Real Estate Success Stories
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
I help regular buyers build real estate portfolios
Hi guys,
I love to see all of the success stories but I have noticed I just don't have the income to keep investing past 1 property.
Here are two real world strategies that I used with my clients:
Success story A
Step 1: Bought a condo for $175,000 in 2013 in an up and coming area that cost less per month than market rent. Lived it in then rented it out. Cash flow was around $350 per month.
Step 2: Sold the condo using a 1031 exchange to roll over the taxes.
Step 3: Bought a primary home in a LCOL city for $200,000 and rehabbed it. Now worth $350,000.
Step 4: Bought a four multifamily in a LCOL for $500,000. No rehab needed. Now worth $650,000
Step 5: Brought the four family rents up to market rate which is $5200 per month.
Time to complete: 10 years.
Cash flow went from $350 per month to $2,000 per month.
Properties are now worth around $1,000,000.
Success story B
Step 1: Bought a condo in 2014 in a HCOL city for $200,000 and rented it to a roommate (house hacking).
Step 2: Moved out, rented the 1st condo for $1800 per month.
Step 3: Bought a new primary home in a LCOL for $175,000 which costs less per month than rent.
Step 5: Moved out of the 2nd property and rented it for $1850.
Step 6: Rented an apartment with somebody else. Saved $1,000 per month in monthly housing costs.
Step 5: Saved up the cash flow money and bonus money from their work.
Step 6: Bought another condo $250,000 in a HCOL city that cash flows with 5.5% rate and 25% down
Step 7: Raised rents on all 3 properties to market rate equal to $5,800.
Time to complete: 9 years.
Cash flow went from $300 to $1500 per month.
Properties valued at approximately $925,000.
------
Each client started with a 5% down payment, was in the early 30s, and didn't make a six figure income. No family help either.
It's possible to build up a portfolio with time. Time is the key because over-time rents and home prices rise.
That's great that you are helping others. You should be making commissions off of them, great.
There are only 1 or 2 things that you need to do to start investing past 1 house. Make more money or spend less.
More income: Meet more people, get more listings, hire more people for your team, work harder!!
Less expenses: Stop going out to eat so much, trade your car for a cheaper one, sell the $5000 golf clubs for $1000 ones, 1 vacation a year instead of 2 or 3 a year because "I deserve it", cut the grass yourself.
I am being a little silly, but seriously get on a budget and see what you need to do to cut expenses or where you can work a little harder. You will find that there is plenty of fat. The question is do you really want to cut the fat?? Its tough to live a little leaner if your WHY is not strong enough.
Quote from @Eric Girard:
Hi guys,
I love to see all of the success stories but I have noticed I just don't have the income to keep investing past 1 property.
Here are two real world strategies that I used with my clients:
Success story A
Step 1: Bought a condo for $175,000 in 2013 in an up and coming area that cost less per month than market rent. Lived it in then rented it out. Cash flow was around $350 per month.
Step 2: Sold the condo using a 1031 exchange to roll over the taxes.
Step 3: Bought a primary home in a LCOL city for $200,000 and rehabbed it. Now worth $350,000.
Step 4: Bought a four multifamily in a LCOL for $500,000. No rehab needed. Now worth $650,000
Step 5: Brought the four family rents up to market rate which is $5200 per month.
Time to complete: 10 years.
Cash flow went from $350 per month to $2,000 per month.
Properties are now worth around $1,000,000.
Success story B
Step 1: Bought a condo in 2014 in a HCOL city for $200,000 and rented it to a roommate (house hacking).
Step 2: Moved out, rented the 1st condo for $1800 per month.
Step 3: Bought a new primary home in a LCOL for $175,000 which costs less per month than rent.
Step 5: Moved out of the 2nd property and rented it for $1850.
Step 6: Rented an apartment with somebody else. Saved $1,000 per month in monthly housing costs.
Step 5: Saved up the cash flow money and bonus money from their work.
Step 6: Bought another condo $250,000 in a HCOL city that cash flows with 5.5% rate and 25% down
Step 7: Raised rents on all 3 properties to market rate equal to $5,800.
Time to complete: 9 years.
Cash flow went from $300 to $1500 per month.
Properties valued at approximately $925,000.
------
Each client started with a 5% down payment, was in the early 30s, and didn't make a six figure income. No family help either.
It's possible to build up a portfolio with time. Time is the key because over-time rents and home prices rise.
this is a great story 😁😁😁
gives me hope in my journey
Quote from @Twannisha Jackson:
Quote from @Eric Girard:
Hi guys,
I love to see all of the success stories but I have noticed I just don't have the income to keep investing past 1 property.
Here are two real world strategies that I used with my clients:
Success story A
Step 1: Bought a condo for $175,000 in 2013 in an up and coming area that cost less per month than market rent. Lived it in then rented it out. Cash flow was around $350 per month.
Step 2: Sold the condo using a 1031 exchange to roll over the taxes.
Step 3: Bought a primary home in a LCOL city for $200,000 and rehabbed it. Now worth $350,000.
Step 4: Bought a four multifamily in a LCOL for $500,000. No rehab needed. Now worth $650,000
Step 5: Brought the four family rents up to market rate which is $5200 per month.
Time to complete: 10 years.
Cash flow went from $350 per month to $2,000 per month.
Properties are now worth around $1,000,000.
Success story B
Step 1: Bought a condo in 2014 in a HCOL city for $200,000 and rented it to a roommate (house hacking).
Step 2: Moved out, rented the 1st condo for $1800 per month.
Step 3: Bought a new primary home in a LCOL for $175,000 which costs less per month than rent.
Step 5: Moved out of the 2nd property and rented it for $1850.
Step 6: Rented an apartment with somebody else. Saved $1,000 per month in monthly housing costs.
Step 5: Saved up the cash flow money and bonus money from their work.
Step 6: Bought another condo $250,000 in a HCOL city that cash flows with 5.5% rate and 25% down
Step 7: Raised rents on all 3 properties to market rate equal to $5,800.
Time to complete: 9 years.
Cash flow went from $300 to $1500 per month.
Properties valued at approximately $925,000.
------
Each client started with a 5% down payment, was in the early 30s, and didn't make a six figure income. No family help either.
It's possible to build up a portfolio with time. Time is the key because over-time rents and home prices rise.
this is a great story 😁😁😁
gives me hope in my journey
You can do it too! One of these investors are now buying a MF.