I started out by renting my condo to a friend 3 years ago when my company moved me all over for a work assignment. I was able to save up quite a bit as my living expense was paid for and I put away all my salary and paid down my condo with the rent. I started looking at investing my savings and realized real estate is the best way to go, I began reading books and listen to podcasts religiously and guess which podcast I listened to the most :) .After returning to states I found these two old school investors (brothers) on Craigslist who were willing to CD out their 260k duplex near dt Minneapolis ( Marcy Holmes) for 10% down and 5.5% int, I knew just enough to jump on the deal and it worked out great. It was cash flowing and only need cosmetic work, I also had a friend who knew about fixing houses so I worked out a deal where I give him a certain % equity so he would help me with updating and maintaining the property. We have since increased rent and the property is apprised at 320k. The whole experience provided me with more confidence and I began to look for SF Brrrr opportunities. Long story short, I found two single families in a up and coming neighborhood in Saint Paul, one was 75k, apprised at 130k after updates and the other 90k, 150k after updates. I also began working with a portfolio bank and build good relationship where they provide me with access to line of credit and quick refinancing. Long story short, the two brother who CD us the duplex liked us so much they CD-ed us a $450k four-plex ( Marcy Holmes again) at better interest rate. We were also able to do few cosmetic update and raise the rent 20% on that one as well. Long story short, since than I have bought 2 more single family rentals( one financed and one on CD in North Minneapolis), a duplex , 4-plex and one more 4-plex I currently have under contract. Its been a crazy ride but I tried to avoid all the mistake mentioned on the podcasts and books and so far I am loving the experience. Sleep was not easy the first few month and I was working between 60-80 hours per week. Now every thing is cash flowing and I have cash reserve/line of credit set up for emergencies. I have a go to contractor I call for most of the work and I am setting up a website to help with application process.I am actually looking at a apartment building now and have asked the owner if they are interested in doing CD, they have said they may be open to it, this would almost double my portfolio but I am looking to raise funds from family and friends... wish me luck

Lee

5 Votes