My first year of REI recap

[Mike Sola]

My first year of real estate investing was a journey!

My biggest successes were:

-first house hack - I am slightly negative since the rents don't fully cover wind insurance. I am only negative about ~100. beats paying the full mortgage!

-successful house flip - I won a house through the foreclosure market, partnered with experienced investors, and made a 15k profit for myself! 

-successful BRRRnB - Got the property through the foreclosure market. My partners suggested we BRRRnB so we did! It is cash flowing extremely well.

-house flip in progress - another property through the foreclosure market. still in rehab

My biggest mistakes/learning points:

-spent a lot of money on marketing with no ROI - I spent a lot of money on direct mail with no ROI. I need to be more focused/specific on the marketing campaign, follow up better, negotiate harder, and track my metrics better.

-rehabs can suck - our second flip turned into a rehab nightmare with delays...it happens! Next time we need to insure that the contractor can start the day the property is closed (however COVID was a factor in this issue)

Overall, Id say I had a good first year of real estate investing.

This year I am definitely looking to flip more houses to pay of my student loans and get more cash flow to get a 100% FIRE ratio.

Good luck in 2021!