I know it's been awhile since I've made a post, but it's getting that time of year to start reflecting on how well you did compared to what you set out to do at the beginning of the year.
I wouldn't call this a success story just yet, but I'm hopeful I'll get there.
I've been a member of this forum for several years now, mainly reading all the posts and gathering information. Last year, I wanted to take action but didn't know how I wanted to tackle my real estate goals. I had just moved to Baltimore at the end of 2015 for a job and still learning the area, but I knew this would be the place to start acquiring properties for myself.
I synced up with some great people here in BP in the Maryland area that helped me achieve my goals. Especially my agent who's been patient, as I had gone under contract on a property at the beginning of this year but to see that fall through. Now though, I just closed on a duplex last week.
As much as it was disappointing to see a potential investment fall through, in the meantime I had been developing a relationship with a rehabber in the area and the money I would have used for that property I loaned to him to fund his deals. In that time frame to now I was able to save up more money to fund a down payment separate to me loaning the money out. It was because I used an FHA loan I was able to come up with additional funds in a short time to cover the down payment (hooray owner occupancy).
So now here I sit, with a duplex in hand and money invested in rehabs, going over what I want to have in store for myself for 2018. I do know I would like to be more involved in rehabs.
I know I have a lot to learn in the field of land-lordship, but in the end I have a place to live and own myself, and currently refreshing one unit so someone else will pay (most of) the mortgage. Let the journey begin!
Congrats on the duplex! It is a nice first buy.
Congrats on the duplex! Landlording is not as complicated as some make it out to be. You have to be consistent, firm when needed, patient, and most importantly have your systems in place or at least well thought out before your first tenant moves in. Househacking will make things much easier because you are like the "onsite manager" but you will still need to set some boundaries.
Congrats on your first buy! I think setting goals is super important and I personally write my goals down every morning. Keep it up!
@Brian C. congratulations. Starting with a duplex puts you twice as far ahead as most 1st timers.
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