from BROKE to over 1,000 apartment units
Part 1 - Through the Dark Tunnel
What I am about to reveal below is a chapter of my life that, truth be told - I am embarrassed about. However, I have decided to share my story to inspire and teach a lesson to all investors, specially newbie investors and that lesson is:
You can turn your life around no matter how bleak it is. And real estate investing, IF done correctly - is a proven way to help you achieve your dreams.
But, I am getting ahead of myself. Here’s part 1 of my story - From Broke to Over 1,000 Apartment Units - Part 1: Through the Dark Tunnel.
Part 2 - Rising from the Ruins
How I Survived
So I got my real estate license...so now I had to put it to good use.
Through the MLS I found some properties that needed a lot of work and no one seemed to have the guts to buy them. They were in rough areas. I thought hard as to what I could do with all these problem properties. The Chinese word for "problem" is the same as "opportunity". One problem, I mean one opportunity was that I didn't have any money. So how could I buy these deals when I didn't have any money? I figured someone else has the money.
Part 3 - How to Build a Real Estate Empire
28-Units in a War Zone
After my 8-unit acquisition, I did a couple of smaller deals. One of them is a 2-family apartment building I bought from the same “tax credit” group (see part 2). The next bigger deal came and as all deals, it appeared as “work”.
It was a 28-unit property - well it’s actually 4 properties in one block in Over the Rhine. At that time, that particular part of OTR was an “F” area (war zone) but it was gentrifying. The problem with the property was that out of 28 units, only 4 units were occupied. It needed work. The owner of the property wanted me to fix the units and he told me that if I want the property, I could buy it.