First Post - First Property

[Mike Shoe]

Hey!

I've been lingering around for quite some time soaking up as much information as I can and figured I should just put myself out there and really give this thing a shot.

I've been wanting to get into REI for a long time but the limiting beliefs of "you're not capable of that" or "but that's only for rich people" has hindered me in actually taking actionable steps to move forward.

When I first decided to actually learn, I knew absolutely nothing about REI and the jargon immediately started to give me anxiety and thoughts of this never being obtainable. However, I used my faith in Christ as a way to move forward with this adventure. I don't know what every single day is going to hold for me, but I do know that if I keep my eyes focused on Him then everything will work out. The same way, if I just trust the process and have faith, then everything will work out.

I've been soaking up every podcast, YouTube video, book and social post I can get my hands on to better understand how things work and feel that I am now in a much better place of things not being so overwhelming. I still have a TON to learn, but it doesn't seem so daunting now.

I utilized the free version of BP and started analyzing different Properties just to get an idea of how to do it. I stalked Zillow and redfin everyday for multiple weeks and analyzed a ton of properties both LTR as well as STR.

I was excited to see how different Properties made sense and others didn't. I started to gain some confidence in what I was looking at. Until, it wasn't available anymore.

I had used up all my free analysis and I found myself saying "well, that's it.. it's over" my dreams of REI had officially come to an end.

I gave up looking up Properties for about a week after that and then decided to scour every site I could find on how to analyze deals. I came across numerous things which gave me some confidence again but I still didn't feel good about what I was doing. I felt like I was missing a lot of stuff and I still had so many questions. "What if I make a big mistake and it's not actually profitable?". Anxiety crept back in and I once again thought "this is it.."

I had clicked on every single house, mobile home, townhome, condo, apartment and multi in Zillow and redfin. I gave it up..

A week later I was on FB and jumped on the marketplace just to see all the crazy things people are selling. (I truly never have an intention to buy anything. Am I the only one that does this?)

I was scrolling through and I noticed a duplex popped up in my area that was for sale (I guess it was from a recent search of "homes for sale")

I clicked on it and was very intrigued. It seemed to be a good price for current market conditions and decided to ask if it was still available.

I received a message moments later with all the info and couldn't believe what I was reading. The entire place is completely renovated, new everything including roof, WH's and ranges.

I started to get excited again but remembered I couldn't analyze it with confidence.

I decided to reach out anyways and just go for it. I called her to setup a time and viewed the property. Turns out she owns pretty much the entire street and is looking to sell everything.

While I was viewing the property, a lady drove buy asking the owner if it was for rent. The owner points at me and says "I'm showing it to an investor right now." That was it.. something clicked for me. I was looked at as an "investor".

I immediately went home and said "this is it.. you're going to do this even if this isn't the one you buy"

I logged on to BP and signed up to be a pro member!

I analyzed that deal 100 different ways (I know, analysis paralysis.. bear with me, I'm new!)

And feel that it might be an ok deal. I would love to share the numbers with you below and get everyone's feedback since my doubts are still trying to tell me to back away.

To sum it up.. I'm extremely grateful for the trial period on BP.. that initial confidence was amazing. But I'm even more grateful that it ended!! I was operating in a poverty mindset with the free version, and because I had to actually spend my hard earned money to get the full access, it opened up my mind to a new thought process as well as a multitude of different resources and tools to lean on.

Sorry for the lengthy post. I'll keep the future posts shorter!😊

Side x side duplex

1/1

Washer/drier hookups

All new everything (down to the studs)

New electric, insulation, drywall, paint, cabinets, counters, range, fans/lighting/fixtures, roof, water heaters.. everything!

Asking $218,000

Accepted $210,000

Needs $2,000 repair (there's an old handicap ramp/stairs out front that needs to be removed and new steps/railings to each unit installed)

My numbers read (after all expenses and 5%for maint/vacancy/capex)

CoC 9.91%

Cash flow $497

Discussions to get seller to pay 1/2 closing which would put me at 10.48%

Average rents are $950-$1100 for 1/1

I'm planning on listing at $975

Also, there is no AC but thoughts of window units/mini splits

This is my first offer so I'm welcome to hearing any and all constructive feedback.

Thank y'all for your time!