1.2M worth of property for 122k
We did it again, this time achieving 1.2MILLION dollars worth or real estate.... all for a mere $122k.
That's pretty damn awesome stuff.
:-)
Alot of people ask me...
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...How we are doing in this "crazy" economic time. "Bring it on" is my typical response. While everyone else is freaking out about their crashing investments, we are seizing new opportunities. We purchased a condo this weekend for $9k. There was no competition. Our properties in Maine have been completley shielded from the craziness - their values are going up!! Meanwhile, we obtain new acquisitions in our latest territory, Ohio. In PA things have settled down a bit, only because we have so much inventory our builders can't keep up. We... continue reading >>BUY AND HOLD SEMINAR-BOSTON NORTH-Nov 8& 9!!!
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My business partner and I are hosting a buy & hold seminar Sat. Nov 8th and Sun Nov 9th for the bargain basement price of $99.00. This ridiculously low price is a one-time offer in appreciation to the attendees for allowing us to videotape the entire seminar.Our portfolio is just about to break the 70 property mark and people everywhere are asking us more and more - "how do you do it?" or, "I want in!" Well, this seminar is an introduction to our replicable buy and hold model. We will also have... continue reading >>
No rest for the wicked...
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I suppose it's far from a bad thing, being SO busy because this THING you've created has taken on a life of its own and has gone from a hobby to a significant business, but MAN - I'm tired. There is just so much to do. Just recounting today, I did some PM on a local rehab project, made just a few trips to Home Depot, put out some insurance fires, reconciled 37 bank accounts, did payroll, started to put together an investment report/distribution schedule for a partner, put some face time in at my bank, compiled a... continue reading >>
Student Success Story
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I have mentioned, somewhere on this site, that we are now starting to teach our model to students. So far 80% of the students who have attended our road trips have purchased properties - which is an amazing statistic. Today was an even more amazing day for one of our students. He has partnered with us on 4 properties now - to put it in timeline perspective - he did a weekend 'boot camp' in Janaury, came on a 5 day road trip in March, and by April had partnered in 4 properties - 2 in OH and... continue reading >>
More questions answered: HOW/WHERE I got started...
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John is really getting me blogging - thanks John! In his comment he had asked me where i got started. We live in MA, but that's not where I got started. My mentor and now partner did however start here. 25 years ago (we were in fact in high school and dating at the time, my how time flies! I feel old!!)
Nyrik was 19 years old when he bought his first investment property in MA. Like most people, he had read all the books, all the gurus, and still, he foreclosed on the... continue reading >>
JOHN COREY! The Orient Express
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John left me a comment on one of my photos, taken on the Orient Express, and asked me to tell me more about it. My first reaction was that there isn't a man out there who doesn't love trains, is there! :) Hardly a single woman has asked me about this phenomenal trip! In fact, I think only two ever, and they were my best friend and my mother so of course they'd ask.
I just have to say that I have never been fascinated by trains, and in fact, i grew to tune out the constant... continue reading >>
JOHN COREY! Here are your Questions Answered! Q1 v- partnership structure
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PARTNERSHIP STRUCTURE
We spent alot of time investigating the right way to establish our partnerships and consulted more then a few lawyers. Most people I talk to use LLCs, but here is what we did...
Sadly we live in a litigious society here in the States. Asset protection was a number one priority when we started to open up our model to outside investors. We wanted to protect our interests from litigious tenants, partners from them themselves, and partners from each other. ie, the wrath of a husband or wife scorned could wreak havok on the entire... continue reading >>
Looking good in OH...
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'ohio!' (that's japanese for 'hi')
So. we recently purchased 4 properties in OH in April, which was terribly exciting, as this is a completely new territory for us. We closed on one of them on April 13th and put a for rent sign on it last Tuesday. by Thursday the lines were ringing and it is already under contract...
Ok, so purchase of this condo.....10500
Rehab...........................................3700
All in...........................................14200
MV from comps in March...........56000
We discounted rent for a fast occupancy, as tenant checked out ok... but still it works out at:
Rent p/a......................................8100
Exp p/a (condo/ins/etc)................2502
NOI...........................................5598
... continue reading >>
IT's OUR ANNUAL TAX SALE ROAD TRIP!!!! (MAY 8)
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Yes, it's that time of year, the Lawrence County Tax Sale. It is at this sale we purchae the bulk of our properties for literally pennies on the deal (honest, we bought 14 properties for 22k a couple of years ago)
This is when we take our partners cash that's been accruing from rents and literally go buy another house, or we buy new properties for new partners. This year we are taking investors out there to show them the area, and help them buy their first investment properties - or help seasoned pros bulk up their portfolios. It's an... continue reading >>