I wanted to share some of my recent progress. I found BP about 2yrs ago. Didnt have any experience in RE but I had a feeling it was something I could figure out.
I listen to the podcasts read the books like everyone recommended. About 6 months in I bought a property outside of Memphis through a turnkey company. My CoC was 7% when including vacancy and repair when I ran my numbers with the BP calculator, ehhh whatever right? (in actuality i got 16% the first year because there was no vacancy or repairs). I quickly realize there were way better returns to find out there. I spent count less hours banging my head thinking how any I gonna find these deals on my own? Btw I live in LA and all the properties are state and I have never seen them in person or visited those places ever. I continued to read listen and tell everyone who would listen that I was buying houses out of state. This is a great way to hold yourself accountable because the next time you see those people they will ask you , How is the RE investing going? and I always wanted to have good news to share. I decided to hire a coach to give me the confidence to go after these deals. I found a rockstar investor in @David Greene who was doing what I wanted to do. You might recognize the name from BP podcast show 169. He is also working on book for investing out of state so look out for that.
I set my goal to have 2 rentals this year. I had a alarm go off every night to remind me that I was basically failing at it. I had nothing in October. Then I decided i cant just wait around for people to bring me deals and I hit Zillow and found all the properties that fit what i was looking for and called them one by one. Finally I found a property in Jacksonville Its a 4/1 currently getting a CoC just over 20%, 10 CAP. While in escrow an agent (@Matt Motil ) who I had been exploring deals with months ago brought me an amazing deal out side of Cleveland. A duplex that was rent ready I made an offer under asking, secretly hoping it was not accepted, but it was ...oops. Now I have to figure out how to buy it. Well I figured it out and this one ended up being a 30% CoC and a 12CAP.
The biggest thing I have learned starting out is that you need to reprogram your thoughts and fears by pushing past your comfort zone. I lost alot of sleep while in escrow for that first Turnkey deal just worrying, but by the 3rd I was sleeping like a baby.
Things come together fast you just have to keep pushing forward until your goals are reached. You have to focus on them everyday even when they seem hopeless. When I first came to BP I didnt think there was any way I would have 4 doors in a year and half. Thanks @Joshua Dorkin @Brandon Turner and all the podcast guests.
