Take Action: My First Property

3 Replies

In Jan of this year I decided I was gonna become a RE investor.  I started listening to podcasts 8hrs a day while at work and reading books at night.  In the beginning of my research I thought it was gonna take me forever before I knew enough to get started, but i realized slowly that I don't need to know everything and the best education I could get is to take action.  "don't just learn, take action" - @Brandon Turner  It took some convincing of myself to find the courage to pull the trigger but I fully committed. 

Today (6 months later) I received my first check from my property manager. I purchased my property turnkey in Memphis TN for 150k and it has a 2 year lease for $1500/month.  I put 20% down and my mortgage, taxes and insurance payment is 932/month. I really surprised myself that I was be able to get started in just 6 months starting with zero knowledge of RE.  The thing I found to be most valuable in my first deal is the confidence and comfortability I have gained in RE.  A person with drive and confidence in what they are doing is a powerful thing.

Thank you to everyone on BP and people I have met at REI meet-ups.

One of my favorite quotes that helped me to take the leap:  “There is no failure. You win or you learn. Either one is okay.” -Gary Keller

@Billy Maloney

Congrats on getting started on your path to financial freedom through the wonderful world of REI!!! Confidence is key!!

@Billy Maloney

Love the Gary Keller quote! I am excited for you and congrats on your first check. Keep up the good work and let me know if you are ever looking for property in Nashville!

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

Lock We hate spam just as much as you

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here