Just bought first Investment House - New Member

[Devon Bergsma]

OK Bigger Pockets

Time to reach out to the BP universe for the first time. Just closing on my first investment house. 

Im not a good writer - please be patient with me and know I'm insanely intimidated and nervous writing this post. We, after binge-listnening to all BP content, created an idea of the deal we were looking for and one year later found it, bought it and about the rehab it. I've always read about the 'freeking out' and nervousness about 'your first deal' - YAY! its true.. I'm sooo anxious.

(As a side note - this house went on the market and within 24 hours the bank had 'several offers'. I took some advice from BP podcast and wrote a letter to the bank with our offer introducing ourselves with a cute family photo and telling our brief journey. Our agent called us and said the peoples at the bank loved our letter and wanted to pick us but they needed to go with someone else..unless we changed a few things..we did and we got it. That all wouldn't have happened without the letter.. sooooo thanks BP)

Heres my story - I was a paramedic for 15 years - very successful career - but cannot do shift work anymore and the stress is getting to me. Beautiful wife & 3 little kids.. Im very capable of doing lion share of renovations myself (not working at present). 

We've spent the past year 'force appreciating' our existing 3 bedroom/2bathroom house by completely finishing the unfinished basement. We have added a Large family room, bedroom, bathroom, storage room, laundry room, and sitting room/study (we homeschool sooo this was needed). When we originally built our house it was appraised at 250,000$ and now that the rents here are done its set to appraise at 310,000 (? guessing)

We just bought a house in town - I have 2 weeks to work out the financing (worst case i just use some pension money i have) ANY ADVICE HERE? I'm hoping to pull the equity out of our current home..

THE HOUSE
38,500$ AS IS/WHERE IS , 3 bedroom, 1 bathroom upstairs .. and a moldy basement (hence the AS IS clause from the bank who REPO'd the property). The basements NEEDS GUTTED and the upstairs is dated. In doing my research our town valued the house (for taxes) at 120,000$.. 

SO - I'm sitting at my kitchen table, typing away on my aged MacBook .. wanting desperately to be successful real estate and be financially independent.

THATS IT BP - Thats where I'm at.

Go easy on me. 

Im Canadian (maritimes) so a special 'shout out' to canadians for advice - even though the principles are universal.