BTM 63: Triplex Case-Study A to Z with Sunny Burns
On today’s episode we catch up with our first guest on The Before The Millions Podcast, Sunny Burns. It’s been a year and Sunny’s life has drastically changed. Sunny brought this amazing triplex and still traveling the world.
On episode 1 of this podcast, Daray and Sunny got to know each other and we decided to bring Sunny back for an update on what’s going on in Sunny’s life. During this episode, Sunny shares great insight for real estate investors and entrepreneurs on what steps he took to purchase, rehab and close his triplex rental property.
Since we last spoke with Sunny he has been focused on his engineering career in the Department of Defense and just recently got a promotion from making 83K to six figures salary. Sunny closed on a triplex and own two properties (gross rents on the two properties are $100,000/year). Now he has a six figure salary and six figure passive gross rental income for the two properties.
We will breakdown exactly how Sunny brought his second property (the triplex). You’ll learn how Sunny found the triplex deal, finance the deal, how he rehabbed the property and more. Lastly, Sunny shares with us all the lessons learned during the buying and closing process of the triplex deal.
Key Points From This Episode:
- We catch up with Sunny 1 year later after his first interview on Before The Millions podcast
- How Sunny now has a six-figure salary and passive $100K/ year cash flow rental income
- Breakdown Sunny’s deal of buying his first triplex (lessons learned, tips and tricks, etc.)
- How his rental income today in 2018 can replace his entire salary and retire his family
- Step-by-step blog post Sunny wrote about his experience buying the triplex on his website Faminvestor.com
- How to prepare for the pre-approval process when buying rental properties
- Why community banks might work in your favor as a first-time investor vs. national banks when financing your real estate deals
- How Sunny found properties to analyze once he was pre-approved investor
- How to determine if a property meets your criteria as a investor
- Importance of knowing that it cost nothing to put in a offer on a property
- Questions you should ask before you make an offer on a deal
- How hiring a lawyer can help you ease through the paperwork and terms when closing a deal
- Various options for getting a down payment on a property for a first-time investor
- Breakdown of hiring an property inspector
- Sunny’s advice on rehabbing a property yourself vs. hiring a contractor to get the job done
- The process of closing the deal and lessons learned throughout the entire buying process
Links Mentioned in Today’s Episode
Before The Millions Episode 1 https://beforethemillions.com/episode1/
Sunny’s Website: http://www.famvestor.com/
Sunny’s Blog Post: http://www.famvestor.com/triplexcasestudy/
Recommended Websites:
Cozy makes renting easier for landlords and renters everywhere
Realtor: Search real estate property records, houses, condos, land and more
RentoMeter: Paying too much for rent or charging too little? Get rental comps and find apartments.
Yelp: User Reviews and Recommendations of Best Restaurants, Shopping, Nightlife, Food, Entertainment, Things to Do, Services and More
Craigslist: provides local classifieds and forums for jobs, housing, for sale, services, local community, and events.
Sunny’s Favorite Books: The Way of Kings
Sunny’s Favorite Lifestyle Design App: Scanbot is the most advanced PDF scanner app for iPhone, iPad and Android. Create premium quality scans and upload them to your favorite cloud.
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