Here's how I bought 40 more rentals in 11 months
Published: 2019-01-03
Status:
Available
|
Analyzed
Published: 2019-01-03
Status:
Available
|
Analyzed
Predictions from this Video
Incorrect: 0
Prediction
Topic
Status
The speaker will detail their strategy for acquiring the most recent 40 rental properties.
"I'm going to go over with my eye tech solution the last are the most recent 40 rentals that I bought"
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The speaker primarily avoids purchasing properties through the MLS, with only two such acquisitions among their recent 40 rentals.
"I've only bought two properties on the MLS and this is one of the two"
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The speaker acquired 16 rental properties for a total of $160,000.
"I spent a hundred and sixty thousand dollars I think it was on 16 different rentals"
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A seller offered 32 properties for $350,000 on January 1, 2017, after previous deals fell through.
"he called me January the 1st 2017 and said hey everything has fallen through I have to sell these properties I'll give them to you for what I I quoted you originally which is $350,000"
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The speaker purchased 16 rentals from 'Gary' for $160,000.
"I bought 16 rentals off Gary for $160,000"
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A second house in a package deal cost $20,000 with $10,000 in rehab expenses.
"this is the second house in the package I spent twenty thousand on it 10 in rehab"
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The speaker acquired a five-unit apartment complex built in 1890.
"this is a five unit apartment complex this was built back in 1890"
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A property was purchased for $35,000 and generates $2,500 per month in rent.
"I paid 35 for it so this was one heck of a deal makes 2,500 a month"
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A duplex was purchased while in foreclosure because the previous owner's son failed to make mortgage payments.
"this duplex great neighborhood fantastic neighborhood this is probably the worst house on the block but the son forgot to pay the mortgage payments on this so when I purchased it there was a yellow tag on the door saying hey you're in foreclosure"
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A duplex generates $1,050 per month in rent with no vacancy since acquisition.
"after it's all said and done mates $1,050 I have not had a day of vacancy on this"
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A property was purchased for $25,000 and sold for $25,000-$27,000.
"I bought it for 25 I sold it for like 25 or 27 thousand dollars"
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A property acquired in July 2017 was sold in early 2018 without any work being done on it.
"I sold this one in the first part 2018 so it's at from July 2017 to to January 2018 and literally did nothing to it"
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A quadplex, originally built in 1860 as a train station, was acquired.
"this is a quad Plex this actually was the big train station for being a railroad in southern Ohio was built in 1860"
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A quadplex was turned over quickly after acquisition.
"we got this one actually turned over pretty quick which is nice but not a little more quick turnovers"
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A shed was purchased for $500 and subsequently demolished.
"I paid five hundred dollars couple local guys with chainsaws and sledgehammers tore down"
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A property was bought for $15,000, with $35,000 invested, and is currently generating $1,000 per month.
"I bought it for fifteen thousand I've put 35 in it or so as of today we saw oh my god the fire bottom unit fixed but right now I'm bringing in about a thousand dollars a month off of it"
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A property acquisition in September 2017 took a full year to complete renovations.
"we closed on this September 2017 it took a year to get it really took a year to get it fixed right"
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Seven thousand dollars was spent on water line repairs, bringing the total investment to $30,000.
"we put seven thousand just in getting the water redone so I've got thirty in it right now"
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A property bought in October 2017 was still unfinished in January 2019, with an estimated resale value of $35,000 despite a $13,000 investment.
"we bought October 2017 that's now January 2019 it's still not done yet it'll probably be three months before I actually get it done but with for 27 you know $13,000 I figured we could sit on the shelf I probably could resell this for 35 grand"
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A property will be kept to be HUD eligible and generate $800 per month in rent.
"I want to keep it because it's hot out it'll be HUD eligible when it's done and I can get 800 a month"
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A property was purchased for $21,000, which the speaker considers a successful creative finance deal.
"he sold it to me for $21,000 and the deal is with this this was one of my best creative finance deals"
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A $40,000 loan was secured for a house, with the speaker having only $21,500 invested.
"I asked him for forty grand on this house so we loaned 40 on it I only have 21 five in it"
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An additional $1,000 was added to $19,000 to purchase a seven-unit apartment complex.
"I took 19 grand added 1000 out of my own pocket and I used it to buy a seven unit apartment complex in downtown"
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The speaker used seller financing via a land contract for a seven-unit apartment complex.
"I got the seller to finance it as a land contract he has a he's a big-time investor works for the County Sheriff Department so banks love him banks do not love me"
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A previous owner was unable to resolve pest issues (bedbugs and roaches) in a property from January 2017 to January 2017.
"he had it from January 2017 to January 2017 he could not get the bedbugs out of it he couldn't get the roaches out of it"
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A seller offered financing for a property over three years, requiring a $20,000 down payment and a refinance for $125,000 within that timeframe.
"he called me up and said hey I will finance you on this property three years just pay my mortgage payment give me twenty thousand dollars down and when within three years refinance it out for 125 thousand"
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A seven-unit apartment complex generates $1,325 per month, with taxes around $400 per month.
"this baby makes 13 25 a month the taxes on it are obscene my tax like four hundred bucks a month or something like that but it's a seven unit apartment complex"
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A death occurred in one of the apartments of a seven-unit complex.
"we actually had somebody die in here in this front apartment"
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Repairs to an apartment where a death occurred took approximately one month.
"took us about a month to fix it"
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An additional house was included for free in a deal with Gary.
"the Gary also threw in this house for free"
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A property received $5,000 in aesthetic upgrades and is now renting for $750 per month.
"I put five grand in it we fixed it up pretty quick senator fifty a month"
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A house had been listed for sale for four years due to its poor condition.
"this agent had a really dog terrible dirty filthy house for sale for four years"
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The speaker conditioned the purchase of a property on seller financing and the inclusion of two free houses.
"if your seller will finance everything and throw in a couple free houses I'll buy it"
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A package deal of a double-wide, a duplex, and a house was offered for $105,000 with seller financing for two years and a $5,000 down payment.
"well this guy has a double-wide a duplex and how this house he'll will sell them all to you for 100 five thousand dollars he'll carry that for two years and he wants $5,000 down"
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A double-wide home is located on a large corner lot in a desirable neighborhood in a small town near Columbus, Ohio.
"this is a double-wide on a ginormous corner lot in a really fantastic neighborhood it's in a real small town right outside Columbus Ohio"
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A property, designated as number 84-85, is rented for $875 per month, with no renovations made and existing tenants.
"we're up to number 84 85 I get 875 a month rent out of it I did nothing the tenants are still in here"
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A property, previously listed for over four years, was acquired.
"this is the dog that was listed for over four years"
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Tenants in a blue house made death threats towards the speaker.
"people that live in this blue house here threatened to kill me"
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A property was recognized with an award for the 'worst horror story' in central Ohio.
"I actually won a award for the worst horror story in central Ohio with this house"
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The speaker confronted individuals illegally tapping into electricity, which resulted in threats of violence.
"I caught them dug up the wire through in the yard knocked on the window here nicely and said please don't steal electric off me and the guy came out screaming yelling threatening to stab me"
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A property was put on hold for a year, resulting in no income, but is expected to generate $625 per month.
"so we just put her on the back burner for ever they're working on it today I guess here January 2019 so I've gone a year without any money from this place so we'll make 625 a month on it"
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The speaker purchased a house on the advice of a friend who indicated the owners were facing foreclosure.
"I bought just because I could a buddy of mine said hey go call these people they're gonna be they're going to lose this house"
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An offer of $1,050 was made for a property where the sellers still owed $52,000 on the mortgage.
"I offer him 10 50 bucks they owe 52,000 on the mortgage still"
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A property, currently rented below market value for $750/month to acquaintances, has an estimated value of $125,000 after repairs.
"I got a 750 a month ran out of it which is way low I'm running it to people that I know and like I'm not making much money on this place but now that we fixed up it's worth 125 thousand"
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The speaker paid $250 for a property, covering an $800 mortgage delinquency.
"I paid $250 and I had to catch them up on their mortgage I think they were behind 800 bucks"
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Another property was acquired for $250 because the previous owners were two mortgage payments behind.
"here is another $250 deal they were losing this one as well they too here behind two mortgage payments on this"
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The speaker offered $1,050 for a property with a $46,000 outstanding mortgage, which they assumed.
"I'll give you ten fifty bucks they owe 46,000 on their mortgage I took it over"
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The speaker plans to create future content on master leasing and options as a strategy to circumvent traditional bank financing requirements.
"I might do a video in the near future about master lease and options but it's a way to get real banks banks hate when people saw our finance stuff so master leasing with an options a way to get around that bank requirement"
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In 11 months, from February 2018, the speaker acquired 40 rental properties, increasing their portfolio from 50 to 90 units.
"in 11 months I've gone from 50 you know I started off at nut rental number 50 and we ended up here at rental number 90 after February 2018"
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After February 2018, the speaker acquired two laundromats, which included two free apartment complexes.
"after February 2018 I haven't bought anything till this place I bought two laundromats and they came with two free apartment complexes"
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The speaker lost a bid on a hotel for $500.
"I tried to buy a hotel here in town and I lost the bid on the hotel for five hundred bucks"
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The speaker acquired two laundromats which included two apartment complexes at minimal cost.
"I bought two laundromats and they came with two free apartment complexes I got him for pretty much nothing"
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The speaker explains how they acquired 40 houses in 11 months in central Ohio with an out-of-pocket expense of approximately $350,000.
"how I bought 40 houses in 11 months here in central Ohio and my capital outlay if you add these numbers up I did not spend a lot of money on these houses I think I might have like maybe 350 thousand out-of-pocket on everything"
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Seller financing deals are a significant source of profit for the speaker.
"these seller finance deals that I have make me all sorts of money"
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