David Fairall

Over the last 5 to 6 years or so, I kept crossing paths with people who owned investment properties. Some even started out owner-occupying one of the units in their property while tenant rent covered the mortgage. The idea of having someone else pay your mortgage was very appealing. So for years we saved and I tried to learn what I could. Salt Lake City is one of the hottest markets in the country right now and everything seemed beyond reach. We felt like we would never be able to afford an investment property. Through what we believe was divine intervention, we were introduced to a broker who helped us find the financing we needed as well as an agent who also buys and manages rentals. I'm happy to say we closed on our first home/investment property last summer--a legalized duplex that was converted from a single family residence. We live upstairs and rent the basement apartment. From what I've learned from the Bigger Pockets community so far, and after running some numbers, this probably wasn't the best deal. However, a theme I hear constantly from the podcast is that learning about real estate is great but at some point you need to take action. So while the tenant's rent doesn't completely cover our mortgage, we've only had to pay a little more than we did when we were renting ourselves and we feel pretty good about that. I'm hoping to make connections within this community and soak up as much as I can so I can be better prepared for my next deal.