Thread by @therealGGBMAN

I’m Gabe, I’ve been lurking #retwit wanting to engage more so I’m going to give this a go. I’m small potatoes compared to @realEstateTrent and some of the giants here but figured I would give a little background and current thoughts in case anyone finds it interesting.

https://twitter.com/realEstateTrent/status/1478737709309046787

2021 was a big year for me! I cashed out some crypto profits and had a great year of poker in a challenging environment with Covid. I paid off my first property (cool feeling) and bought 2 more which are rented and cash flowing well.

My wife and I welcomed our second son in October as well so it’s a full and blessed year. (I can’t wait to sleep why I am tweeting 🤣)My motivation in RE is building passive income to supplement my poker income and eventually pay for kids kids college/our retirement passively.

I bought my first apartment in 2007 at age 20 after a great poker heater while I was in college. Didn’t get my second until 2014 (wonder why 🤣) which was a foreclosure I bought with my mom after a great WSOP. And this year I added my 3rd and 4th units, both two bedrooms condos.

I’m achieving high single digit unlevered yield on the new properties, 15%+ Cash on cash with the leverage I actually deployed as I was able to secure 30 year fixed rates in the lows 3’s. I know condos have other tradeoffs which I will discuss in more detail in another thread

But the cliffnotes are I think they can be a good way for the little guy to break in. You will get less appreciation then SFH or MF and hoas suck. However many pros avoid condos so you have less competition. You can get in the door for a fraction of the capital needed for MF

I also think you have much less risk of very bad outcomes in large associations with good reserves compared to a MF with 3 boilers, old plumbing and electrical and other unknowns as less experienced investor. And present yields can be multiples higher.

Refinancing my primary and getting 2 mortgages during Covid as poker player wasn’t fun either. I’ll be looking to also follow up with some tips and tricks for non W2 people like myself to stay on top of their credit and banking relationships

I’m a small fish in the big pond here and look forward to continuing to learn as I contribute more. Hopefully people will enjoy some fun war stories about poker too. I’m always down to answer any questions about my career or chat poker with people too!