Closed on my 2nd property!

Closed on my 2nd property!

Jordan SutherlandBusiness Member
Realtor · Lubbock, TX · Member since 2016 · 86 posts · 119 votes

Hey guys, I'm a new investor in Lubbock, TX!   I'm 23 years old and I started learning about real estate investing about four months ago and I decided to focus on buy and hold investing based on my skill set. I puchased my own home about a year and a half ago and purchased a duplex in July that is currenty rented out. The duplex has been treating me well with good cashflow. Today, I closed on my second property, a single family residence. I got the property for $95,000 and had the seller pay for all wanted repairs before closing. I've been advertising the property online for the past week and already had a few families put in rental applications for $1100 monthly rent. After closing on my first property and reading Brandon Turner's books, I gained confidence in real estate investing! I will hopefully have my third rental unit rented out by next week. I just wanted to let all the other newbies know that with all the great info available on BP, I have been able to start my real estate investing career successfully (so far) and I can't wait to aquire my next rental. It IS possible for beginners to start building wealth with real estate. For all you other newbies out there, you can do it! And once you get over the first hump and get your first property everything will get easier and fall into place. I can't thank the BP community enough for all of the shared wisdom! Good luck out there and God bless!

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Investor · Short Gap, WV · Member since 2016 · 160 posts · 38 votes
9y
Thanks for the encouragement! It really does help to see that just starting out! Which books do you recommend to read and do you recommend any particular order to read them?
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  • Real Estate Agent · Houma, LA · Member since 2016 · 238 posts · 115 votes
    9y
    Congrats!
  • Investor · Short Gap, WV · Member since 2016 · 160 posts · 38 votes
    9y
    Thanks for the encouragement! It really does help to see that just starting out! Which books do you recommend to read and do you recommend any particular order to read them?
  • Realtor · Los Angeles, CA · Member since 2016 · 46 posts · 8 votes
    9y

    Hello, Jordan

    Congrats! I am a newbie myself and hope to purchase a property soon!

    Keep the positive vibes going! 

  • Phoenix , AZ · Member since 2016 · 15 posts · 5 votes
    9y

    Congrats. Thanks for the inspiration! 

  • Brooklyn, NY · Member since 2016 · 71 posts · 21 votes
    9y

    @Jordan Sutherland, Huge Congratulations.  Very inspiring and motivating.

  • Jordan SutherlandBusiness Member
    OP
    Realtor · Lubbock, TX · Member since 2016 · 86 posts · 119 votes
    9y

    Thanks for the replies guys! Dakoda, I would first recommend "The Ultimate Beginner's Guide to Real Estate Investing" by BP's Josh Dorkin, which is free on BP or Amazon.  Secondly I would recommend "The Book on Rental Propert Investing" by Brandon Turner. Thirdly, for buy and hold investors, I would recommend "The Book on Managing Rental Properties" by Brandon Turner. You can get the two Brandon Turner books at a good price directly from BP or Amazon. They are worth their weight in gold. There are also several other books out there that are very helpful, but I personnally found these to be the most beneficial to myself. Also, I enjoy listening to or watching all of the BP podcasts every week. There is a wealth of information given out for free each week from Josh, Brandon, and their weekly guests, and they always seem to keep it very entertaining as well.

  • Investor · Atlanta, GA · Member since 2015 · 139 posts · 98 votes
    9y

    Awesome!  Congratulations.

  • Real Estate Agent · Sacramento, CA · Member since 2014 · 73 posts · 16 votes
    9y

    Congrats Jordan!  Keep up the great work!

  • Grandview, MO · Member since 2016 · 5 posts · 3 votes
    9y

    Congratulations!! Very happy for you!

  • James MillerPro Member
    Investor · Snohomish, WA · Member since 2015 · 139 posts · 42 votes
    9y
    Mind if I ask how you financed two deals that close together.
  • Jordan SutherlandBusiness Member
    OP
    Realtor · Lubbock, TX · Member since 2016 · 86 posts · 119 votes
    9y

    Not at all James. I found out that a family friend does a little bit of private lending and got both properties financed with him. My wife and I have a decent income, i'm a firefighter and she is a cosmetologist and we had been saving money for a while and had been keeping it in mutual funds. After learning about REI we decided to take a good portion of that and invest it in real estate. With the private lender, we only had to put 10% of the purchase price down on each property, but were actually still given a very good interest rate. We are pretty leveraged, but each purchase had some built in equity and has potential for decent appreciation and will cash flow well. Also the loans allow us to pay them off early, make minimum payment for 30 years, or refinance if we choose. This leaves us some options in the future. We could've went through a bank, but obviously we would've had to put more money down. This way, our interest rate is a tad bit higher, but the properties will still cash flow well and we had enough money left over to have a good sized emergency fund in place, in case of any big unexpected expenses. At my age, I have no problem been well leveraged, as long as I have money in the bank and cahflowing properties.

  • Investor · Saint Louis, MO · Member since 2016 · 970 posts · 1k+ votes
    9y

    congrats on starting at a young age! you will go far brother. Keep it up :)

  • Dallas, TX · Member since 2016 · 9 posts · 5 votes
    9y

    Great work Jordan. That's very inspiring, I'm getting started myself and looking for my first deal.

  • Rental Property Investor · Davenport, FL · Member since 2016 · 593 posts · 382 votes
    9y

    @Jordan Sutherland I wish I had your courage and drive when I was 23!

  • Real Estate Agent · Pittsburgh, PA · Member since 2015 · 1k+ posts · 846 votes
    9y
    Originally posted by @Jordan Sutherland:

    Hey guys, I'm a new investor in Lubbock, TX!   I'm 23 years old and I started learning about real estate investing about four months ago and I decided to focus on buy and hold investing based on my skill set. I puchased my own home about a year and a half ago and purchased a duplex in July that is currenty rented out. The duplex has been treating me well with good cashflow. Today, I closed on my second property, a single family residence. I got the property for $95,000 and had the seller pay for all wanted repairs before closing. I've been advertising the property online for the past week and already had a few families put in rental applications for $1100 monthly rent. After closing on my first property and reading Brandon Turner's books, I gained confidence in real estate investing! I will hopefully have my third rental unit rented out by next week. I just wanted to let all the other newbies know that with all the great info available on BP, I have been able to start my real estate investing career successfully (so far) and I can't wait to aquire my next rental. It IS possible for beginners to start building wealth with real estate. For all you other newbies out there, you can do it! And once you get over the first hump and get your first property everything will get easier and fall into place. I can't thank the BP community enough for all of the shared wisdom! Good luck out there and God bless!

     Congratulations! I'm looking to get my second property next summer so this is very encouraging. 

    Best of luck!

    Tony

  • Rental Property Investor · Dallas, TX · Member since 2016 · 27 posts · 10 votes
    9y

    Congrats man. it is very exciting getting a new property! 

  • Investor · Orange County, CA · Member since 2016 · 113 posts · 24 votes
    9y

    @Jordan Sutherland, Great job and congrats!  At just 23, you're already ahead of the game!  Very inspiring for newbies like myself.  Keep up the good work and I wish you much success! 

  • Clayton, NY · Member since 2015 · 157 posts · 35 votes
    9y

    Congrats @Jordan Sutherland, good to see people out there taking action! Keep up the great work and good luck to you!


    Amber

  • Rental Property Investor · Westchester County, NY · Member since 2015 · 33 posts · 9 votes
    9y

    Well done! Congratulations! Thanks for the inspiring post and great information shared @Jordan Sutherland!

  • Rental Property Investor · Durango, CO · Member since 2016 · 16 posts · 6 votes
    9y

    Awesome!  Good luck to you and your adventures.  I started buying and holding and house hacking when I was 25 years old.  At times it was so hard I wanted to give up but today I look back and I am glad I stuck with it.  It is worth it in the long run.  

  • Investor · Anchorage, AK · Member since 2016 · 222 posts · 294 votes
    9y

    Congrats! I just did my first deal a few weeks ago too!

  • Engineer · Carlsbad/San Diego · Member since 2014 · 285 posts · 97 votes
    9y

    @Jordan Sutherland Congrats Jordan! Do you mind sharing the taxes and insurance numbers on your Texas properties? I have heard they are high so wanted to know how much are they as % of rent. 

    (Also if you want to tag people just type @ followed by first 3 characters of their name and you will see the people pop up below, just click on it) 

  • Investor · Philadelphia, PA · Member since 2014 · 351 posts · 80 votes
    9y

    Congrats to you @Jordan Sutherland! Nice to hear you are on your path at such a young age

  • Investor · Longmont, CO · Member since 2016 · 19 posts · 21 votes
    9y

    @Jordan Sutherland Congrats on the recent acquisition, Jordan!

  • Houston, TX · Member since 2015 · 15 posts · 3 votes
    9y
    That's awesome!! very encouraging, congrats bro.
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