanPro Member
    OP
    Rental Property Investor · Carolina Beach, NC · Member since 2017 · 441 posts · 462 votes
    7y

    @Jason D. I utilized the delayed financing option and have a rockstar team that was able to get these properties fixed and rented very quickly. This allowed me to refinance one of my properties in 10 weeks.

  • Real Estate Agent · Smyrna, GA · Member since 2018 · 31 posts · 35 votes
    7y

    @Joe Prillaman It may be too much detail to ask, but can you do a Deal Deep Dive?   Particularly some of your first investments with no money down, how much were the properties?    What finance method did you use?   Did you have to put a lot of money into them for reno?

    Congrats on your epic start!

  • Joe PrillamanPro Member
    OP
    Rental Property Investor · Carolina Beach, NC · Member since 2017 · 441 posts · 462 votes
    7y

    @Robert Higdon, I would be more than happy to. I have already done that in two previous posts about 2 of the Fayetteville properties. I am flying to Arizona this week for a family reunion and will be updating my BiggerPockets profile To show more specifics for each deal. I will keep you posted!

  • Wholesaler · Fayetteville, NC · Member since 2017 · 121 posts · 145 votes
    7y

    When I met @Joe Prillaman he introduced himself as "average Joe". As we can see, Joe is not so average. I'm doing me best to follow in your footsteps brother. Working on a BRRRR now. Just going to add a door and closet to an addition and BOOM, 2/1 turns into a 3/1 = forced appreciation. Should be able to pull all my cash out and keep it moving.

  • Investor · Carolina Beach, NC · Member since 2018 · 188 posts · 377 votes
    7y

    I can personally testify to the accuracy of this post, this guy is tearing it up down here. I really REALLY wanted to purchase his first duplex down here at the beach, but the timeline just didn't line up. We sent it over to Joe, and he did an outstanding job. That property will do 80k in gross rents annual in the STR market. It's been fun watching Joe and Michelle just constantly continue to gain velocity in their journey. Also super excited to have them as our new neighbors!

  • Shiloh LundahlPro Member
    Rental Property Investor · Gilbert, AZ · Member since 2016 · 3k+ posts · 4k+ votes
    7y

    @Joe Prillaman that sounds fantastic. Good for you. I’d love to hear more about your story on a BP podcast. @Mindy Jensen it might be nice to hear more about how Joe is not the average Joe.

  • Rental Property Investor · Raleigh, NC · Member since 2018 · 20 posts · 7 votes
    7y

    @Joe Prillaman congratulations!!!!  You're doing exactly what I want to do.  Thanks for the great example.  I also agree that a deep dive on some of the deals would be extremely helpful to those of us trying to follow in your footsteps.

  • Rental Property Investor · St. Petersburg, FL · Member since 2017 · 3k+ posts · 4k+ votes
    7y

    @Joe Prillaman im trying to understand how delayed financing works with little to no money down? Maybe I'm misunderstanding what you mean by no money down....

  • Rental Property Investor · Allentown PA, United States · Member since 2016 · 567 posts · 442 votes
    7y

    @Joe Prillaman awesome job man congrats! Care to share links or any details to your previous BRRRR deals?

  • Contractor · Middleboro, MA · Member since 2019 · 18 posts · 25 votes
    7y

    Congrats!! Sounds very exciting and I'm currently pursuing my 1st BRRRR. Would love to see a deep dive!!

  • Rental Property Investor · Heber City, UT · Member since 2018 · 36 posts · 9 votes
    7y

    @Joe Prillaman keep it up dude!!

  • WorldWide · Member since 2016 · 1k+ posts · 1k+ votes
    7y
    Originally posted by @Jason D.:

    @Joe Prillaman im trying to understand how delayed financing works with little to no money down? Maybe I'm misunderstanding what you mean by no money down....

     short summary: you will have to roll in repair costs on the hud-1 line, so that you can refi those out later. check this thread and Alexander Felice's reply in particular:

    https://www.biggerpockets.com/forums/578/topics/59...

    I don't think OP meant he used $0 to purchase, instead almost $0 of his money in the deals at the end of the day.

  • Joe PrillamanPro Member
    OP
    Rental Property Investor · Carolina Beach, NC · Member since 2017 · 441 posts · 462 votes
    7y

    @Victor S. That is correct thanks for clearing that up!

  • Rental Property Investor · St. Petersburg, FL · Member since 2017 · 3k+ posts · 4k+ votes
    7y

    @Victor S. I'm in full understanding of delayed financing, that why I dont understand the original post. Unless you are right and it's no cash in the end, but just up front.

  • Rental Property Investor · St. Petersburg, FL · Member since 2017 · 3k+ posts · 4k+ votes
    7y

    @Joe Prillaman thanks for the clarity, I misunderstood the wording.

  • Realtor · Largo, FL · Member since 2019 · 9 posts · 5 votes
    7y

    @Joe Prillaman

    Right on, man way to go!!! 👍

  • Cincinnati, OH · Member since 2018 · 19 posts · 9 votes
    7y

    @Joe Prillaman Talk about motivating and inspiring.  Thank you for sharing with us.  That many deals and refinances in 12 months is more than impressive!  As and new investor I am going to definitely have to research and educate myself on delayed financing.  I'm sure you will dive more into this if you do a deal deep dive, but where are you finding your deals and this many of them?

  • Joe PrillamanPro Member
    OP
    Rental Property Investor · Carolina Beach, NC · Member since 2017 · 441 posts · 462 votes
    7y

    @Shawn McGarity, Everything I've purchased this far has been on the MLS.

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