The Excitement Of Real Estate!
Do you remember your first purchase? Were you making your first deal and didn’t even know it?
I was.
About 4 years ago my wife and I bought our first home. You know how you’re supposed to be like really excited about buying your first home? Yeah, I wasn’t. I remember buying my first home and being terrified. I remember after signing the bazillion pages and feeling guilty. What did I just do? I signed an agreement to own a $54,000 dollar home for 30 years!!?? Am I out of my mind!!! This house is going to cost me $500 a month (including taxes and insurance) for 30 years! And I have to fix things when they break. What if I lose my job!?
All these things I asked myself when we bought our first home, well folks I’m no Brandon Turner (yet) but it turns out buying that house was one of the best choices my wife and I made. Fast forward 3 years we sold our house and made $47,000 on it. We toyed with the idea of buying property and building a house with my brother-in-law. But after doing a random search on Zillow my wife stumbled across a duplex for 30k. I called my brother-in- law and told him “bro, if we buy this property, our dreams are over.”We will be slaves to that property loan with extremely high property taxes. I sent him the listing of the duplex and told him my wife and I decided we are going to put an offer in.
years ago my brother-in-law, Micah read Rich Dad Poor Dad then introduced the book to me. The idea of investing in real Estate always excited us but we never got serious about it until my wife and I bought the duplex.
Fast forward one more year and I currently sit in one side of this 2 unit wonder, still remodeling the other side but intending to have it ready and rented by April 1st. We just put another offer in on a house a couple blocks away that we are eager to hear back about in the next few days. A Single unit this time that after repairs should rent for $900 adding about $450 cash flow to our portfolio along with the duplex that we should get about $1500 a month for that.
That’s my quick story. This is my second post, I wanted to get in the habit of getting my stories/experiences out there. I’m excited to thrive in this business and to learn new things about it. Thanks!
Jake