All Forum Posts by: Amit Kal

same here, looking in Nashville for multi-fam! It's tough. How has your recent success been @James Brown?

Welcome Westen. If I may inquire, why have you chosen to spread your investments out in such a fashion? 

@Remus Phillips yes. Been working in corporate america for 18 years. Compounding is amazing 

@Tiana O. It took me 5 years to get to 10 units. 

Year 1 I purchased a 6 unit building in Queens, NYC for 850k. 250k cash (from savings) down + a 15-year conventional fixed-rate loan against my primary residence to purchase it in cash - it was bringing in $6900 in rents at the time. Spent the next two years plus another 200k cash (from savings) re-positioning the building (moving out low paying tenants, renovating, etc.) and have gotten the rents now up to $10,500. Value of the building (six years since purchase) is conservatively now $1.4m

Year 5 - with the 6 unit under my belt and saving, saving, saving from my W2 day job, I partnered up with a buddy and went halfsies on two duplexes out of state (Nashville, TN); 25% down on each, conventional fixed-rate 30 year loans on each. That kind brought me to ten units.

Now in Year 6 I've kept it going and picked up another four units out there with my buddy (14 units), and a duplex on my own (16 units). Definitely feeling the snowball affect with the rental income now - we have enough in the bank account to put down 25% and move on another duplex with maybe only 5-10k each out of pocket to close/renovate. 

Goal now is to pick up 6-10 units a year for the next few years. 

Wow and congrats! So happy for this site and for what you guys have achieved. 

Nothing to share with us that would be helpful Mr. @Mike Hurney?

I am still keen to know what types of deals can be achieved in PR and what you have done.

 That is precisely my question as well. 

Besides this one post which just so happened to come up at the same time this old thread was restarted,  it is very difficult to find any success stories. 

https://www.biggerpockets.com/forums/55/topics/376...

 If you have some, please share. 

@Mike Hurney great to have you on here Mike. Your positivity and sharing is what makes this a great community! /s 

No. Can you post more details about who they are and what they do?

You need to think of this as a business. If you owned a McDonald's franchise would you give a discount to the little old lady just because she looked sweet? Or the dad that came in with a few kids? Your employees would think it's a okay to do that too when they felt someone should get a discount, just because. You'd drive your own business to into the ground. Make your money and give to charitable causes that can use the money for a greater good. And you'll get the write off.