Took the plunge from primary home to duplex.
Hello everyone,
For the last four years I’ve been studying, reading and listening to countless podcasts about real estate, and I’m proud to say I have my first rental under contract.
Let me tell you a little about these past few years. Almost to the month four years ago I bought my primary residence. I knew I wanted to get into investing but I also wanted to move out of my parents house and into my own, so I bought a 1400 sqft 3 bed 2 bath home. I went through and did some updates to flooring, interior and exterior paint, etc. Although i had some rough financial times with work slowing down and issues at the house, I’ve had plans to sell it for roughly 2 years now, especially after I started talking to a co-worker that had about 10 rental units at the time. But I still didn’t have a plan or another place to go.
Turns out said co-worker is retiring this year and has been slowly selling off properties. He’s an old school, old timer that’s been doing this for the past 35 years and I’ve been hounding him for his knowledge on the business. And turns out he has a duplex for sale.
Then just three weeks ago I was sitting around with some friends and threw out the idea that I wanted to sell my house and move into a duplex. A couple of them said I was crazy and then one of them along with his wife said they would love living in that house for their first home.......
Just 1 week ago we signed the purchase agreement for the sale of my house, and 3 days ago I signed the contract for the duplex.
Im crossing my fingers but a lot can still happen from now till closing but If this deal holds up and everything closes properly it’s going to free up around 1200$/month in expenses.
I owe it all to my family and the bigger pockets community for teaching me the specifics of real estate and the importance of personal finance, patience and persistence. I want to thank you all for everything. Always Keep pushing forward and happy investing!!!