My first rehab/flip project in Philadelphia
I finally started my real estate investment career last year when I purchased a single family residence (SFR) in Frankford area, rehabbed and rented it out.
Before I purchased my first rental I was marketing through mailings. I received some responses but nothing concrete. Then in January 2015 someone called me and mentioned my mailing from last Spring. He wanted to sell his inheritance, found my letter at his relative's house.
I was able to purchase the house with cash and am now rehabbing it. I am doing a lot of demo work myself to save on costs (I have the time). Once plumbing, bathrooms and kitchen are completed, and the new home heater is installed (and converted from oil to gas), I will paint it myself, with help from my brother.
Although I'm very busy with a day job and the rehab, I find myself looking for the next project. I have already identified some possible houses that I'm going to see. I will also be sending more mailings within a week or two. I do not have the funds to buy another property yet, but if I find a good enough deal I'll find a way.
BP rocks. Listening to podcasts and reading other's experiences has killed many doubts and cured my analysis paralysis!