I began posting here as a nobody with nothing. Within 6 months I’ve been able to get into 5 millions dollars worth of apartments and I did it all with only $100 out of my pocket. No kidding.
The first was a “Don’t wanter” with 20 units (only four tenants) and numerous deliquent bills for $350,000. I took over with a $100 earnest money and a 6 month lease/purchase at $295,000. I’m only paying the mortgage with $10,000 back at closing and the seller paying all closing costs. The Gross Rents were $1,200 when I took over in August and by the end of September they were $8,500. Now they are nearing $9,500.
Recently, we (I’ve added the greatest partner in the world) moved on a 104 unit and a 66 unit complex owned by the same man and he actually has about 600 more units for us to buy if we perform on these. We got a land contract coming and wraparound mortgage. This “great” fellow is loaded with money and property (I think he owned half of the planet) but he’s 86 years old and he’s ready to be done with apartments. He liked my style and with a partner like mine he decided as a team we could handle the properties. The are 35% occupied due to absentee management and neglect. But the current rents will pay the mortage and I will have this baby filled up within 45 days and we’ll be rocking and rollin. He wanted $5 Million total for the two complexes and we are in at about $3.5 with nothing up front, something which he told us he’s never done in 50 years of real estate. This property has us thinking condo conversion, which would really be a dream come true, but for now since I’m still poor…Rentals it will be.
I just wanted to post this to say “Dreams do come true”. Reiclub was a major part of my success, without this site I wouldn’t have found what I needed to be successful. So THANK YOU REICLUB, merilly…merilly…merilly
For dreams to come true however, I have found truth in this:
“A dead end is an opportunity for you to forge your own path”
Don’t let anyone tell you that you cannot achieve, for if you listen to them, they are right.