Take Action: My First Property
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