And So It Begins... My First Rental Property Renovation...

[Mark J.]

First, thank you to BP for building a treasure trove of valuable and actionable information through the forums, podcasts, webinars, articles, etc... I've learned so much and built a level of confidence about moving forward than I would not have otherwise had. I've also connected with a few fantastic local RE investors who I wouldn't have otherwise had the pleasure of knowing and learning from.

Last week, I closed on my first REO/Foreclosure property-- a 6/4 duplex in Tampa. It was vacant for more than two years and needs extensive renovation. Every day, I'm learning a tremendous amount-- things that I simply couldn't learn only from reading blogs or listening to podcasts. You just have to begin, take the plunge, make the leap, do the hooky-pokey, whatever you want to call it.

The purchase/closing process was very smooth and I've since been busy interviewing GCs, electricians, well system companies, and many more trades folks. And the BEST NEWS is that I just received an email this AM that I was approved for a line of credit which will cover the entire renovation. Thanks and appreciation for the push from @Ben Leybovich who challenged me to seek financing at local community banks.

The reality of what I'm about to embark on sunk in yesterday when a big red dumpster was delivered in front of the duplex. I feel like a Freshman starting his first semester at Cash Flow University!

And so it begins... ;)

Mark...

[Nuhan Demirkan]

Congratulations Mark. You've already done the hardest part - pulling the trigger on the deal. I'll tell you why you did not go turnkey - Forced Appreciation! Now you not only take advantage of the cash flow but you also capture the entire appreciation once the property is fixed up. Real Estate is an IDEAL investment...

I- Income

D- Depreciation

E- Equity

A- Appreciation

L- Leverage

Sounds like you're going to hit on all points.

Good luck...