Take Action: My First Property

[Billy Maloney]

In Jan of this year I decided I was gonna become a RE investor.  I started listening to podcasts 8hrs a day while at work and reading books at night.  In the beginning of my research I thought it was gonna take me forever before I knew enough to get started, but i realized slowly that I don't need to know everything and the best education I could get is to take action.  "don't just learn, take action" - @Brandon Turner  It took some convincing of myself to find the courage to pull the trigger but I fully committed. 

Today (6 months later) I received my first check from my property manager. I purchased my property turnkey in Memphis TN for 150k and it has a 2 year lease for $1500/month.  I put 20% down and my mortgage, taxes and insurance payment is 932/month. I really surprised myself that I was be able to get started in just 6 months starting with zero knowledge of RE.  The thing I found to be most valuable in my first deal is the confidence and comfortability I have gained in RE.  A person with drive and confidence in what they are doing is a powerful thing.

Thank you to everyone on BP and people I have met at REI meet-ups.

One of my favorite quotes that helped me to take the leap:  “There is no failure. You win or you learn. Either one is okay.” -Gary Keller

[Kate H.]

Congrats @Billy Maloney! Love reading stories like yours. I started listening to the podcasts on a daily basis around the time you did, and you're absolutely right about the knowledge you're able to gain in just a few months. Hope to start my "got my first property-topic" within a few months as well.