Speaker
Britton Eads
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1 episodes
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1
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Britton bought his first duplex for $70,000 in December 2022 without ever visiting the property, getting an inspection, or knowing its age — it turned out to be over 100 years old.
After renovating and re-renting the duplex for $1,800/month, Britton's payment, insurance, and reserves totaled roughly $1,200, leaving $500–$600 monthly cash flow.
Britton purchased a $245,000 fourplex using an FHA loan, requiring only about $7,000 out of pocket with 3.5% down, while generating $3,450/month in rents.
Britton negotiated to buy two triplexes and a small cottage together for $265,000, with current rents of $3,200/month and renovation potential to $6,000/month.
After posting the deal in a real estate investor community, Britton raised $46,025 in private down payment money within two weeks, paying 10% interest-only for one year.
After renovating the two triplexes and the cottage, the portfolio appraised for $545,000 — well above the $305,000 all-in cost, creating significant equity.
By replacing carpet with LVP flooring, adding stainless appliances, and refreshing cabinets and counters, Britton doubled a duplex's rents from $1,400 to $3,000/month.
Britton combined multiple properties into one portfolio loan and executed a cash-out refinance, pulling $212,000 in a single transaction while still cash flowing $2,000/month.
Shortly after pulling out $212,000, Britton faced $15,000 in emergency repairs in a single month — including $5,000 in plumbing and two HVAC compressor failures — underscoring why cash reserves are critical.
Britton paid $500 for a six-week one-on-one mentorship with Hank Ballinger, a landlord with over 800 apartments, who taught him deal analysis, the 1% rule, and the importance of inspections.
Three two-bedroom units rent at $900 each and one one-bedroom rents at $850, all on Section 8, producing $3,450/month on a $245,000 fourplex.
Every single one of Britton's deals except his first came from Zillow. The key wasn't a secret database — it was a trained eye. Sellers and agents routinely mis-market properties. A property sitting 6 months on Zillow with a hole in the ceiling isn't a bad deal; it's a deal nobody wanted to look at closely enough.
Britton Eads bought his first rental property sight unseen, with no inspection, not knowing it was over 100 years old. The property happened to be rented and cash flowed — luck, not skill — but the lesson is clear: always visit the property and get an inspection.
Britton asked his mom — a bank vice president — if she knew any big landlords. She introduced him to Hank Ballinger, who owned 800+ apartments. For $500 and six weeks of one-on-one sessions, Britton learned the 1% rule, proper due diligence, and how to find properties that both cash flow and appreciate.
While touring a triplex, Britton noticed the identical building next door had 7 mailboxes. One quick call confirmed the neighbor owned it too — and was willing to sell both. What started as a $185K listing became a $265K portfolio buy covering 7 units.
With $1,500 in his bank account and a $265K deal under contract, Britton posted in an investor community offering 10% interest-only for one year. Two weeks later, a wire for $46,025 arrived. No bank, no credit score barrier — just a compelling deal and the right audience.
Britton had $3,000 in the bank when he found a $250,000 duplex. Instead of waiting, he pulled equity from his triplex portfolio and cross-collateralized it with the new deal. The bank combined everything into one portfolio loan, adding $50,000 in debt as the duplex down payment.
Britton combined all his properties into one jumbo portfolio loan and executed a single cash-out refinance that put $212,000 in his pocket in one day, while still generating $2,000/month in net cash flow. That capital then funded reserves and new acquisitions.
Right after Britton pulled $212K in equity, $15,000 in emergency repairs hit in a single month — $5,000 in plumbing and two failed HVAC compressors. Without those reserves, he says he would have lost everything. Cash reserves aren't optional; they're the insurance policy on your entire portfolio.
Henry Washington reframes cash flow as protection, not profit. If a property pays for itself from day one, you can survive vacancy, repairs, and market downturns without reaching into your own pocket. Cash flow is what lets you hold your properties through adversity instead of being forced to sell.
Britton was earning $15/hour — roughly $2,000–$3,000/month — digging holes and installing fences. Today, his rental portfolio generates $3,000/month, he holds $100,000 in cash from refinances, and two new duplexes under construction will add another $1,200/month. He replaced his job.
Britton had $3,000 when he bought his most recent duplex and used a DSCR loan — which came with a 6-month seasoning rule that blocked a construction loan. His solution: negotiate $5,000 in seller credits at closing, which the bank returned to him in cash, funding the entire $8,000 renovation.
Most investors ignore FHA loans for multi-family properties, but Britton used one to buy a $245,000 fourplex with just 3.5% down — about $7,000. The property now generates $3,450/month with three Section 8 tenants and a fourth unit, all for under $255,000 all-in.
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