Thank you-My Story
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Thank you-My Story (by Joseph Smith [IA]) Apr 11, 2021 11:13 AM
       Thank you-My Story (by Dodge [PA]) Apr 11, 2021 12:11 PM
       Thank you-My Story (by Allym [NJ]) Apr 11, 2021 12:15 PM
       Thank you-My Story (by Roy [AL]) Apr 11, 2021 12:17 PM
       Thank you-My Story (by plenty [MO]) Apr 11, 2021 12:43 PM
       Thank you-My Story (by Joseph Smith [IA]) Apr 11, 2021 1:51 PM
       Thank you-My Story (by Roy [AL]) Apr 11, 2021 2:23 PM
       Thank you-My Story (by Ray-N-Pa [PA]) Apr 11, 2021 7:25 PM
       Thank you-My Story (by BRAD 20,000 [IN]) Apr 12, 2021 12:40 AM
       Thank you-My Story (by Dave [MO]) Apr 12, 2021 2:21 PM
       Thank you-My Story (by Joseph Smith [IA]) Apr 12, 2021 10:42 PM
       Thank you-My Story (by Roy [AL]) Apr 13, 2021 8:14 AM
       Thank you-My Story (by Fishsticks913 [IA]) Apr 13, 2021 5:27 PM
       Thank you-My Story (by BRAD 20,000 [IN]) Apr 14, 2021 1:17 AM
       Thank you-My Story (by BRAD 20,000 [IN]) Apr 14, 2021 1:18 AM

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Thank you-My Story (by Joseph Smith [IA]) Posted on: Apr 11, 2021 11:13 AM
Message:

Hello! I want to thank the good folks on this forum who have provided me with direction (indirect and direct) on getting into the landlord business. It took me several years to finally make the leap, but in late summer of 2019, I finally bought my first and second single family homes. Both were purchased below market value and I realized instant equity. I was super stoked about that and it propelled me to vigorously pursue more deals. During 2020, I renovated 3 houses and procured 2 additional homes that were "rent-ready." In just under two years, I'll have 10 single family homes.

It's not always been easy, but it's been fun and fulfilling. I love taking care of people and meeting their needs. Why not make a little money doing so? I would prefer to be debt free, but without the debt, I'd never have had the opportunity to get into real estate...at least not without compromising.

My goal is to get to 21 single family homes. From my calculations, this will provide enough cash flow to replace the income from my day job. I'm not itching to quit, but it sure would provide a great deal of fulfillment knowing that could quit if I wanted to.

So thank you, to everyone who posts on this forum. For the direct feedback on my posts, and the general posts that have helped me grow and gain insight into this business. I really doubt I would have ever made the jump without it.

--75.162.xxx.xx




Thank you-My Story (by Dodge [PA]) Posted on: Apr 11, 2021 12:11 PM
Message:

Congrats on your efforts and realizing your goals! --174.198.xxx.xxx




Thank you-My Story (by Allym [NJ]) Posted on: Apr 11, 2021 12:15 PM
Message:

good job! --108.24.xx.xx




Thank you-My Story (by Roy [AL]) Posted on: Apr 11, 2021 12:17 PM
Message:

Joseph,

I want some details on those first 2 house purchases. What did you pay for the 1st one and just how much below market was it? Describe the house first,...3/2 in Class B, C, or D hood maybe? How did you locate the house(s)? Did you pay cash or use leverage? Inquiring minds want to know!

I remember buying my first rental house in 2006 for $20K and in hindsight, I paid too much for it! However, when I sold it in 2018, the accumulated rents over those 12 years paid for the house 3 times over. --68.63.xxx.xxx




Thank you-My Story (by plenty [MO]) Posted on: Apr 11, 2021 12:43 PM
Message:

Thank you for sharing your success! Best to your continued growth and i hope you continue to write and share and look forward to meeting you in Nashville ... ? Yes? I'm saving you a chair! --172.56.xx.xxx




Thank you-My Story (by Joseph Smith [IA]) Posted on: Apr 11, 2021 1:51 PM
Message:

I havenít been to a convention yet, but Nashville sounds like fun! Iíll check into it.

Roy, I found my first house through Zillow. It was a FSBO that needed a good cleaning, paint and a couple of small fixes. It was a 2/1 with a one car detached. I purchased it for $48k and put $5k into it to get it rent ready. It rented for $825, and appraised for $86k. The original tenants are still there and pay their rent in cash on the first like clockwork. This is in a solid C class neighborhood.

The second house was on the MLS. It was a 4/1 which I bought for $80k and was rent-ready at closing. It appraised for $110k without putting in any work. Originally rented for $1050, and now rents for $1125. This was also my first tenant turnover, which was not a super enjoyable experience. This one is in a solid C-/D+ neighborhood but is just slightly on the fringes.

All my homes so far are leveraged at 60-80% LTV. Again, not my ideal place to be. With the market where it is currently, Iíll be shifting my focus from procuring to snowballing the debt. Cant wait to have one free and clear! --172.58.xx.xx




Thank you-My Story (by Roy [AL]) Posted on: Apr 11, 2021 2:23 PM
Message:

Joseph,

Come to the Mr. LL convention and I will teach you how to locate and buy houses at $20K or less. These houses are not advertised on Zillow or the MLS. I usually pay cash for them but if you want to use leverage and then snowball them at later time, that will be your choice. --68.63.xxx.xxx




Thank you-My Story (by Ray-N-Pa [PA]) Posted on: Apr 11, 2021 7:25 PM
Message:

If you can't attend a convention, go to land lording boot camp. Both investments will pay huge dividends

--24.154.xx.x




Thank you-My Story (by BRAD 20,000 [IN]) Posted on: Apr 12, 2021 12:40 AM
Message:

Go Joseph GO!

A great success story!

Here's my challenge to you:

1. Get your body to Convention. It's a life changer. Plus, with your fast growth your empire has already exceeded your knowledge. That can lead to calamity. Those early deals can become disasters without more education.

2. Add a house a month. Why not? You know how it's done and obviously have the drive.

FREEDOM!!!

BRAD

--73.102.xxx.xxx




Thank you-My Story (by Dave [MO]) Posted on: Apr 12, 2021 2:21 PM
Message:

Congratulations. Looks like your on your way to a successful LL carrier. Let us know when you choose to leave the w-2 job.

--173.47.xxx.xxx




Thank you-My Story (by Joseph Smith [IA]) Posted on: Apr 12, 2021 10:42 PM
Message:

I spoke to my better half about the conference and she's not convinced it's worth the time/money. Is there an agenda that I could share with her?

A house a month is a bit aggressive! I do often wonder if I'm biting off more than I can handle. So far, it's been OK. But if I had two or more turn-overs come due at the same time, I think I'd be in a bit of a situation. --75.162.xxx.xx




Thank you-My Story (by Roy [AL]) Posted on: Apr 13, 2021 8:14 AM
Message:

Joseph,

In every state, there is a graveyard where all of the former newbie investors are buried. Most of the deceased here are former investors who got in over their heads (the No Money Downers were buried first) and/or due to a lack of basic tenant education, allowed their tenants to drive them insane.

A lot of people think education is expensive, however, I can assure you the cost of ignorance is even higher. --68.63.xxx.xxx




Thank you-My Story (by Fishsticks913 [IA]) Posted on: Apr 13, 2021 5:27 PM
Message:

Joseph, What part of Iowa are you in? --173.190.xx.xx




Thank you-My Story (by BRAD 20,000 [IN]) Posted on: Apr 14, 2021 1:17 AM
Message:

Joseph,

Roy said it best. Ignorance is expensive.

Right now you donít know what you donít know, and youíre gonna get bit.

At your stage you cannot afford not to go!

I in the world of RE conferences this one is VERY affordable.

Itís fun, great people to meet, mind expanding

(Youíll learn how to buy a house a month!)

Itís a tax deductible expense where you get to stay in a nice hotel and have eat in a great restaurant - a tax deductible mini-vacation/date.

She does not have to come but this will turn her from an observer to a participant in your business.

BRAD

--73.102.xxx.xxx




Thank you-My Story (by BRAD 20,000 [IN]) Posted on: Apr 14, 2021 1:18 AM
Message:

PS it usually sells out so call in now.

AND Iowa is not too far away.

BRAD

--73.102.xxx.xxx



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