Small Success for a young investor
So I have finally gotten around to talking a little about what I consider my first success into real estate investing.
Some background, Sept 13' I had just turned 23 and had been out of school for 9 months. Still reluctant on wanting to work a 9 to 5 minimum 40 hour a week salaried job and only working part time as a swim instructor I became really interested with real estate investing and immediately started fumbling threw books and online webinars and forums to gain as much knowledge as i could.
Like you always hear, the second you start broadcasting your goals and ambitions to people, a lot of the things you need are already their and waiting for you to take.
Fast forward to Dec. 13 and I had gotten a small team behind me ( loan officer(cousin), real estate agent(dad's friend), contractor) and i begun to scour the MLS looking for a home i could afford and figuring out the best way to do it.
With little money upfront, me and my team had decided the best route for me was an FHA 3.5% down and owner occupy for a year. I had found a HUD home that was rehabbed in 05 so major systems and roofing was only about 9 years old with a list price 100k cheaper than city assessment and 55k cheaper than average comps for the area. My bid was accepted and i was on my way to being a First time home owner. I did a little updating to the floors paint, ceiling and appliances and spent about 6k total including closing cost.
I now have two rooms rented out to coworkers and live for free as i continue to have my mortgage paid by my roomates. I will soon have plans to take equity out of the home and hope to jump start my investing business within the year.
Heres a few pictures of the udpates.