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!
That's awesome to hear Kaden! Congrats on here's to many more deals.
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Real Estate Agent New York (#10401359681)
- 929-349-8042
- http://www.ClosedByMo.com
- [email protected]
What's your dream after doing REI full time?
Quote from @Mohammed Rahman:
That's awesome to hear Kaden! Congrats on here's to many more deals.
Thank you!
Quote from @Wade Woo:
What's your dream after doing REI full time?
Create enough passive income to retire my wife. Then travel the world with our kids.
Quote from @Kaden Nguyen:
Quote from @Wade Woo:
What's your dream after doing REI full time?
Create enough passive income to retire my wife. Then travel the world with our kids.
Thanks for the inspiration! Finding my way out of the paralysis-stage myself.
Quote from @Richard Lancin:
Quote from @Kaden Nguyen:
Quote from @Wade Woo:
What's your dream after doing REI full time?
Create enough passive income to retire my wife. Then travel the world with our kids.
Thanks for the inspiration! Finding my way out of the paralysis-stage myself.
@Richard Lancin Glad my story can add to your inspiration. Just believe in yourself and your process and you'll soon take the plunge. Once that happens it's to the races my friend.
Wohoo! Congrats! Awesome stuff.
This is amazing! Happy for you man.
GREAT READ!! CONGRATS BUDDY!!
Congrats Kaden! Great story. Yeah I feel burdened by analysis paralysis, as well. Hope to shake it off soon! :)
What a story Kaden, good for you! I'm proud of you for taking that leap of faith and just doing it.
Well done Kaden, congrats on your first flip!
Quote from @Andrew Syrios:
Well done Kaden, congrats on your first flip!
Thank you! @Andrew Syrios
Thanks for sharing and the inspiration