Just over a month in

Since creating my goals in the real estate a little over 6 weeks ago this is what I have done.

Books completed:

• The Millionaire Next Door
• The Millionaire Mind
• 7 Habits of Highly effective people
• The Book on Investing in Real Estate with Low and No Money Down
• Writing Winning Business Plans
• Start your Own Corporation
• Rich Dad Poor Dad
• ABC's of Real Estate Investing

Over 30 Podcasts listened to

Currently Reading: The Book on Rental Property Investing

Met with 1 Bigger pockets member and 1 local real estate professional as of tomorrow.

Met with my Aunt who was a former RE broker and certified appraiser as well as owning 2 businesses.

Meeting with 1 other BP member by the end of the month

Attending local REIA-NCI meeting on December 15th

During this time I have also identified a property near me that has flip potential. I have talked to a good friend of mine and worked out terms on a loan to purchase the property and I will provide remaining rehab costs. As the property is an REO we have made a total of 3 offers on the property so far and are waiting to hear back from the bank. The numbers for the property are below.

• Purchase Price $32,500
• Closing $1,500
• Rehab Costs roughly $15,000
• Investor Money $40,000
• My Investment $9,000
• Total invested $49,000
• Operating Costs for 4 months $2000
• Estimated ARV $90,000
• Investor Paid Back $40,000 + 10% of ARV = $49,000
• Realtor commission 6% $5,400
• Before tax rough Profit $33,600

I will be all the major work on the property to rehab it over the course of 3 months. Rehab estimations made on a walk through and all estimations made on the high end. Estimations include a budget of 4,600 for appliances as well.

So as you can see things appear promising. We will know if things are this promising when we get a decision back from the bank and our inspections come through. Until then its all waiting.

So this is where I am since I have started. I will keep the blog posted!