Sharing my rookie real estate journey

Sharing my rookie real estate journey

Rental Property Investor · Pottstown, PA · Member since 2019 · 15 posts · 28 votes

Welcome to my real estate journey! I  am a single mom have a full time job as a plan builder for the health  Insurance industry I was introduced to real estate investing by my dad who had asked me to help renovate his Philadelphia rental.  He had rented through section 8 for over 10 years and the city never raised his rents?! So we decided it needed major updating to attract more renters. I was super excited to jump in since HGTV prepared me for this right?! We started our demo and design and I quickly realized that creating a space for a family to call home was super fun and rewarding! The end result was better than we imagined! We got new renters and increased our monthly rents by over $300!

This gave me the boost and nudge I needed to to ahead and find another rental! I started listening to several people on YouTube and Bigger Pockets while attending my local Real Estate meet-ups. I learned so much from all these FREE resources! Which gave me the tools to figure out our next move. Since my father owned the Philly rental free and clear we did a cash out refinance- thank you David Greene for the BRRRR method! We took the cash out to put down on another property and had some money left over for renovations!

This 2nd rental was in the suburbs of Philly I found this home through the MLS as a foreclosure so I got it for a good deal! While attending my local REI meet up I also meant my private lender who funded my whole deal! I was blown away that someone whom I had just gotten to know for a short amount of time believed in me and was willing to take a chance on helping me achieve my goal! Frank Yang is awesome, he generally wants to help people.

As a fairly new investor I made my share of mistakes such as getting scammed by a phony private lender who asked for money up front and gave nothing in return secondly finding a good contractor that actually shows up was another huge task! Lessons learned for sure! If I did not make a choice to take the chance to make a change in my life I would not be on my road to financial freedom through real estate. 

Thanks to my Dad, my partner Keith and my mastermind group for the support!  I hope to inspire others to make the mental switch, to think positive, if you believe the mind and body will follow.

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Investor · Philadelphia · Member since 2020 · 112 posts · 150 votes
6y

@Matsa Sundara What an inspiring story! Thanks for sharing! I’m investing in the Philly area as well. I love hearing these success stories. And as always, the story’s not over. Keep it going strong!

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  • Rental Property Investor · Austin, TX · Member since 2019 · 30 posts · 18 votes
    6y

    @Matsa Sundara

    Great job on getting started! The experience with already doing a rehab is absolutely invaluable.

    I am eager to hear what you find and how it turns out.

    Yes, finding and keeping the best contractors is a challenge, but as you build your stable of skilled technicians, it gets easier. Of course the better ones are often booked for months, but with good planning, you can get them lined up ahead of time.

    I set it up with a great bathtub refinisher who came in the day after move-out...booked him months in advance, and although there were date changes by the tenants, we were able to coordinate.

    Good luck in your venture!

    Eva

    Austin, Texas

  • Rental Property Investor · Pottstown, PA · Member since 2019 · 15 posts · 28 votes
    6y
    Originally posted by @Charese Allen:

    @Matsa Sundara

    Thanks for sharing your story! I am getting started as we speak and will renovate my mom’s house with her and turn it into our first rental. It’s sometimes hard to find the courage to get started but your story is inspiring. Just get started with what you have and learn along the way!

    Congratulations on getting started! Just stay focus, set small daily goals and you'll be one step closer to your big goal! Good luck with your rehab!

  • Rental Property Investor · Pottstown, PA · Member since 2019 · 15 posts · 28 votes
    6y
    Originally posted by @Eva Neikirk:

    @Matsa Sundara

    Great job on getting started! The experience with already doing a rehab is absolutely invaluable.

    I am eager to hear what you find and how it turns out.

    Yes, finding and keeping the best contractors is a challenge, but as you build your stable of skilled technicians, it gets easier. Of course the better ones are often booked for months, but with good planning, you can get them lined up ahead of time.

    I set it up with a great bathtub refinisher who came in the day after move-out...booked him months in advance, and although there were date changes by the tenants, we were able to coordinate.

    Good luck in your venture!

    Eva

    Austin, Texas 

    Hands on rehabbing is definitely a great way to learn and save! Thank you for the tip in booking in advance, as we know things come up!

  • Rental Property Investor · Pottstown, PA · Member since 2019 · 15 posts · 28 votes
    6y
    Originally posted by @Alex Capozzolo:

    @Matsa Sundara Congrats job well done! It's INSANE how many free resources are out there. Sometimes I wish I had a super power where I didn't have to sleep and could just crank out late night learning into the wee hours of the night. Nice work on your rental!

    Thank you! Late night learning is when I get the most done! 

  • Specialist · Plano, TX · Member since 2020 · 2k+ posts · 861 votes
    6y

    Great story, thanks so much for sharing it with us. Keep up the excellent work and motivation. 

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