Positive Cash Flow Rental Property Number 5 For My Student Andy
This video was taken today in front of a rental property that Andy just purchased. This is rental property number 5 for Andy. What is so impressive about Andy’s story is that he is only 29 years old. Andy started just two years ago by attending my boot camp and since then he has purchased 5 rental properties. He has increased his net worth by $450,000.
Andy has a full time job and he buys rental properties on the side while still working a 50 hour work week. All of the rental properties that he has purchased have been direct from my wholesale deals emails which we send out to investors 3 times a week. And on all 5 properties I gave him a hard money loan.
The first two properties that he purchased were rehab projects. He purchased them, fixed them, rented them and then refinanced to pay off the hard money loan. All refinances were with 15 year mortgages so he will essentially own these 5 houses free and clear by the time he is 42 years old.
On rental properties number 3,4 and 5 he purchased properties with tenants already in the property. He was able to refinance and pay off his hard money loan in as little as 4 months on the last 2 loans.
The house in this video rents for $2,000 per month (section 8) and it was purchased for $187,000. The ARV on the property is around $230,000. This property was on my email list. If you got those emails you could have purchased this property too! I got Andy a hard money loan on this house just like I did on the other 4 houses. This is one of the benefits of being my coaching students. You could be doing this. You could be increasing your net worth substantially just like Andy has done by adding $450,000 to his net worth over the past few years.