Updated about 8 years ago on . Most recent reply
House Hack Success, Quit Job & Ready for Next Deal
I am happy to share that I have purchased my first real estate investment!
I had been researching and investing in REI programs for quite some time. I knew I had enough information to get started, but my fears were holding me back, so I just kept reading. I made a major move from Maryland to New Jersey and at that point I decided to make the first move and set a goal to purchase my first multi-family property in 1 year. It took me 1 year and 3 months! And now I have quit my job to pursue Real Estate Investing full time and I'm on the hunt for my next deal!
I purchased a 3-unit property in Newark, NJ. I found the property on the MLS. I got a FHA loan for 3.75% and purchased for $260k. This was a turn-key property that was fully occupied. However, the seller had given one of the tenants notice to vacate. This tenant happen to be the one that had not paid rent in several months and was ruining the unit. My husband and I fully renovated that unit and moved in - House Hacking! The other tenants remained! They were paying slightly below market value rents, but we decided not to increase because they had such great history. We do plan to slightly increase next year. With the current rents we are living ALMOST mortgage free.
This allowed me to leave my job to be a full-time real estate investor. I am looking to purchase 10 more units in the next few months. I'd love to connect with others to create win-win situations!
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I only ask because I just bought my first house as well. But with the income from my full time job plus the income with my investment property I plan to save then reinvest it all. Which will help me finance more properties. Then once I have my desired cash flow amount per month then I personally plan to quit my full time job.