All Forum Posts by: Richard Biechler

@Bac Nguyen, well said, thanks!

@Herman Virgen, keep stacking, the bubble will burst! I am keeping the electrical business, its my bread and butter for now until I get upwards of 1000 units but who knows I may keep it then too!

@Fernando E., we mainly look at cash on cash returns, property location, and condition of unit. We like turn key so if our return is a little lower because of it we are ok with it. We like the better areas of town, not necessarily the best but we dont like the bad areas.

@Rodney Sums, thanks for the words! I appreciate it. Im just telling my story and hopefully it inspires people.

@Dylan Parks, you gotta just get out there, start looking at units. Even if you know they wont work, run the numbers, get a good feel of how you want to run you numbers. You will have a better understanding what works and what doesnt. Dont dwell on a property, if you offer and cant make the numbers work, move on, there are more units out there. Read books. Listen to Grant Cardone's real estate investing on mondays or his podcasts, he gives free information. Find a real estate group in your area and if there isnt one, create one! Hope this helps!

@Jessie Niu, thanks! 50 units in 3 years is a great goal to shoot for although I would shoot for 100, if you hit it you will be happy and if you dont, you will still be happy!

I funded my down payment by working hard and saving my income. I also have a 49% partner in the deal with me which helps a lot! We have not used any equity yet, we are trying to purchase what we can before we start to use equity. 

We are getting funding from one local bank on all but one deal. 20% down 4.25% interest 5 year lock 20 year amortization.

@Steve Vaughan you are welcome. I see and talk to quite a few people being an electrical contractor, so just getting in front of people helps! We are in a town of about 60k people minus college students. We have 3 private colleges here plus a community college.

@Drew Bonner

@Benoit Malige

That is about correct, probably more like $9k doing quick math.

Also, I am more than happy to help people out with electrical questions. I am not condoning that you do your own electrical but if you hire and electrician and are questioning what/why there are doing what they are doing or why there are charging what they are, let me know. Im more than happy to try to help.

@Samir Shahani, if my math is correct...54 units x $600/month rent avg per unit=$32400/month. I did not say this was profit, this is gross. We have to pay expenses and bank loans out of this. Im not trying to argue, I am just presenting what I have done this year. To some, these numbers may not make sense but to us and our business, they do! Time to get back to work, hope everyone has a great day!