1st Step Felt Easier than the Second

[Tyler Kaye]

My first deal was to be owner occupied in a condo. This condo is downtown, one block from the main drag, with a peek-a-boo view of the harbor. I bought it off the MLS as a foreclosure and it was terribly ugly inside. Gold fixtures with a dark green carpet that was destroyed. The paint was still from the 80s. The bathroom had components added that made it look like a hospital. The large, metal hand rails were terrible and the bath surround was about to fall off the wall. There was drywall damage in an odd corner of the bathroom above the washer and dryer.

My goal was to purchase and live in it while I work on it. I had one year to fulfill the VA requirements. I began the work needed to update the condo right away. We finally finished with painting and flooring at 11 months of the year requirement. I was already searching for another proper to use my VA entitlements on. The market here doesn't allow for purchase above any median price and still cash flow for rent. I had a decent idea what I could get after renting in the area for six years myself. So after a year of updates including carpet, bathroom, and electrical upgrades, I am ready to move out.

I finally met a realtor that knows what I want to know. She is an active commercial and residential investor in this area. She also has experience across the US and has been in the real estate investment business since she was very young. Together we have written enough offers that I was ready to stop looking in this area. Then we found a property on the MLS that was listed in a community that is very popular in the area. We are currently negotiating repairs for the roof right now, but it seems that the year of work to my condo has really paid off for the rental or resale market. Although, finding this second property has been a very tough challenge.

My criteria is pretty strict.  Sometimes I wonder if I am being to strict.  I am still new so I don't want to break my own rules until I know what will work for me and what won't. 

Ultimately, thank you Bigger Pockets and all of its members for the supportive comments and discussions made available to give me the confidence to continue pursuing my dream.