1031 and first $1M deal, Done!! Thx to BP

[Jennifer Lee]

hi BP,

just want to thank you! stumbling on this site was the best thing ever!

I don't have time to write out the details bc its still work in progress and I'm just updating you all on my journey here on BP.

Thx for the knowledge and support! through BP I was able to figure out my 1031 exchange and purchase a property I had my eyes on for 4 yrs.

we closed last week on this $1M 6 unit commercial flex space.

we signed our Triple Net Lease today. 1 of 3.

sealed, repaired and re stripes 40 parking space parking lot.

I have to replace 7 HVACs, rewire electrical, separate utilities.... bring to 100% occupancy!

but thanks for BP, I'm not scared!!!

what a great community, thank u!

when the dust falls I'll post the deal detail. it's very interesting! 

How I turn my first home into a $1M 6 unit+ commercial unit in 14yrs. and bought/sold 7 other properties with this one asset along the way.

[Jennifer Lee]

MY FIRST HOME

In 2001, and this goes for any place my mom goes.  I remember we vacationed in Melbourne and my mom bought 2 apartment units in a very newly developed area, called dockland today, She was one of the first investors, and my sister recently sold it for not only appreciation but currency gain!

Anyways, in 2001, I married my husband.  My mom came to the US with us to see me off.  Her mission is to buy us our first home in Boston MA. My husband got into Harvard Medical for residency. 

Mind you, my mother NEVER set foot in the US (except for my graduation and occasional business trips in other parts).  We have NEVER been to BOSTON.

We got off the airport, and drove towards LONGWOOD MEDICAL area.  As we drove down Brookline Ave my mother stopped and pointed at an apt complex, and said "THERE, I want to buy THERE!"

I, being age 24 then, rolled my eyes and said, "MOM you can't just point at a building and say you want to buy there! You don't even know if it's on the market!!!"  

This is BEFORE INTERNET SEARCH.

We met our broker, my friend today ;p She took us around, We only had 1 wk to find a house before my mom left.

We had an amazing broker that listened to our needs. As she took us around Brookline area on our first day, my mom just wouldn't let go of that apt complex. At the time there was nothing on the market. 

LUCK would have it, my broker knew one that came up in the market THAT night. We were there the next day and made an offer, CASH, CLOSE tomorrow or ASAP! SERIOUSLY!

I don't know how my mom did it, but she bought the cheapest per sqft in that complex I think until today!  When we went, there was dog poop, and it needed work!  So right away we "fixed" it up!      

My mom put 50% down and we borrowed the 50%. (my mom wanted my husband to have skin in the game).  It was also a great move bc it built up this credit.  My husband is from the working class, his motivation is to work work work and provide. 

When my mom passed, only 2 yrs later, I had to make a decision. My dad helped me pay off the rest of the 50% and I started my RE investing "career"

LESSON: Buy Right, Go with "my" GUT FEEL