New member and job change!!

[Jesse Scroggins]

Hello bigger pockets!!! 

So just getting started with hold rental properties. I have been researching real estate rental properties over the last couple of years.  I'm a pretty conservative guy and believe in the "if it's to good to be true, it is".  So over those two years i've tried to figure out what the negatives are and why everyone isn't doing rental properties. Long story short I couldn't find a reason not to do real estate, especially hold real estate. I currently work for a bank here in oklahoma and have had the opportunity to talk to many business owners and landlords, from the accidental landlord to the guy who owns 30 single family homes out right and is living off the rental income.  

It's at the bank that I found my first purchase.  A local investor looking to sale off his single family homes due to age, he is over 70 and looking to slow down. He made a list of 10 homes he was willing to sell. We went around to each home and talked about the history of each properties and the current Tennant. The math was a no brainer and bought 2 duplexes from him, purchase price of 67,500 with rent income of 1750 each month total.  He is carrying the note over 7 year with no intrest.  I purchases these February 1st so very new into it. He currently has 25 homes and has been doing this for 30 years. He has really taken me under his wing and we've talked about me buying a large portion of his portfolio when the time comes or whenever I'm financial ready. 

I currently work in management with a Bank here in oklahoma.  I am turning in my 2 weeks tomorrow to start another job in the same town.  I would be lying if I didn't say it was for a few different reasons I'm changing jobs but wanting to focus more on rental properties is one of those reasons. However I can say with full honesty that I would not be taking the job I am if my goal was not to be doing rental properties full time within the next 5 years. I am completely getting out of the banking industry and the 55 hour weeks. In order to work with veteran affairs and a nice 40 hour week with weekends off. Wanting to further my career and looking for opportunities I had to make a decision. I wanted to stay in banking, but it was either the long weeks, school for an MBA, or choose a job that would allow me to focus on my real passion for real estate. The decision was easy once I had my wife on board after the 2 years of continuous planning and walking her through the numbers. In the beginning she thought I was crazy wanting to own 50+ single family homes.  But she is fully on board and supportive.  I've since looked into plexes and apartments and will continue to evolve as I learn... Still so so new to the game!! 

Really looking forward to becoming an active member and continuing to learn from BP

Thanks!!! 

[Caitlyn J.]

Very exciting! Congratulations! My husband and I are new investors in OKC as well, looking at duplexes & SFR. We are also interested in learning more about rehabbing properties! Best of luck! Maybe we need an OKC newbie investor meet up sometime! BP is an awesome resource.