My First Hold Strategy
During the recourse of the recession in 2008 I became a new investor in 2010 with my first rental property.
I was mentored on this path very modestly I will say. I had a supervisor at the time recommend buying a multifamily property and living in one side of it. I was planning to stay in the area for a few more years so I figured, why not? My spouse and I at the time started shopping around and interviewing realtors. After finding the right realtor for us we found the right property.
During that time I had no education concerning real estate investing. I simply knew that if I paid X amount on mortgage and earned X amount on rental income then the math after that was simple. I was informed that I must reside in the house for a certain amount of time to ensure that my loan did not become an investment loan.
This turned out to be a great step for my future. The property management agency kept the property occupied for approximately 85% of the time. I make cash flow and chipping away at the principle.
I did not make any other major moves in real estate after that. I actually found real estate again after a six year absence. I am newer to this site and completely obsessed. I will be looking to use the BRRR strategy in the near future to grow rental holdings.
I can say that in the end of this experience for me the best advice is to just take the steps to get informed, and take action one step at a time. No one runs a marathon without training! Thanks and hope you enjoyed my story.
Michael Spadoni