First property journey

6 Replies

What’s up Bigger pockets!

I’ve been learning about real estate investing for about two years now and I’m happy to say that I’m closing on my first property :)

With the help from listening to podcasts, reading books, and attending real estate investor meet ups, I’ve gained more interest and learned so much. After awhile I had told myself to make the jump and went ahead and got into action!

Before talking to any professionals I knew I had to get my finances situated and goals straight. I know exactly what I want to do and who i would have to work with. I’m fortunate to have a father who is in the construction business that is teaching me the process of estimating and bidding projects, as well as other aspects of the construction business. I have an uncle that has some skin in real estate investing and he was more than happy to help me along my journey of acquiring properties. With both my Dad and Uncle on my side as my mentors, my scarcity mindset had turned to certainty and confidence. If it wasn’t for them I would not be where I am now.

With that said, I’m ready to take on my new journey...

@Gerald Donaire Congrats! Be sure to get multiple perspectives as well in your journey (which BP is great for). Different investors are at different parts/times of their own journeys and may give different advice based on where they are. For example, an investor in the twilight of their years may be looking to move to owning the properties all cash where an investor that is two years in is using more leverage.

@Elliott Elkhoury 

@Paul Castillo

Hey thank you both for reaching out, My partner and I had acquired a 3/1 sfh built in the 1950s that is all tore up, completely outdated. We are planning to do a complete remodel. Ill be using FHA 203k for financing.

PP $211k

ARV $242k (based off Appraisal)

RC $30.5k (we hope to get it done for 25k)

Monthly mortgage will be $1.4k

This is not so much of a GREAT investment deal because of the small profit margin if we were to sell, though I see this more as an educational investment + a home for my parents. Im currently renting a 1bd apartment with my girlfriend for $800 a month. and my parents are renting a house for $1450 a month. My parents, my girlfriend and I moving in will automatically decrease what we were originally renting for by splitting the $1.4k in half. 

The biggest educational part of this deal is that I'm learning how to budget, schedule, and work with other contractors as if im the GC, goes hand and hand with flipping homes(which I aspire to do).

I would love for more feedback any questions. 


Originally posted by @Joseph Firmin :

@Gerald Donaire Congrats! Be sure to get multiple perspectives as well in your journey (which BP is great for). Different investors are at different parts/times of their own journeys and may give different advice based on where they are. For example, an investor in the twilight of their years may be looking to move to owning the properties all cash where an investor that is two years in is using more leverage.

This is great advice. Thank you Joseph!

 

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