All Forum Posts by: Brandon Richey

@Mashika Patrick

I started with roughly 50k in cash and a 75k line of credit.

@Joseph Cacciapaglia

Just trying to pay the bills ;)

@Mashika Patrick

Thanks Mashika! I bought my first rental in Dec of 2016... first flip after hurricane Harvey in 2017... I'll say I worked construction all my life having the father I have so it's always been a part of my life ! It's been a crazy 4 years !

Hey guys! Posting here to celebrate a big win month! In February I sold my former company (Insurance agency ) to be a full time investor.

We have over 30 rentals which was my new base to live off of , and had a solid hold on flips and started building spec homes. I have a solid construction background and hired my dad who is a master carpenter and cabinet builder !

So ... we have been running hard and the month of July is set up like this ...

46k in gross rent with a net take home of $20k for July in rent roll

Sold a flip and closing In July that we bought at 78k. Rehab was 20k and sold at 169k. After closing costs etc we will net 64k

Closing on our first new construction spec that cost 35k for land and $205k to build.. sold at $289k and will net right at $52k on this home.

Total NET income for July is set to be $131,000!!!

And in true fashion and I'm closing on the next flip next week and have my next 2 new construction homes ready to go !!

@Caleb Heimsoth yes we built it from scratch. Started clean ! We did a multiplier which in return translated to roughly a 6 EBITDA

@Caleb Heimsoth I did insurance for right at 8 years. I'm about 3.5 years in to REI

@Caleb Heimsoth company sold for right at 1.2. I currently own 33 rentals and have a steady flipping/spec home operation.

@Evan Polaski awesome!! It was a great feeling last week... especially after bank wires came through lol! But I'm more happy for the freedom and the next phase to really blow up REI

Officially last Friday I sold my primary company (local insurance agency) and I'm officially ONLY a real estate investor going forward! It has been a long time coming and building not only an investment portfolio but getting it to the point to make me financially sufficient . Can't wait for this next journey to really go at full steam ahead !

It's January and we just got the clear to close !!

Bought this nice deal pre foreclosure 7 days before it hit the auctions at $135k. Went ahead and did a solid major overhaul and put $60k back in to the house ! Sold it off Facebook posts (we caught some steam with some of the design stuff we did and attracted buyers early ) for $269k after some closing assistance , paying my realtor $3500 and all other costs associated we will net $62,000 ! Starting 2020 off on the right foot ! Half way to the year total goals of flip/new construction Income and we are getting close to our $50k a month gross rent number as well!!