Made $250,000 on $750,000 within 6 mos. Fix n Flip. Trustee Sales.
Mistakes: getting ripped off by partners, but even getting ripped off, still made the $250,000.
We will buy and hold eventually, not into losing equity, so prefer to fix and flip and build up the pocket book.
All the Best!
What did you accomplish?
I bought and sold 5 properties, completed another JV deal, and bought a rehab project in December. Just got my first offer today...finally.
Your best success? A healthy son being born.
Your biggest mistake? Thinking I could do it all.
What did you learn? Focus on what I'm good at and outsource the rest. Finding properties that meet the 70% flip rule is very very hard.
Did you achieve your goals? No, I had a goal of 9 properties and only got to 7. The 9 properties was a PIDOOMA though.
I am an apartment locator in Austin. We had a great 2009. Rents were low and commissions were up.
2009 was basically a year of preparation for us. We built are side business to the point that we had cash reserves for investing. Spent a lot of time learning about real estate investing.
Started preparing one rental that we are now getting ready to 1031 exchange with.
2010 is starting to be an exciting year for us. We hope to invest in 2 apartment bldgs before the end of the year.
Somehow I missed this thread up until now. I just want to say thanks to everyone that posted for the huge shot in the arm of motivation reading your accounts of 2009 gave me! As a new investor, sometimes my goal of replacing an above average income from my day job can seem a long way off. Reading your stories reminds me that if I educate myself, make the best decisions I can, and work hard, then it is something I can accomplish.
2009 for me was my last year on the sidelines. We did accomplish some things which put us in a position to start the ball rolling in 2010. In January we finished paying off the mortgage on our primary home. We were paying 6.5% - so technically paying it off was not the best return on our money we could have gotten by a long shot. It did lower our cost of living considerably, and 3 yrs of slamming that mortgage with every spare penny we could lay our hands on built some very good saving habits. After that was done, we managed to save $45k the rest of the year from my day job which gave us most of what we needed to get started in 2010.
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