Ill try to keep this basic, but will answer any question in more detail if wanted.
2014- I'm 30yrs old, My on again, off again gf tells me shes pregnant. I don't have a tax paying job, a less than 500 fico score, no bank account or credit card and am living in a house that is being foreclosed on (not mine). TIME TO GET MY LIFE TOGETHER
Knowing i have people that are going to be depending on me, i get a job(just over broke), a small apartment for our small family, as well as get a bank account and put $1000 down for a secured credit card. Started learning how to eliminate debt, build credit, and the requirements to purchase a house (640fico, 2yrs employment, no current collections ect...)
Oct 2016 Married with a 2yr old, I finally have my 2yrs employment, a 680 credit score and about 5k in the bank. After talking with my best man(mortgage banker) about buying a house I quickly realize that I don't qualify for much of a home loan about 180k, and even if I find one id be strapped to make the note, and would be stuck in it for a long time before i could ever get out of it and on to a nicer house.
Found BIGGERPOCKETS.COM and became a pro member, read more books, listened to every single podcast, learned more about real estate and investing in a few months then I ever imagined, looked at every property on the local MLS, analysed tons of properties and found a decent idea on what we needed to find........ now onto the success
I took that 5k and wrote an earnest check for a sfr that was converted into a duplex that had been on the market for over a year, tons of new upgrades, but neither unit was livable or close to finished. Closed on the property in April 17' with a 50/50 partner, My best man and I did a full renovation and I moved into one unit in June and rented the other in Sept. In Oct 17' I did a cash out refi to pay off my credit card debt i used for the reno, as well as my personal loan to my partner, to our amazement, the property appraisal came in at 240k!!!! We came to an agreement and I bought out my partner.
Now owning the duplex myself and showing income on the property, i applied for a HELOC to help fund the down payment of another property, my new appraisal came in at 268k in April 18' got a 47k heloc and was now in contract with another duplex!!! Closed April 29th 18'
So after 4 hard, long(actually went by fast) years, I turned 5k cash into owning 2 duplex's from April 17' to April 18'
Now having a wife, 4yr old, and a 5month old, a better job and 2 duplex's, we are on the path to financial freedom!!
quick break down on numbers
duplex#1 $876 mortgage $350 heloc notes, rents are $1175 and $1275
duplex#2 $1500 mortgage, rent $1150 and we are moving into the other half.
Well a little more than I originally intended but there is our Success Story as of now. There was a huge amount of ups and downs, but persistence, dedication, and tons of hard work is paying off for us!! Thanks to everyone on the podcasts, the forums and everything else on this amazing site, as well as to anyone who reads this, comments, and gives incite.
Awesome story thanks for sharing and be willing to help others.
Happy hunting and most of all congrats on your family way cool!
You’re story is very inspiring and I’m super jealous. You are quite impressive to have stepped up and taken your life in a positive direction.
Thank you for sharing your success story! It’s very inspiring!
Thats how its done. Off the grid to owning 2 duplexes, way cool! Great work and VERY inspirational... Thanks for sharing.
Way to go!
Congrats!! I hope to soon do that as well! Very inspiring .