Newbie from Greeley, Colorado

[Morgan Wallace]

Hello, BP!

My name is Morgan Wallace, and I am here working to become a Real Estate Entrepreneur. My goal in real estate is to eventually build up enough passive income to overtake my active income (biomedical engineer), then maybe I can call myself an investor. My focus is buy-and-hold, with the first few years of investing in single-family, develop and season my systems, then begin to grow into multi-family and end up in small and medium apartments. I came to join BP after listening to the podcast (on repeat), and just love what Josh and Brandon are doing there.

I'm not totally inexperienced in owning a rental, but consider myself to be a beginner. My parents and I co-signed on a townhouse in 2005 when I was in college, then watched pitifully as the market dropped out from under it. We bought it so overpriced that when I moved out and rented it, we subsidized the mortgage. My parents were ever-reluctant to sell as they both live in communities relatively insulated from the recession, and have a hard time accepting selling it at a loss.

Enough was enough, I decided. That's what brought me to the podcast to being with. Episode 80 with Jonna Weber, where she discussed the property on which she and her family had to take a loss, told me that we weren't the only ones that made a mistake, and that there were ways out. 

Long story longer, we refinanced the townhouse at the current low interest rate for the remaining loan balance, over a new 30-year term, and did a quit-claim deed. Now I am the only name on the house, and have it rented for a modest, but positive cash flow.

Determined not to have a bad experience be my only one. and convinced that real estate is a great investment when done right, I'm ready to get into it for real. My mantra will be: equity is the icing on the cake; cash flow is the goal.

Thanks, BP for a great site, and can't wait to be a part of the community,

Morgan