First time and long distance BRRRR...

[Tyler Sharrett]

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[Tyler Sharrett]

Hello BP, I have been nervous to post but it keeps coming up in my mind as the right thing to do from a contribution stand point and maybe to get some outside input. My wife and I have been "real estate investors" for a little over a year. In that year we have planned, schemed, analyzed, offered, inspected and FINALLY, we have a house to show for it! It feels really good even if it's not the greatest deal in the world, its OUR deal. Its a long distance BRRRR plan so I figured maybe I can keep up posting along the way and others can laugh and learn with us.

The house is in Wichita KS.  We chose this market for rental-price:home value ratio, my wife grew up in the area and it is quite a bit cheaper to get in to than here in Colorado.  We have established a trusted broker, a property manager and a highly recommended contractor.  I purchased the house from Wells Fargo, via Auction.com somewhat my accident.  I call it an accident because I hadn't actually cleared the bid with my amazing wife/business partner. "Hey honey, I think I am gonna be the winning bidder on this one..."  'You what??"

Our Broker was also surprised but has been amazing with it.  He has become our spokesperson and conduit for many other admin functions.  HIGHLY recommend him if you want to invest in Wichita, KC or Houston.  A few nights ago the house was broken into.  They smashed up the back door frame and made off with the water heater and left only a can of Skoal in exchange.  They also moved the kitchen sink into the garage, maybe to get it another night? He filed a police report,, boarded up the door and called me to fill me in.

So, we start the rehab next Monday and I will try to keep this thread running throughout.  Thanks BP for everything!

Tyler