My name is Jarrett Winston and this is a quick overview of how Biggerpockets helped me land 100k in equity on my first deal at age 21.
March 2016: I had just started my first deployment and one day, while on Facebook, I came across Biggerpockets and decided to follow them and didn't think anything special about it. Then, as the articles started posting I was reading every single one. Plus, I started reading the website and then I discovered the podcasts. I was hooked. By the time I left after 6.5 months, I had listened to 225+ podcasts, each one TWICE, and read all the big name books including, Rich Dad Poor Dad.
October 2016: When I got back to the states, I started studying my market and analyzing houses. It was a tough decision to commit to my local market with my duty station only having a population of 30,000 and being heavily dependent on the military. 99.99% was overpriced.
Within a couple months I had began to know every street in Alamogordo like the back of my hand and how to find anything on the county property accessor website. I looked at 600+ properties and was driving my wife crazy everyday going and driving around neighborhoods.....but I knew I could always bribe her with a Starbucks drink haha
April 2017: After going back and forth with the bank for months we finally found the winner. It was a foreclosure listed on the MLS for about 6 months.
4 bedrooms, 2 bath, 1700 sq ft. Built in 2005.
Originally listed at 169k with a price reduction to 139k
We ended up paying 104k after going back and forth with the bank for months.
Purchase:104k with zero down with VA loan
Repairs: 8k (out of pocket cash) 95% work done by the wife and I. A lot of long nights.
Rental analysis: PITI=$667 Estimated rental rate=$1300mo
Important note: House was not up to VA standards for a loan so instead of going the conventional route and putting 20% down. I did the repairs to qualify for the loan before the VA appraisal/inspection (hot water heater, drywall fixes, chipping exterior paint etc.) Risky but worth it.
Future: I am currently deployed again but upon return I plan on getting a HELOC and looking to getting into a Fix n Flip.
Thanks to Biggerpockets for opening my eyes to my new passion. Now we see how far I can take it from here...The sky is the limit.
@Jarrett Winston Congratulations and thanks for your service!
What do you think you could conservatively sell it for?
This is a good deal I think.
I think you will be pretty successful in real estate. I just know these things.
Those are great numbers!! Sounds like you put in the hard work upfront (analyzing and finding the right house) to find an investment with a great profit. I'm a new investor and I would love to hear more about how you were able to get the list price from 169K down to 104K. That is a hugeee bargain from the original list price and I would love any feedback that you may have regarding how you obtained that deal!!
Good stuff, looking forward to hearing more about it!
congrats and thank you for your service.
Thank you for your service! This was awesome. Great job!
Great job Jarrett! Way to "Aim High"!
How did you rehab your home before the appraisal? I thought that was part of closing? Also, are you living in the home now?
You've inspired this 26 y/o service Member! I wish I was thinking like you were when I bought my first VA home. At 21 no less! Bravo Zulu!
Congratulations! and Thank you for your service. You are doing the best thing for your family by starting now and investing in real estate. I love the way you started. NO Gurus!!! LOL, Awesome beginning! Yaaay Bigger Pockets.
Very inspiring story and congratulations!! Thank you for your service!
Congrats on your first deal! Many more coming your way!
Nice job @Jarrett Winston ! I would also enjoy hearing about your discussions with the bank on how you came upon your final price. What did you initially offer? How did they reply? What supporting documentation did you provide them?
Congratulations! I'm impressed by what you have done at such a young age.
Nice work!! Its risky doing those repairs but was definitely worth it in the end.
Congratulations Jarrett, I see such huge things for your future. You've made a great start. Thank you for your service.
Fantastic job! All the time learning and driving around finally paid off! Stay motivated and keep the momentum going in a positive direction... Thank you for your service!
Good on you Jarrett and thanks for your service to your great Country.
congratulations! and thank you for your service :)
Congratulations! Thank you for your service, bless you and your family. Looking forward to hearing about your future success!!
Congrats Jarrett and thank you very much for your service!
Could you please tell me how you plan to weather a possible down turn with such a high level of leverage?
Great job! Congrats and thank you for your service to this country!
@Jarrett Winston Congrats on a taste of success right out of the gate -- wishing you many more!
I'll add my thanks to all the others you have gotten above: thank you for your service!
Very Inspiring! I would love to here how you got the price down to $104K. Brilliant work. Whooah
Nice work! Also would like to know about the bank negotiations.
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