BP helped us acquire our first home in 2 months!

BP helped us acquire our first home in 2 months!

Rental Property Investor · Wake Forest, NC · Member since 2016 · 186 posts · 78 votes

After a year of talking about investing in Real Estate, a year of reading endless books and talking about it, we finally did it. I ran across Brandon Turners REI course on Udemy and he mentioned BP. That was this year 2016! I watched the entire course and decided to check out this site BP he talked about. I signed up after taking his course which was by far one of the best courses out there. I learned more in 2 days browsing through forums and than I did reading those investor books I stocked up on. Within a week I connected with a few people in my area who let me pick their brains and listen to their success stories and the path they took. I became a BP junkie. I made it a goal of mine to learn something new every day on here and take advantage of everything available. I even downloaded the app on my phone. BP replaced facebook within a day. My husband and I were so amazed at how much we were learning from this site. We decided to not waste time and just do it! So we did it! 2 months later we officially became investors. This Friday we closed on our first rental home. We are set to close on our second next month and already in the process of looking to acquire a few more.

How did a young couple under 30 do it? By actively searching and reading everyone's creative financing strategies. We were once like everyone else who thought 20% down of your own money was the only thing that could get us to this step. Our goal this year is to use every financing option to learn how its done and what works for us. First we took out a personal loan that allowed us to pay cash for the first home that we now have. This second home we are using conventional financing in conjunction with the personal loan as a down payment. Yes, everyone told us it was impossible but...in Real Estate nothing is impossible. Our next home will be used with private money. Are we taking risks? Yes and No. Is it worth it? Definitely!

If it wasn't for BP we would have not accomplished this goal in such a short amount of time. I consider everyone on here a mentor. Any questions I have I know I can count on you all to lead us in the right direction. I look forward to learning more from you all and continuing to form more personal relationships. I am always ready for a cup of coffee and a chit chat about investing!

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Roseville, MN · Member since 2016 · 52 posts · 9 votes
10y

Awesome story @Nikki Grizzle!

It is been amazing to me to see the level of support that this community offers.

Good luck, and keep it going!

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  • Roseville, MN · Member since 2016 · 52 posts · 9 votes
    10y

    Awesome story @Nikki Grizzle!

    It is been amazing to me to see the level of support that this community offers.

    Good luck, and keep it going!

  • Patrick RowePro Member
    Investor · Baton Rouge, LA · Member since 2011 · 133 posts · 13 votes
    10y
  • Broker / Investor · Tewksbury, MA · Member since 2008 · 1k+ posts · 351 votes
    10y

    hi nikki

    Can you elaborate how you used a loan for a downpayment? Wouldnt the lender funding 80% of the purchase have an issue with this?

  • Rental Property Investor · Wake Forest, NC · Member since 2016 · 186 posts · 78 votes
    10y

    @Rich Hupper We went to several banks, both large and small. Both regular and private banks. Talking with these lenders in person is what helped us. It can be done. It really is just a matter of who is willing to do it and what position they are in to help you. We also made sure we had everything we would possibly need before walking in.

  • Lender · Los Angeles, CA · Member since 2015 · 800 posts · 229 votes
    10y

    @Nikki Grizzle Congrats ... always love hearing success stories. Keep up the good work and best of luck to everyone out there.

  • Investor · Longwood, FL · Member since 2015 · 221 posts · 130 votes
    10y

    Congrats and you were beginning to think you were born without the "action gene". You are doing well. It always feels good to take that giant step.

  • Investor · Cleveland, OH · Member since 2015 · 150 posts · 58 votes
    10y

    @Nikki Grizzle Congrats!

  • Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
    10y

    Congrats @Nikki Grizzle

    Keep up the good work!

  • Investor · Richmond Hill, NY · Member since 2016 · 64 posts · 8 votes
    10y

    @Nikki Grizzle CONGRATS!!!!!!!!!! that's amazing love your story what market area are you guys in??? just curious how much cash is needed to make a deal in cash. I have some cash and would love to invest but I really want to get my investment back in the quickest time possible.

  • South Bend, IN · Member since 2016 · 37 posts · 4 votes
    10y
    Glad to hear about your success. This sight is full of knowledge and ideas and yes a bit addicting.
  • Investor · Las Vegas, NV · Member since 2012 · 289 posts · 74 votes
    10y
    You're on your way. Congratulations and keep it going.
  • Investor · Long Beach, CA · Member since 2016 · 27 posts · 0 votes
    10y

    @Nikki Grizzle : congratsss!! What area/city are your properties at ? And what kind of cash flows are you pulling in from each ? 

  • Rental Property Investor · Wake Forest, NC · Member since 2016 · 186 posts · 78 votes
    10y

    @Wendy Gomez We are located in North Carolina and live outside the Raleigh area. We tend look to invest in areas within 2 hours of where we live. When using cash it is much easier to negotiate price. There are endless amount of investment opportunities here. 

  • Professional · Colorado Springs, CO · Member since 2015 · 29 posts · 3 votes
    10y

    Congrats!

  • Apex, NC · Member since 2015 · 46 posts · 14 votes
    10y

    Would you be willing to post some more details about how you found the properties and some of the financial details about them?

  • Queens NY, NY · Member since 2013 · 467 posts · 107 votes
    10y

    @Nikki Grizzle...congrats and good luck!!

  • Rental Property Investor · Wake Forest, NC · Member since 2016 · 186 posts · 78 votes
    10y

    @Harry Darmawan Our properties are in NC. They are both near Coastal Carolina. Both properties give a cash flow over a grand.

  • Insurance Agent · Maumelle, AR · Member since 2015 · 131 posts · 41 votes
    10y

    That's Great!

  • Hope Mills, NC · Member since 2016 · 10 posts · 3 votes
    10y
    I'm interested to learn how you went about finding lenders. I have great deals but have a hard time finding the funding to make it happen. I'm located in the Fayetteville NC area. I've been on BP for 4 months now just have trouble closing the deal. I'd like you talk to me about some of the banks you've used locally. Thanks
  • Realtor · Raleigh, NC · Member since 2015 · 65 posts · 48 votes
    10y

    Congrats @Nikki Grizzle!  That is super exciting to see someone in my back yard making it happen! 

  • Brandon TurnerPro Member
    Investor · Maui, HI · Member since 2009 · 13k+ posts · 3k+ votes
    10y

    I LOVE this! :) Thanks for sharing your story - and glad I could play a small role in it! 

    :) 

    -Brandon

  • Rental Property Investor · Wake Forest, NC · Member since 2016 · 186 posts · 78 votes
    10y

    @Collin Richards The best thing to do is to personally go to the banks and speak with people. A phone call is usually a dead end. I read a post somewhere on BP where someone said to go as high up as you can when trying to get funding. It really is all about who is willing to help you. Also, some banks operate privately. I know a few investors who got turned down by one branch and was able to close a deal going to another.

  • Rental Property Investor · Wake Forest, NC · Member since 2016 · 186 posts · 78 votes
    10y

    @Emily C. Yes! I still can't believe how many people are on here from the area!

  • Rental Property Investor · Wake Forest, NC · Member since 2016 · 186 posts · 78 votes
    10y

    @Alex Corvin I use several resources to find properties including trulia.com, realtor.com, MLS, word of mouth, and connecting with investors and realtors in different areas who have the inside scoop on both on and off market properties. Both the properties already had tenants. The property we own now was 26 grand. Second property we are closing on next month is 45 grand and cash flow for both properties comes out to a little over a grand. Both properties are from the same seller and everything was updated including new roof, hvac etc. The second home he had the carpet and flooring done as well. Both properties were bought under market value as well.

  • Rental Property Investor · Wake Forest, NC · Member since 2016 · 186 posts · 78 votes
    10y

    @Brandon Turner Thanks for sharing your insight and expertise with us newbies!

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