My first Rental
My first rental came about because of a new job in a down economy. My wife and I bought our first house (3 bed, 2 bath, 2 car garage, 1,064 sq ft) your typical starter home in 2003. It was a FHA 30 yr loan with a 1st and a 2nd mortgage, and $500 down. We refinanced in 2005 from 6.5% 1st and 8.0% 2nd to 5.5% conventional loan pulled $35,000 out and got rid of the PMI. Not bad until the market dropped and we were "under water", but only on paper. In 2010, after 48 furlough days in 18 months I started looking for a new job out side of CA. Even though we were "underwater" we were able to rent the house out for the mortgage and two years later refinance using a 30 yr HARP Loan to 4.35% and start cash flowing around $220 a month. We have only had 2 tenants, the first stayed for 3 yrs and the 2nd just signed their third lease agreement and we were able to raise the rent for the first time in 5 years.
Our second home (and our current residence) was a short sale that I am seriously considering flipping after living in it for two years and fixing it up. I am hoping to gain more knowledge and understanding about all the strategic options available.
I am looking to network by finding like minded and experienced real estate investors and mentors, compile proven investment strategies, and implement them.