Soon after, my company got hit hard with a massive corporate downsizing. Although I wouldn’t be laid off I was being demoted and relocated. My income was being cut by 50% and I only was granted three weeks notice.
I still had over $175,000 in student loan debt and owed $100,000 on my condo. I quickly realized how little control I had over my life and knew I needed to make some changes.
Real estate investment seemed like a way to gain back the control I felt I had lost.
I soon began investing in single-family homes. After my first purchase in 2009, my portfolio rapidly grew to 25 properties. While I felt a sense of success and independence, I also realized that the workload was about all I could handle by myself.
If I wanted to continue to expand my portfolio and passive income, I’d have to figure out a smarter way to do so. I knew that multifamily investment was the best way to grow on a larger scale and I started to set my sights on my first multifamily deal.
I was very vocal about my intentions to pursue multifamily investments, and in 2012 a friend of a co-worker reached out to me about a deal. The owner of the 24-unit building was torn between selling the property to us or attempting to turn it around himself. We couldn’t come to a deal at first, but after a year the seller was at less than 50% occupancy and was about to lose it all to back taxes. I purchased the property on a land contract and financed the down payment with a blanketed loan on several of my single-family properties.
I used the same strategies that I implemented with my single-family properties and found success in my first multifamily investment as well. After 14 months, the building was at 100% occupancy and I was able to refinance the property to recoup all of my invested cash and then some.
The confidence and knowledge I gained from that first apartment deal helped to propel me forward on my multifamily investment path. I was able to make an offer on a 53-unit building in 2015. Most of the downpayment for my second deal was financed by the funds I received from my first deal. My second deal set me up for my third, a 40-unit property I closed on in 2016.
By May, 2016 I quit my job.
Looking back, I probably waited longer than I had to, to quit. I already had obtained 150-units by that time, but the independence I gained was no less rewarding.
I finally felt that I had gained back the control over my life that I once felt I had lost. My idea of what the “right” path was had changed, and I found that now I had my true dream job.
The challenge and chase of finding the next great deal is something I have come to love. The feeling of accomplishment and productivity in my life is balanced by ample free time and a schedule I now control.
I know that a self-empowered lifestyle and independent financial freedom is something that so many individuals dream of. I am now excited to help others obtain their dreams by helping them succeed in multifamily investment. I look forward to coaching others through their first deal and I am confident that it will lead them on to many others.
- October 2013 – 24 Unit
- June 2015 – 53 Unit
- May 2016 – 12 Unit Purchased with fellow Ultimate Guide Coach Brad Tacia.
- May 2016 – Quit My Job
- November 2016 – 40 Unit
- December 2017 – 30 Unit
- 82 Single Family Properties Including 1 Duplex, 2 Four-Plexes, 3 New Construction
- 241 Units Total
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