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!
Not to shabby, @Mike Sola . I hope 2021 is a fantastic year for you.
Wow, all in one year! Sounds like a great year for you. Best of luck in 2021!
Well done Mike and great breakdown. Good luck in 2021!
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