All Forum Posts by: Michael Beeman

@Earnest Boyd  That's Awesome!!  Keep it up!!  Nothing happens unless you make it happen; and it sounds like you are doing that!! Great Job!

@Troy Luster  Thank you sir..  This actually started out as a private email to Brandon just thanking him for his help that he unknowingly gave. And he asked me to share my story on here. 

@Hunter Johnston  Thank you!!  Keep pushing forward and making things happen.. I love the quote "don't say it can't be done; ask how it CAN be done"

P.S. I also spoke with Brandon and then Craig with BP engineering; about a feature on the BRRR calculator that would allow for the "post-rehab" rents to be different than the beginning rents on a BRRR project.. So, when that happens, I can feel like I added something positive to the site in a very small way!! They told me they were going to try and do it!

@Khemaro N.   Thank You Sir, I'm pushing as hard as I can.

@Yukiko Nakayama   Yes, I have an agent. But she has never found me a deal. She just shows me the properties, I have found every deal online through various listing websites, and I found my best deal, our 6 unit building, through word of mouth. 

@Sam Shueh Yes, lenders have the first place on the notes.. The one note where I got seller financing, that lender has a quick claim deed if I get 60 days delinquent. I found another 8 unit building today, that I don't have the money for yet. But, my mother is wanting to get more passive income, and the deal is a good one. Cash on Cash ROI looks to be between 30-35% in year one and it should generate 1100/month in revenue after all expenses including management fees. So, I believe she is going to purchase this building and pay our property management company, to manage the building for her. I found this building somewhat off-market through a "FOR SALE BY OWNER" ad online. It bugs me a little to find this good deal, and just hand it off. But, I mean.. It's my mom, and It'll be a good one for her. She needs a little more passive income at 55 yrs old.

Update:  We have another Tri-plex.  So, we are up to 15 units!  :)  Hooray!!

@Alicia Wisney  Definitely glad it gives you hope!!   It can still work out, and honestly some deals are better off-market with owner-financing. If you ever need any encouragement or ideas; shoot me a message. 

@Josh Deno

I completely understand. Even now that we have 15 rental units and our small company off the ground. (we are reinvesting 100%). We actually considered spending 2-300k on a home and renting our current home, which we only owe 30k left on it. And some of the lessons that my wife and I learned here, prompted my wife to say "No, I do not want to do that. When this is paid off in 3 years, and we have 90 rental units we can move where ever we want. Live how we want, and do what we want".. So, she made a lot of sense. that extra 700/month I would have been paying in payment Is now going into our business..  Complete mindset change from the rest of America!! 

@Eric Swint . . Have you even considered speaking with the two tenants and asking one if they would be willing to move out and you would give them their full deposit back etc.  . .  Just a thot..  If that works, you would solve both of your issues here..  It's kind of like offering cash for keys in a poor tenant situation.. Which you may try that too.. offer someone $500 and their deposit to move out.. that's a little expensive; but it would solve your downpayment problem, and your problem of where you're going to live.

@Josh Deno Congratulations!!  I'm very happy for you, and welcome to BP.