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Updated almost 3 years ago, 02/22/2022

User Stats

6
Posts
12
Votes
James Honeycutt
  • Investor
  • Colorado Springs, CO
12
Votes |
6
Posts

Sold my first rental property, huge profit, next step?

James Honeycutt
  • Investor
  • Colorado Springs, CO
Posted

5 years ago I purchased my first home using the VA loan (no money down). Lived there for a year, then rented it out for 5 years. The market in Colorado Springs, CO skyrocketed so I sold it. I now have, after taxes, about $175k cash all profit. I also have one more property I plan on selling soon, which should sell for another $175k profit, leaving me with over $300k which is absolutely incredible for me and I am so excited about it!

I want this to be just my first step in reaching my goals of financial freedom.  I am moving April 2022 with my wife to Greensboro, North Carolina.  I plan on using that money to buy a few rental properties (with minimum down payments) and to have money left over to start flipping homes.  I think I would genuinely enjoy hiring contractors to fix up a home in a vision I see fit; and of course I would enjoy the profit off the sale of those flips.

I have a decent job working as a government contractor in the IT field, but I have a dream to be able to leave that work and go all in with real estate someday.  I'm 35, no kids, no bad debt, and my wife works a decent job as well.  I'm going to North Carolina with $300k to start this new adventure.  

I would love to hear ANY advice to help me on my journey.  My end goal is to be wealthy enough to have nice things and for my wife and I to not have to work a regular job anymore.  I would love to get big into flipping homes while having rental properties.  

Thanks everyone! 


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