So far this year and what I’ve archived

[Mike Khalil]

First of all i wanted to say how impressed and thankful i am for finding this group of people here on BP, this is what you call a community!!!

A big dream of mine was to always gain financial freedom through REI. But I had no experience and the only way of making this a reality was to learn so I have been reading and listening to podcasts for about 2-3 years now and just sitting in the background picking up all the knowledge I can get from my fellow BP pros and some friends and family that are in the RE world.

So finally this year I decided its time to make that jump and execute on my plans and goals I had set my self. I started networking with a few wholesalers in the area and was able to pick up my first investment property in March of this year.

Purchase price: $207k

Rehab/Hold cost: $18K

Appraisal: $270K

Refinanced out of the HML to a conventional loan after rehab was done (1 month) and the property has already been leased out before i even closed on the loan. Cash flowing $350 after expenses and vacancy.

2 months later I got my hands on another decent deal and pulled the trigger on it.

Purchase price: $186K

Rehab/Hold cost: $15K

Appraised: $235k

Rehab took a little longer on this project because of some issues I had with the GC but was able to get off the HML and switch over to a conventional loan right after the 2 months of rehab and got it leased 1 month later, cash flowing $350 as well after expenses and vacancy.

My goal is to get to 10 SFH in 24 months, 2 down 8 to go. After getting some experience and more capital i plan on eventually tapping into the MF and commercial properties 4 units and up.

Definitely not the best deals but had to get the ball rolling and get the feel of being a landlord to build on my success.

Would love to get you guys input on what you think i should’ve done or if i am on the right track.