My 1st full-cycle flip
Like most BP members, I developed a passion for real estate after reading the infamous Rich Dad Poor Dad some time over a decade ago. Fast forward to 2019 is when I really started to invest in myself by educating myself through books, Podcasts, YouTube, and seminars. Being an Engineer that I am, I found myself always over analyzing and strategizing that I was stuck in the "Analysis Paralysis" state for quite some time.
In February of 2022 I happened to struck up a conversation with an acquaintance about REI. He always had that entrepreneur mindset and was currently wholesaling. He sent me all the deals he had and I started analyzing them, all the while mentally reminding myself to stick to my strategy and numbers. One of those deals had all the criteria I was looking for and THAT was when I took the plunge (April 2022) and bought my first investment property with the intention of BRRRRing. This turns out to be a true BRRRR since I was able to pull all my capital out during a refinance. With 25% equity left in the property, it was only cash flowing $75/mo (after all expenses and reserves of course). But to me it felt like this was a home run deal lol.
Since then I've built up some confidence/knowledge and was able to acquired 5 more properties. The latest was a duplex that I acquired in February of 2023 for $120,000. This needed a lot of work ($68,500 total), but I was confidence that the ARV would support it. We were able to complete the rehab in May and started to market the property. While this was being marketed, I was able to picked up another property and currently in phase 1 of the rehab. As of today, July 28, 2023, we have officially closed on this duplex with the sold price of $280,000.
My ultimate goal is to one day retired from my W2 so I can do REI full time. This would give me the flexibility to control my own time and be able to spend more time with my kids and wife. I hope my short story here provide some insight and motivation to other professionals out there. Through perseverance along with knowledgeable actions, anything is possible!