- Joined
- Sep 27, 2007
- Messages
- 49
Simply, AWESOME!
Congratulations on your success, hope to talk to you on Dec 4 at the REIN meeting.
Congratulations on your success, hope to talk to you on Dec 4 at the REIN meeting.
Achieved 5 year plan in 18 months
- Thread starter gregg
- Start date
As a last posting to this success story is that I was honoured to receive not only my gold pin last night at the annual REIN awards celebration but I also received a Top Ten award as well as ` Rookie of the Year` award. What an honour and what a way to cap off an unbelievable year. Thanks to all that made this possible especially Don, Russel and the team at REIN.
Gregg
Gregg
- Joined
- Apr 6, 2008
- Messages
- 42
WOW. That`s amazing. What a story. Congratulations to you and your success. Your experiences are an inspiration to me, and many more I am sure !
Tom Rebstock
QUOTE (gregg @ Nov 27 2008, 08:20 AM) In April 2006 I survived a quadruple bypass, loss of job and close to broke financially. Since then I have improved my net worth by over one million dollars and purchased 20 buildings with 71 rental units using only $22,000. of my own money.
My story: Soon after I recovered from my surgery (didn`t suffer a heart attack it was inhereted cholesteral condition) and lost my job as Publisher of a magazine division for a large publishing company I decided to write a brand new five year plan which would include purchasing rental properties with the idea of buying them cheap, empty on possession as a condition and fixing them up to hold long term. I would increase the rents in order to acieve my five year financial goal and help pay for the renovations. My origninal five year plan was to purchase 17 buildings with 58 units which was my goal. As stated above I achieved much more than this in only 18 months. I purchased my first building in April 2007 (gave myself a chance to fully recover from the surgery) and haven`t looked back since. A big part of my success story was joining REIN in September of 2007.
I attented a REIN Quickstart in Edmonton in November of 2007 with the intention of learning all that REIN could throw at me and to network and meet potential JV investors. I was successful on both fronts and enjoy a great relationship with my JV partner from Vancouver. We share the positive cashflow in one of my buildings. After that I positioned myself to be in the right place at the right time and purchased a number of buildings (10 buildings worth $1,840,000.00) using the last months rents that the seller was holding. It was approximately $35,000. that he would have turned over to me on closing but rather than do that I suggested that he use $15,000. as a down payment, $10,000. for taxes for the coming year and another $10,000. for insurance. This way he would feel secure in knowing that the taxes and insurance were covered for the year. He thought it over, didn`t want to be managing properties anymore (ill health) and accepted my offer.
This purchase represented ten properties and the seller owned fifteen. After a six month`s of successful manageing of these properties he offered his other five of which I was interested in three and went on to purchase these as well. My downpayment this time was $22,000.00 for the three buildings which were worth another $477,000.00. In short I paid (out of pocket) $22,000. for $2,277,000.00 worth of rental real estate. The seller was wealthy enough to be able to finance the whole deal at 5.5% interest over five years with a 25 year ammortization and a renewal clause at prime plus one after five years. I should mention that unfortunately he is of ill health and really needed to exercise his exit strategy now. Like I said, right place right time.
I had purchased seven properties conventionally before I bought the thirteen. All properties are postive cash flowing and the vacancy rate is less than 1%. I have, over the 18 months, managed to save three months worth of taxes, insurance and utilities in reserve for emergency purposes. Through my 30 years of publishing I have never been able to accomplish what I have in only 18 months of real estate investing. My wife and I manage all the properties and have made this our full time occupation.
Thanks to REIN, Don and his team for this forum and all the hard work they do to present monthly workshops, supply a great resource and for being there for all of us to benefit from. It was through REIN that I met my jv partner and the opportunity to meet the investor I eventually bougth the 13 buildings from.
Gregg
Tom Rebstock
QUOTE (gregg @ Nov 27 2008, 08:20 AM) In April 2006 I survived a quadruple bypass, loss of job and close to broke financially. Since then I have improved my net worth by over one million dollars and purchased 20 buildings with 71 rental units using only $22,000. of my own money.
My story: Soon after I recovered from my surgery (didn`t suffer a heart attack it was inhereted cholesteral condition) and lost my job as Publisher of a magazine division for a large publishing company I decided to write a brand new five year plan which would include purchasing rental properties with the idea of buying them cheap, empty on possession as a condition and fixing them up to hold long term. I would increase the rents in order to acieve my five year financial goal and help pay for the renovations. My origninal five year plan was to purchase 17 buildings with 58 units which was my goal. As stated above I achieved much more than this in only 18 months. I purchased my first building in April 2007 (gave myself a chance to fully recover from the surgery) and haven`t looked back since. A big part of my success story was joining REIN in September of 2007.
I attented a REIN Quickstart in Edmonton in November of 2007 with the intention of learning all that REIN could throw at me and to network and meet potential JV investors. I was successful on both fronts and enjoy a great relationship with my JV partner from Vancouver. We share the positive cashflow in one of my buildings. After that I positioned myself to be in the right place at the right time and purchased a number of buildings (10 buildings worth $1,840,000.00) using the last months rents that the seller was holding. It was approximately $35,000. that he would have turned over to me on closing but rather than do that I suggested that he use $15,000. as a down payment, $10,000. for taxes for the coming year and another $10,000. for insurance. This way he would feel secure in knowing that the taxes and insurance were covered for the year. He thought it over, didn`t want to be managing properties anymore (ill health) and accepted my offer.
This purchase represented ten properties and the seller owned fifteen. After a six month`s of successful manageing of these properties he offered his other five of which I was interested in three and went on to purchase these as well. My downpayment this time was $22,000.00 for the three buildings which were worth another $477,000.00. In short I paid (out of pocket) $22,000. for $2,277,000.00 worth of rental real estate. The seller was wealthy enough to be able to finance the whole deal at 5.5% interest over five years with a 25 year ammortization and a renewal clause at prime plus one after five years. I should mention that unfortunately he is of ill health and really needed to exercise his exit strategy now. Like I said, right place right time.
I had purchased seven properties conventionally before I bought the thirteen. All properties are postive cash flowing and the vacancy rate is less than 1%. I have, over the 18 months, managed to save three months worth of taxes, insurance and utilities in reserve for emergency purposes. Through my 30 years of publishing I have never been able to accomplish what I have in only 18 months of real estate investing. My wife and I manage all the properties and have made this our full time occupation.
Thanks to REIN, Don and his team for this forum and all the hard work they do to present monthly workshops, supply a great resource and for being there for all of us to benefit from. It was through REIN that I met my jv partner and the opportunity to meet the investor I eventually bougth the 13 buildings from.
Gregg
- Joined
- Jan 25, 2009
- Messages
- 33
Hi Gregg,
You wouldn`t be the Gregg featured in Canadian Real Estate in April 2009 would ya?. I`m from Sudbury, Chelmsford actually, now living in Newmarket. My wife and I will be attending the ACRES in April 2009 in Toronto. I am seriously thinking of Sudbury as my starting point for investments. If you can spare an hour or so, I would like to buy you a cup, next time we come down to Sudbury to see the family and get some insights and ideas. We are coming to Sudbury over Easter, if your available or can arrange a later date at your convenience if you want.
Thanks
Dan
You wouldn`t be the Gregg featured in Canadian Real Estate in April 2009 would ya?. I`m from Sudbury, Chelmsford actually, now living in Newmarket. My wife and I will be attending the ACRES in April 2009 in Toronto. I am seriously thinking of Sudbury as my starting point for investments. If you can spare an hour or so, I would like to buy you a cup, next time we come down to Sudbury to see the family and get some insights and ideas. We are coming to Sudbury over Easter, if your available or can arrange a later date at your convenience if you want.
Thanks
Dan
- Joined
- Jul 30, 2009
- Messages
- 29
Great inspiring story I love to see that it can be done in the north if you do enough research and be at the right moment and right time
I am also guessing that your investments are in Sudbury because you and your wife are managing them and still live in Sudbury
Hope this inspires more drive into all doesnt matter if your city is big or small or what stage/situation in life you are you can strive forward and achieve your goals
I am also guessing that your investments are in Sudbury because you and your wife are managing them and still live in Sudbury
Hope this inspires more drive into all doesnt matter if your city is big or small or what stage/situation in life you are you can strive forward and achieve your goals