All Forum Posts by: Renee Yarbrough

@Account Closed

Ouch! Your situation sounds terrible!

I have learned a lot, but also realize that I love this challenge. The encouragement from the BP community has set me back on my way, and the education from experienced REI's is priceless. Thank you!

@Joel Owens Thank you for taking time to write an encouraging, teaching reply. I've learned and learned from the posts in this thread, and yours is no exception.

The mental game has nearly cracked me at times. I thought the biggest challenge would be my lack of knowledge, and that certainly added to the issues, but convincing myself to stay in the game, act kindly, learn quickly, ask questions that were humbling, and keep persevering were by far the hardest part of this attempted first deal. So I completely agree that tenacity is a big part of this equation.

BP has been an enormous help in dusting myself off and hopping back on my ride. Thank you again for your voice.

@Chris Wyche

Thanks for the perspective. So many encouraging posts on this thread have forced me to look past this first flop and see the value of the education.

My goal was to live in the house for a year (as per FHA guidelines), rent the other bedrooms for cash flow, and prepare for my next REI.

It was to be a step into the learning curve, where I could sink my teeth into REI without losing much if everything went south.

Why FHA? It seemed a good option to a cash-poor first time buyer, since the down payment was so low.

@Jay Hinrichs

The thread is teaching me quite a bit, thankfully. Financing and a systems checklist seem to be the gaps in my knowledge and process.

I'm so grateful for pros like you taking the time to encourage and teach. Thank you!

@Jacob Sampson

Good words.

I especially like "In the beginning stages you are going to make the most mistakes so try to ensure they are small...worst case scenario, I could manage the mortgage payment on my own without a tenant."

@Alissa Engel

So great to get your comments. Having your mom as a lender gives you a lot of wisdom, knowing both sides of the story. I'm proud of you, Alissa...you've worked hard and learned a lot. I'm honored to learn from you.

There have been several comments on this thread about the lending side of REI, which tells me it's time to dig in and learn about financing.

Love walking this path alongside you!

@Kian Atkinson

Thanks for the encouragement. It was tough to post all my mistakes, but time and again I've read posts from others who needed help, and this community really swoops in to help. I hoped that would happen to me, and MAN, I have not been disappointed!

Good advice...this weekend I'm spending a lot of time in reflection, getting notes on paper, and studying where I could change for the future.

Your suggestions will become a template for my homework.

@Ola Dantis

'Rite of Passage' I like that, Ola! It's a good way to look at this situation.

And thank you for the encouragement. I was so nervous to post on BP, as I read the forums all the time, and people are so darn smart!

But what a bonus it has been to have this valuable feedback. Great advice, lots of detailed suggestions, and many stories that help me know this is part of the process.

@Thomas Hundtoft

Thank you for all the great advice! My next step is to learn about different types of financing. I will also get Brandon's book.

Great wisdom...I appreciate you taking the time to respond.

PS. Even though I know in my head it is the seller's responsibility to pay vendors for work done before closing, my heart feels bad for them.

@Alexander Ball

Oh wow...that sounds daunting. Several people on this post are saying the problems might be different, but you get more proficient at solving the problems. It sounds like that is true with you.

I will say that I like the person who I've become through this process. And I've REALLY enjoyed the journey! I think I will like this new job.