I am a 26 year old that bought a house in Delaware 3 years ago with the intentions of doing some small updates and then moving on and renting the place out. But my then girlfriend moved to Florida for school, and I work swing shift with a week off every month, so I would work all the overtime I could during the 3 weeks and fly to Florida for my week off every month. That lasted a year and half. Then we got engaged and she moved in with me. then we spent a year and a half planning and saving for our wedding. Now we are finally in a place to get back on track with my orignal plan. I have a little more than half the work done, with just the bathroom and flooring to update. But I guess I'll start another thread detailing that in the appropriate category.
Welcome to BP @Steven Lebischak . My first rental property worked very similarly to you. I bought a foreclosure that was in really rough shape and lived in it while fixing it up over 2+ years. Then I started renting it out...that was 9+ years ago now. Took me 6 more years to buy my next investment property for a lot of the same reasons you mentioned. All the best as you continue down your journey!
@Steven Lebischak ... Welcome to the awesome community of like minded individuals LOL I'm still working my way to getting into the 800 club to get the best mortgage rates, but hope to get there much sooner than later! Congrats on the marriage and moving forward with your investment plans. I'm going to utilize a HELoC to fund my deals (hopefully multifamily and Wilmington row homes) and look forward to financial freedom! Well wishes to you, your wife and your future REI success :)
Welcome to BP! I’m also an investor/PM in DE, and we just finished our first flip as well (which, similarly, took much longer than expected....life!)
Best of the luck with the new property!
Welcome to the BP community. You will really enjoy this journey.
Thanks for the warm welcome everbody! I'm really oppimistic about investing in real estate, and I have already learned a lot and there is so much more to learn. It is great to see there are people that have faced many of the same things I am facing, and are willing to offer help and guidance to a newbie.
And it's great to see other Delaware investors here :)
Welcome to BP @Steven Lebischak - Of course, I'm clearly late, but better late than never I suppose.
Keep us posted and let us know how your ventures go. Similar to you, I worked a swing/rapid rotation shift myself that allots me some extra time each month, but there's also life in general, and family, that makes time management more imperative then anything.
I wish you the best in your ventures. Again, keep us posted.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you