My name is Derek Meehan and I am finally getting serious about real estate investing. I suppose that's a little like a person in middle-school saying he's getting serious about being a doctor. I've been listening to biggerpockets podcasts for a while and the motivation and information in there, as you well know is priceless!
A little about me:
I am 38 years old, work a software job making around $80k and can work remotely. I am single, have $5k left on my car loan and $5k credit card debt. I have around $15k in the bank but should be able to liquidate another $6-7k in a month or so. I live rent free for now in a landscaping shop my family owns. I just put my first offer in a house out of state(where my brother lives) in Kuna, Idaho.
My recent offer:
The home is a 3/2.5 single family with a 3 car garage. I realize now that I most likely should not have made such an offer considering it was a full price offer. I discovered this morning that the 'new roof' in the listing may or may not have actually been installed. The inspector let me know that it has normal wear for a 20 year old roof. I intend on rescinding my offer this afternoon even if that means losing earnest money. I feel the loss of earnest money is a cost that will save me many thousands of dollars in vacancies/repairs etc of a bad investment.
I would like to replace my current income stream in the next 2-3 years. The purpose for doing this is varied but the biggest reason I have is to be able to give as I desire. I have wanted to do many things in the past where I have been limited by financing. I've wanted to start an automotive after school program for inner city kids, have a free automotive repair shop for single mothers that would provide free cars to the needy single moms. And most recently, the motivation has stepped up. My father is working 80+ hours a week in his 60's and has $0 for retirement. He owns a landscaping company in the Skagit valley but is getting to the point where he needs to slow down but he can't. This leads to my motivation.
I want to be able to provide for my family. I want to provide a way for my father and mother to finally relax. My brother who has a brain injury and can no longer provide for his wife is really struggling and I would like to be able to provide for them as well.
The point and what I'm asking for:
My intention is not for sympathy. It is to indicate I'm serious and am willing to do what it takes to be able to provide. If that means working 100+ hours a week I'm okay with it. If it means me getting uncomfortable... I'm comfortable with that. I'm asking for your help in pointing me to the right articles/books to read. My goal for this evening is to become familiar with the biggerpockets website and calculator. After that I would like to find when the nearest and next meetup is so I can meet some of you. I live in Burlington Washington but am willing to drive to meet people.
Thank you guys so much. If it weren't for everybody on this site, BP wouldn't exist and it is because of BP that I am making this decision to move forward. I know it took countless hours to produce a community of honesty and integrity and I am thankful to those of you who have made the sacrifices to make this come to be.
@Derek Meehan It sounds like you know your why. Welcome to the site. This is a great place to be for a new investor as you already know.
Hi @Derek Meehan , glad you are looking at real estate and have your why. It sounds like you have a solid financial footing and a good paying job. That's great to have the steady income while you make your first purchases.
I think you should be able to get your earnest money back, it sounds like the sellers were not honest. Ask your agent. Or negotiate a lower price based on the feedback from the inspector. You agent should be able to advise you in this situation.
I think you should buy a duplex in Skagit with owner occupied financing, live in one side and rent the other, and later rent both sides. I know of two older duplexes for sale in Mount Vernon right now, or look in Sedro.
There are some great meetups in Bellingham and Marysville, and I love meeting with people in Skagit. I think you are on to something great, keep learning, and I'm happy to help!
You should be able to get your money back. If they even hesitate I would seriously fight back. Whats there does not fit the definition of new and any court will side with you on this. I had this same thing happen to me on my house. Have your realtor send a very stern, but polite, letter to the other agent emphasizing this and you should be ok. Thats how I took care of it when it happened to me. Best of luck.
Wow, you guys are very fast with responses!
Thank you for your encouragement! @Julie Marquez That's a great idea. Multi family makes more sense for sure. I look forward to the next meetup! @Nik Moushon Thanks for relating and encouragement. It's always comforting knowing you are not the only one who has gone through something.
@Derek Meehan I'm new here too, so glad I could be helpful.
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