All Forum Posts by: Richard Biechler

Hopefully I responded to everyone! If I havent and you have questions, feel free to post again or shoot me a message! Thanks for all of the added inspiration, makes me feel important!

@Brad Gibson, no growing pains thus far but I will say when I sit back and think...I have 54 units total now, its almost unreal to me. I love the fact that I can drive around and see what I own, so rewarding to me. We probably could hire someone full time but we dont have much for maintenance right now so what little we have, we do ourselves. We will probably hire a full time manager when we get to 100 or that is our thought anyway. I think if I was in this alone without a partner and part time manager, it would be a full time job for me. We are also using my partners office assistant to do some office work for us which helps drastically!

@Adam Sheren, networking has paid off big time. Just letting people know you are interested and being nice to people helps. Its almost like they come out of the woodwork! Its funny you say keep your phone on, because that has literally been what has been happening lately! Sometimes its hard for my wife to grasp my concept of go big or go home, I typically dont do anything half ***! I have had a lot of inspiration from my in-laws who own some property and also form Grant Cardone.

@Diane G., correct the average would be somewhere in the ballpark of $600/door. The first home that I acquired is currently renting at $850/month. The rest of the units are between $515 and $685 a month.

@Judy Graff, read post above. We did not have an increase in interest. We are in the 4.25% area on everything.

@John Kuo the bank did not require reserves because the properties makes enough money to sustain themselves and the vacancy rates are almost non existent. We have a fairly good relationship with the bank which also helps. All of our loans are through a local bank. Remember the old saying, its not what you know its who you know! Networking has taken me to new levels, letting people know what I do and what I am interested in. It seems as though I have made it seem that I am passionate about the things that I do and people can see that!

@Tim Heizer, I suspect the 12 units you speak of are the ones we purchased on contract. I guess all we did was asked if he would take 20% down along with 20 year amortization and 5 year interest lock with the balance due at the end of 5 years when we initially made the offer. He accepted assuming he didnt want the tax burden right away and wants monthly income.

EDIT: yes I have one partner as mentioned above.

@Michelle Marty, It does take money to make money in a situation like mine but there are ways to get around it if you can find the right deal. Land contracts with little or now money down, private money from family/friends etc. I can imagine that prices in the dallas area are way different than they are in the midwest where I am located! The other thing you can do in your situation would be use leverage on existing properties that are paid down or paid off to purchase more! Keep up the hard work and keep in touch and I wish you well.

@Samir Shahani, in response to your first post. 20% COC is a great return, we are looking in the 10-15% range in our area, anything more than that is very hard to come by especially if it is turn key.

We have funded our 20% down payments personally. It has taken hard work and dedication to be able to come up with this along with selling some things to stack money and then it seems like you throw it all away in a sense because it is no longer liquid. 

We are somewhat self managing, we do have a manager that oversees the units, collects rents, cleans, gets ready for new tenants etc. She gets a percentage of gross rents. My partner owns a parking lot company, he is able to do all of the lawn, snow, lot maintenance along with plumbing. I do all of the electrical repairs and we share other daily/weekly maintenance. We work together when it comes to value add such as tile flooring, small drywall projects, painting etc. It helps that both of us are in a sense in the construction industry and are able to take time from our busy schedules to attend to these things.

I dont feel comfortable at this time presenting specific numbers.

@Samir Shahani, you are correct, I'm just full of it. Actually, I dont sit in front of my computer and respond to posts because I'm actually working if I'm not responding. It takes time to sit down and read and respond to each post. I own and operate an electrical contracting company, I do debt collecting, I am in process of purchasing a directional drill, I have a new born baby and I work out daily.