My first flip paid off my student loans!!!

45 Replies

Joshua, great story! Thank you for sharing!

Truly inspirational and congratulations...Thanks for sharing your story!   

Thank you so much for sharing, goes to show hard work, dedication pays off! I really needed this!

Great story. You might want to add a few numbers. Most of us think the figures make the articles "juicy". You know, purchase price, sale price, etc. also, the # of hours of toil and sweat you spent on oh, so many things. Put some pictures in, and not only do you have a great story, you are EDUCATING all of us. Thank you for sharing. I am sure the next one will be EVEN better.  

This is so inspiring! It shows me that it's pretty easy to get past the obstacles holding us back. We should jump in the business through pure faith.🤗

This is an amazing story.  I truly enjoyed reading it and it uplifted my spirits today.  I know it is not a get rich scheme but I know that with time, education and just doing it, it is possible.  Your story clearly portraid that.  Thanks for sharing.

Great story, Joshua! Love it! Please.... when one writes a a great read, pictures are imperative. Fortunately, I've a great imagination since I've an interior design background. I "saw" what you described. I look forward to seeing the pictures, though. 

I joined a REIA in Houston. Nice, hard working people, but the market is saturated here and inflated. I prefer someplace smaller (still warm) with access to an airport. Scouting. :)

@Joan Defenbaugh - It's late only when you're dead. Keep moving and don't let fear stay in your way. 

Originally posted by @Joshua Herald :

It was 2014. I had followed a girl from Columbus Ohio to Cincinnati. We were living together for a while when be both slowly realized that maybe cohabitation was not for us. So I began looking for rooms to rent.. I was on the tenant end of a few people house hacking. Realizing the potential of passive income, I knew it was something I could do. So I took a risk. With little money or time, I became a member of the local REIA.

After a few weeks of being the shy one in the back of the room, I started asking around. Somehow, one night I was introduced to a young lady that would fundamentally change my outlook on life, wealth, and avoiding the rat race I was so desperately chasing.

She said that she had a house that may fit what I was looking for. We eventually drove over and I immediately said no. The bushes were overgrown, the kitchen, bath, and fixtures were all from 1960. Ugly green carpet. Strange room with no purpose. It was a mess. I couldn't do it. It was too much. I owned little to no tools, i had never hung drywall, and my painting experience was limited to watercolors.

We moved on to a few other houses and while I'm sure her patience was running thin, she asked me to look at the first house again with an open mind. She taught me how to look past the peeling wallpaper, the missing appliances and the pet urine smell. Somehow, she convinced me of the houses potential.

She agreed that they would fix up the house enough that I could get an FHA loan. Kind of a Pre-Hab. I helped pick out all of the furnishings for the bathroom and kitchen and we were off.

I’ll never forget the first night in the house.I slept on a bed that came with the house in the back bedroom trying to silence the voice inside my head saying “what did you just do? You’re going to fail”. I would get home from work and .. I guess work. She and her boyfriend at the time would leave me a list of things to do. I would work until 11pm any night that i wasn't traveling for day job.

The renovation took over 6 years of on again, off again progress. Some years more than others. It saw over 12 different tenants that helped me house hack. The work was done mostly by myself but once my wife came into the picture, things really took off.

She is a firecracker. She is a school teacher which is a huge asset in a relationship with me and my childish antics. The first night I brought her over, the conversation before entering the house was a 10 minute preface of why there is building material everywhere, dust in the sink, an old broken fish tank in my bedroom. I’m still amazed she didn't run away screaming. I knew my vision, she believed in me and progress came quick… until a year ago, May 12 2018.

We had started a family and nothing is more motivating than getting scolded by the wife when she finds tools laying around within reach of the new bundle of joy.

Here is a list of the renovation tasks

Replaced every piece of trim in home (yes, every single piece)

Build a rear covered porch

Replace gutters and soffit

Replace water heater

Replace all windows

Refinish hardwood floors

Replace all doors in home with prehung solid core doors

All new hardware

All new kitchen and bath

Add a master bath with soaking tub (with inspections)

Add a master closet

Rewire master (with inspections)

Replace master carpet

Install hardwired fire alarms

Install recessed can lighting throughout.

The list goes on and on.

I used a total of 2 contractors. One of which took me for over 3k. (but now, even my lawn guy signs an agreement) The lessons learned from this house will guide me for the rest of my life. I know what I will and won't do. I learned the value of my time. I learned that sometimes it really sucks to live in a flip. I learned that everyone thinks you’re crazy and that you will fail.

With all of these lessons, the biggest I took from this experience is how insignificant the frustrations are. On my last day in the house (yes we sold it about a month ago) I was taking final pictures and reliving some of my most difficult times. That corner I assumed was square but my cabinets showed me otherwise. That copper pipe that wouldn't take solder and leaked 5 times before I got it. Messing up the last piece of trim in a room only to find out it was the last you had and Home Depot closed 6 minutes ago.

When my wife and I stood in the front yard with our baby in our arms, none of it mattered. A dream had came true. Not a blessing, Not luck, But a dream that we tackled together. All we wanted was to make enough money from the house to pay down my student loans.

But as of 11:45am today when I hit the “process payment” my wife and I owe NOTHING to anyone. Cars, Cards, Loans it's all paid. The feeling of those chains breaking is indescribable.

If you are reading this, I want to make something clear. This is not a get rich quick business. But it is a way for average or even below average people to get ahead in life. Neither my wife or I came from money. I grew up lower middle class. I was the first in my family to go to college and at graduation I owed the government and Wells Fargo over $65,000 and I had a sub par education making less than 30k/year.

Put together a plan, Join REIA, Commit, Succeed

You can do this.

I will try to get some pictures up here later.

What did you mean by took you for over 3k?  

@Joshua Herald this is an amazing story man. It really gives you hope that it can be done and thanks for sharing such an inspiring story.

Here are a few after pictures. I have a hard drive with all of the old pictures from the beginning i just cant seem to find it. Anyway, here are a few of the finished. 

Wow, you definitely found a diamond in the ruff. Usually, if a realtor is showing you a house, that means the "flippers" passed on it. The great deals, unfortunately, are found off-market and are usually cash-only. You can still find deals through realtors if you are starting off, but If you can find a realtor who will bring you a good deal and not keep it for themselves, than please give me their name, lol. What I am experiencing is you need to network, because if you are relying on some random realtor to find you a "deal" than you will probably be disappointed. Establish a relationship with several realtors and than they will probably send you a deal. The reality is, the realtors look at these houses before they are listed, and a lot of times they share it with their realtor buddies first. So if you are relying on realtors, than make sure you establish a relationship (business) with them, so you are part of their inner circle. 

Congrats looks good.

But is it ok to offer some constructive criticism. I dont want to be the Simon Cowell of BP.

This house was a long hold flip. It was my first house. I used it to develop my skills as a home owner, not necessarily a rehabber or flipper. The deal was not sent to me through a "random" realitor. This was a fellow investor/wholesaler. She and her husband now have a large presence here on BP. For all I know, she has read this. But yes, I am establishing new connections for off market deals since I moved an hour southeast from my first home. 

Originally posted by @Rob Massopust :

Congrats looks good.

But is it ok to offer some constructive criticism. I dont want to be the Simon Cowell of BP.

 By all means, 

Im here to learn.

Great story man!  I have been listening to the BP podcast for months, which got me interested in investing.  Currently I am active duty military with about 18 months left so I am hustling as much as possible to get as much debt lowered mainly my student loans.  You did what I want to do, which is a live in flip.  I learn and understand the best when I do it myself, so I want to be the one hanging drywall, painting and laying down tile.  At least for the first one.  

Hitters gonna Hit

@Joshua Herald , what an inspiring story. Thanks for sharing and congratulations on the success. Thank you for the pictures. You did a great job !

Great story! It's truly amazing what can be done from owning real estate. So many creative ways to make money create an easier life for yourself. The fact that you were able to pay off all of your debt with one house and over only 6 years or so is truly inspiring. Thanks for sharing @Joshua Harold 

What an inspiring story! You're so amazing bro! Your story is the first one which make me so impressed! 

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