This summit will not only benefit me, but also my real estate partner, my wife.
A little background on us:
Married at 19
Two kids
Both Air Force Veterans
Me - IT guy
She - Geologist
A series of crazy events led us back home to San Angelo, Texas last December from the sunny City of Phoenix. After I was injured at work and could no longer type (carpal tunnel) and a family member having terminal cancer, we quit our jobs and came back home. After recovering from wrist surgery, spending months with family, and mourning the loss of my wife's father, we had to move forward.
I first read about the idea of passive income and cash flow from one of my favorite web sites; www.earlyretirementextreme.com . Although now defunct, in the sense that he returned to employment, I contribute the author Jacob Fisker as my inspiration for introducing ways to generate passive income and the power of cash flow to become independent from traditional employment. I found BiggerPockets by accident when a forum posted on Jacob's website entitled "Rental Properties for Income" had a link. I was hooked. I found my new passion.
Our real estate deals:
At the library, we borrowed a few books on real estate. Some of my favorites were from Author Robert Kiyosaki and his Cash Flow Quadrant. Although not very detailed on making real estate deals, they did provide the drive to keep us focused on real estate.
Our first deal was a small two bedroom one bath (720 sqft) property. It was listed on MLS for $21,500. We made an offer of $15,000 and came to an agreement on $16,500. It came with a fresh paint job and was solid. We had a new roof and carpet installed, washer and dryer connections put in, and the exterior caulked and painted. Two weeks later our new property manager had a tenant for us.
Our second deal landed in our laps. At the closing of our first house, our real estate agents lawyer handed her a list of 20 properties that were not listed on the MLS yet. Tragedy struck for another real estate investor. His properties were being liquidated by his estate. We looked at 10 or so of the properties that looked good on paper. We made three offers, one we closed on. The four bedroom two bath home was in a good neighborhood, close to an elementary school. We purchased the house for $37,500 with $10,000 in renovations and the knowledge that if a contractor tells you it will take one week for repairs, quadruple that time table. After receiving feedback from the BiggerPocket forums, we decided to flip this property for $80,000 and shoot for more deals like our first. This house has been listed on MLS for about a month now with several viewings.
Our third deal is in progress. Another four bedroom two bath property close to a high school. We bid emotionally and paid too much (lesson learned). All is not at a loss as we are gaining experience in plumbing, window installation, and the benefits of a great first aid kit. We paid $52,196 and will have invested a few thousand in repairs when were done. Owner financing this one is our next learning experience.
The power of an educational experience and how this summit will benefit us:
I don't know if it was the smell of asphalt burning under my shoes or the exhaust of hundreds of vehicles. Those hot afternoons pushing shopping carts in a Wal-Mart parking lot in 1995 were a lot different from the Air Force life I knew a few months back. Something had to change; I was convinced an education could do just that. I enrolled in college three months later.
Each major junction in my life seems to begin with learning. Learn to march, learn to write computer programs, and learn to analyze deals. So Michael asks how we would benefit from this summit. Our goal this year is to double our cash flow from the previous year. This summit would hopefully play a large part in helping us meet this goal. As I hate to use clichés, Information is Power. This summit may give us the information edge we need to keep growing our portfolio and meet our real estate goal.
Paying it forward:
As Michael stated he is just paying it forward. If selected, I will pay it forward also. As a new real estate investor, I don't have the experience to contribute much to these forums or become a mentor just yet. I can leverage my skills in the computing field and will contribute 6 hours of computer/network assistance to anyone in my town.
Thanks, Will M.