Busy summer for this teacher
Hello bp’ers
I have been teaching for 14 years and haven’t taken a summers off yet. Before real estate I was doing a masters program during the summer. In ny you need your masters within a certain timeframe from being certified.
Then in 2010 I was bought my first flip.
It turned out I was not educated in real estate and I made a lot of mistakes. It took 2 years to finish that project. First I had barely enough for the down payment let alone closing and repairs. I won’t go into all the details of that deal but after 2 years of hard work I finished the shell I bought that I called a flip. Then I sold it after 3 accepted offers and 2 of the 3 offers fell through. The process from being to end took almost 3 years. That isn’t much of a success story. But this is just the beginning
I took the profits and bought a small backhoe. I have many stories about that but I will try and stay focused. I also bought a condo. That condo was a tax foreclosure and the old owner was in jail. His personal property was in my new place.
That condo was a crack house, and from beginning to end took a little of 14 days to turn it around. Now adays we do condos in 5-7 days. I also had to stop at jail to see what he wanted me to do with his property. I put my first renter in that condo. A few weeks later went into contract for a hubzu condo same complex. As I was waiting to close I got a call from a real estate agent that I called many times to see different condos. He had a pocket listing.
Now I bought 1 condo,a backhoe and I’m about to close on another condo. I used all my profit and savings and now trying to close on a3rd condo. I reached out to my best friend. Me and him split the 3rd condo. I borrowed from my retirement and teachers pension and I put together my half.
At this point my story is taking too long so we will fast forward. This year I sold that condo with my best friend for a nice profit .
This story is supposed to be a busy summer for a teacher so let me tell you what I have been doing. I bought 2 more condos and a small house wholesale.The two condos were from a cold call. It was listed for rent at an under market price. By the end of 5 calls he offered a second condo. The house I sat next to the guy at a real estate meet up, the guy is trying flipping and is in the middle of a rehab and came across this house. He reached out to me. I looked, made him an offer,he accepted. He did his first wholesale and I purchased my first wholesale. We closed 3 weeks and a day ago. We are about a week from finishing. The two condo were quick and the owner was very flexible, he allowed my guys to fix it before I owned it. I had an accepted offer on one of the condos before I even closed( I wasnt even the owner yet) The condo i am selling I took 5000 non refundable so I wouldn’t make the same mistake I did on the first house where it fell out of contract 2 times. I just closed last week on them and second one I listed on Zillow for sale by owner about 4 days ago. So that is almost my whole busy summer except in a week I am closing on a 15 unit I am buying with another teacher.
I am also a father of a four year old and a newborn. I figured I have been very busy and haven’t been writing. That is my busy summer. I go back to school soon
Hope all is well with all of you and your investing. Thanks eric