Year 1 of Ownership Complete! :)

[Kyle Curtin]

Boy I have learned A LOT from the first year of hands on ownership. Multiple hard lessons, many smaller lessons, tons of processes started, implemented, & tweaked. 1 successful unit turnover, & 1 in the process of being turned over right now. I would not trade this education for the world!

Everyone is 100% correct when they say that you learn drastically more from being thrown into the trenches than learning from books, podcasts, events, etc. Knowledge is power, but when you are physically in the situation, you are forced to act and need to find a way to make it work!

Since purchase, through stabilization, total gross rents have been increased $1800/mo (with the help of a vacant unit being updated and filled) and will be rising another $1500-$1600/mo in the coming months from my owner occupied unit being rented. From forced appreciation in addition to the market’s impact on appreciation, there has been an increase of $119k in equity built based on a very recent appraisal, and I am in the heloc process as we speak. This equity will be a large part of my next plan.

My 1 year FHA owner occupancy requirement is over tonight at midnight, and soon I'll be fully moved back into my parent's house for a while after a few more things get squared away to fully use this building to its highest and best use as a rental property that I am continuing to self manage from Tewksbury.

I have had a vision to make a video of all of the lessons learned and tips learned in yr 1 of ownership, to share my experiences for folks to learn from, my next plan for the future, and I’ll jump on it shortly 🙂!

Once the final unit is turned and rented, a big focus is to heavily utilize the boots on the ground team that I have built over the past year & implemented systems to efficiently operate this property from Tewksbury without going to Leominster much at all. I think it can be really powerful to start to learn how to effectively manage property offsite from a distance and can open up many doors in the future (no pun intended LOL), we shall see!

Video coming soon!

Happy Friday guys! 😁

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[Alli Breighner]

Hi Kyle, I actually grew up in Massachusetts! 

I completely agree that podcasts, books, and various events can all be useful, but taking a leap and physically putting yourself out there is the most beneficial. I'd love to discuss real estate with you and offer as much guidance as I can.

Would love to connect, and further your real estate journey.