Finding deals and my real estate journey

[Helen Lowery]

Hello Community,

This morning I woke up in a reflective mood.  I realized that it has been nearly 10 years since I bought my first investment property.  I am thinking about what I have done (flips, brrrs, rentals) and what I haven't done (10X , no multifamiles, no large marketing campaigns).  I am thinking about perhaps the most important question that investors face: how to get the next deal? and I'm thinking about where I have sourced my past deals.  Here's my list:

2015 bought a home as an owner occupant ($140,000) moved out after a year and keep it as a rental (current market value $240,000)

2017 bought my primary home (bank owned property) for $180,000 with a 203k renovation loan (current market value $330,000)

2018 bought the home I had rented for 9 years from the landlord ($80,000) and BRRR'd it (current market value $220,000)

2019 Got licensed as a Realtor :)

2020 bought 2 homes off the MLS and did my first flips. One I purchased for $95,000 and I barley broke even. The other I purchased for $80,000 and only made $7000. I learned ALOT that year.

2021 bought 1 home off of the MLS at $125,000, rehabbed it, turned it into a student rental and BRRR'd it. (appraised value $323,000)

2022 bought a home at auction for $75,000 and flipped it ($45,000 profit)

2024 under contract for a property at $85,000 and working directly with the seller (off market deal).

What I have learned:

1) Its ok to grow at my own pace.  I like time with my kids and I work to live and not the other way around.

2) I still have to put food on the table and have health insurance which means keeping a W2 job.  Stability and peace of mind are essential to my daily happiness and comfort.

3) I really like real estate.  ALOT.  It is fun and exciting and the best way that I have encountered to create wealth.  However, it is a knife that cuts both ways... you can make money or you can loose it.  It is not rocket science, but it certainly is not simple.

I guess if there is one thing I could go back and tell myself at the beginning of my journey nearly 10 ago years, it would be to say that no blog or article or resource is going to teach you what you need to know (although BP is FANTASTIC and has been my go to for years).  You will never know what you don't know until you get started.  Start small.  Keep it manageable, and enjoy the ride.

Thank you for reading and I hope someone finds this helpful :)