This podcast inspired me to do a thing

6 Replies

So, I've been a lurker on BP for several months and following real estate sporadically for several years. At one point I even got my license just for kicks and hung it "inactive". A few months ago, for the first time, I decided to get serious about it. So I started reading books, reading BP, watching webinars, and listening to podcasts while I drive for Doordash in the evenings and on lunch breaks from my real job. I also started researching the possibility of activating my license, casually looking at which brokerages would fit me. Then I discovered the Rookie podcast and I have to say hearing about people taking action who were recently in my situation (lots of interest and research but no experience), really inspired me.

So the first thing I did was decide on a plan, and that is to house-hack.  There are a million differing posts from experts on the BP forums about how best to respond to the current COVID environment, but almost everyone I've seen comment on house-hacking has agreed its a solid bet.  

In my market (Phoenix) every decent deal that hit the MLS would go under contract almost immediately, but suddenly things were staying on the market much longer, so that gave me some time to really look and make a decision, and I was able to find a two-unit where the rental comps would make up most, if not all of my mortgage.

Next, I contacted a lender. I was super nervous about this part. As a youngster, I made some poor and reckless decisions with my credit that have haunted me since. I eventually grew up and took control of my finances, and now I have very little debt but the score itself is still lower than ideal, and speaking with anyone about the issue has always given me anxiety. I was also nervous because I've heard so many stories about lenders tightening up recently, so I wasn't sure I'd get anything at all. BUT, my lender ended up being super awesome. I got pre-qualified and then pre-approved for not only enough to cover the asking price, but he also got me into the down-payment assistance program in our state, so my down payment is covered as well! He's been crazy responsive through all of it so far.

Meanwhile, I also activated my real estate license with a broker.  I chose this broker because they assigned a mentor with you for the first three transactions, and I thought this would be perfect.  Unfortunately, in all the emails I received after signing up, they mentioned it would take 7-10 days for a mentor to reach out to me! So that is a bit frustrating.

So next I reached out to the agency that has the house listed to schedule a showing. The tenants had just moved out that day so we agreed on the next day. Then enters my MVP. The lady who met me there was not the seller's agent, but an agent who worked with her. During the showing she actually asked if I had heard of BP and the BRRRR method, so I knew right away she was pretty cool, but I had no idea yet how awesome she really was...

After the showing I knew I wanted to make an offer, and being that the brokerage I was signing up with wouldn't be sending me a mentor to help me out with all this for at least a week, I decided it would be worth it to forgo the BA commission to have someone help me out through this. Given that the lady who showed me the house was familiar with BP and is actually an investor herself, I decided to ask her. Her response was essentially, "I'll walk you through this every step of the way, but we'll do it through you as an agent so you get the commission, I just love this stuff and love helping people out who are just starting." My mind was blown. And let me tell you she wasn't kidding. She has been right there for me every step of the way, even meeting me on Sunday to put my offer together and send it over. Today we've been on the phone 3 times going through counter offers, and now we've got an accepted offer and an inspection scheduled for Thursday. Obviously that and the appraisal still need to go smoothly so I'm trying to keep my excitement in check for now.

And to top it all off, I have a 3rd interview with a company tomorrow whose office is less than a block from this house, totally unplanned.

@Jamie Oliver Awesome job on getting started on something you've been interested in for a while. I know it can be scary to start something new, but not only did you do, you're doing it on the little time you have left from Doordash and your full time job. Very inspiring. Keep up the great work. 

@Jamie Oliver Congrats! Did everything go through? I know this thread is 2 months old but I have so many questions! I'm just gonna fire them off, where did you get this lender? What kind of loan? Would you mind giving us the specs of the deal? Is the down payment assistance solely for owner occupants? Where are you at in the process now? I know that was a lot but I am also a fan of the rookie show, and it got me more inspired to take action then the other podcasts. I have 4 viewings scheduled this weekend to try and put an offer on. I'm super excited but super nervous at the same time. Would you mind sharing your experience? Starting from getting your offer accepted all the way through to closing? A couple of the properties I am looking into would be BRRRR's so this thread really caught my eye! Thank you

Originally posted by @Corey Hawkinson :

@Jamie Oliver Congrats on getting started! The first step is physically the easiest but mentally it is the hardest. Congrats on getting past that. I also think you found your mentor. Stay in touch with that agent!!!!!

Howddid you find a mentor? 

 

@Ari Hadar I meant that when you read his story you can tell that he found a great person to teach him about real estate in his local market.

In general, I think people put too much effort into finding some magical mentor that will teach them everything about real estate. In real life, if you put in the effort and show up to meetings you will meet several people. Instead of having 1 mentor you will have 5-10 people that will each teach you something. You’ll be able to put this all together.

Originally posted by @Corey Hawkinson :

@Ari Hadar I meant that when you read his story you can tell that he found a great person to teach him about real estate in his local market.

In general, I think people put too much effort into finding some magical mentor that will teach them everything about real estate. In real life, if you put in the effort and show up to meetings you will meet several people. Instead of having 1 mentor you will have 5-10 people that will each teach you something. You’ll be able to put this all together.

What are the online options for that now in covid time?

 

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