New guy here from upstate NY

[Mike Sedlacek]

I started my real estate investing when I graduated from college at the age of 22. When I finished college I didn't want to move back to my parents house so I purchased a 6 family and rehab one unite for myself to live in. This was in the late 70's when house prices were real not like they are now. I bought this multifamily for $26,000 owner financed with $2,000 down which I borrowed from my bank using the income from the property and my job to get a unsecured loan. 

The following year I purchased a 5 family across the street from the 6 family and each year after that for the next 5 years a 8 family, 2 four family, two single family homes which I fixed and flipped a year after. 

Then I purchased the largest property I ever thought possible which was a 50 unit mobile home park on 50 acres of land in which only 25 acres was developed, owner financed with $25,000 down for a purchase price of $125,000.  I then started to purchase older mobile homes for $1,000 and spent $3,000 rehabbing them which I then sold with carry back note for 5 years. I did this on 10 mobile homes. Three years later a mobile home dealer approached me and I sold him the park for $250,000 on a wrap mortgage with $50,000.

With a steady monthly income I decided to go after my other passion and that was high end remodeling. I specialized in kitchen and bath remodeling. Did that thru the 90's. 

When my 2 daughters graduated high school in the late 90's we decided to move to Virginia Beach in August of 2000 because our small town, the home town of IBM, had packed up and left and the town died economically. I purchased a home 15 minute walk to the beach for $85,000 also owner financed. I tried to purchase houses for investment but when I saw house prices rapidly increasing like crazy ( I feel artificially ) I felt it wouldn't last and I didn't want to get stuck with an over leveraged property so continued with my remodeling business in Virginia Beach.

I had to move back to upstate NY when I learned my Dad had cancer and wasn't going to make it another year, that was in January 2011. Over the next 5 years I purchased 3 homes  for fix and flip. One for $44,000 another for $43,000 and a more expensive one for $167,000.   The more expensive one is up for sale now for $209.902.00 The 43k house I sold for $65,000 and the 44k house I'm finishing the remodel and it should be ready to sell in about 3 weeks. My folks house, they have since pasted away, should sell for $125,000 when I'm finished upgrading it. 

Then back to Virginia Beach to be close to my daughters and thier family, I'm a grandpa now, which I will start investing in foreclosure properties. Probably not going to do fix and flip so I will be going after the $200,000 to $300,000 range homes that are in good shape and may only need cosmetic work .

SO there is my history. I'm 62 now and I will not be picking up a hammer any time soon I hope.