Rental Property Investor · Concord, NC · Member since 2016 · 1k+ posts · 3k+ votes
8y
A really smart realtor helped me get started 10 years ago by buying a simple, local 12 year old 3/2 HUD foreclosure for $70K and another $15K in improvements. I did the simple stuff myself - paint, tile, wood laminate, gently used appliances, fixtures, ceiling fans and I contracted a few items like repair of a split floor joist, electrical short and a few plumbing problems. I self mange and the property has been rented to the same lady for 9 years. I think she has called me maybe 4 times and has never been late on rent. 16 SFHs later, I've made my share of mistakes and encountered all the typical problems. The first house was a great education for things to come. What started out as a hobby allowed me to retire early and cash flow life. Best of luck to you.
That is pretty much the entire business of real estate investing right there. Naturally over the years I tried to get clever and figure out a way to get deals without motivated sellers. Guess what? It never worked LOL!
Rental Property Investor · Concord, NC · Member since 2016 · 1k+ posts · 3k+ votes
8y
A really smart realtor helped me get started 10 years ago by buying a simple, local 12 year old 3/2 HUD foreclosure for $70K and another $15K in improvements. I did the simple stuff myself - paint, tile, wood laminate, gently used appliances, fixtures, ceiling fans and I contracted a few items like repair of a split floor joist, electrical short and a few plumbing problems. I self mange and the property has been rented to the same lady for 9 years. I think she has called me maybe 4 times and has never been late on rent. 16 SFHs later, I've made my share of mistakes and encountered all the typical problems. The first house was a great education for things to come. What started out as a hobby allowed me to retire early and cash flow life. Best of luck to you.