New in NC: If the first one is the hardest...I'm over the hump

[Melani Pratt]

Hey everyone!

Wanted to swing by the New Member forum and introduce myself.

My name is Melani and although I’m new to the BP site, I’ve loved the BP podcast for quite awhile.

As for my background in real estate — my first experience with investing was shortly after college. Tired of throwing away money in rent, I moved back to my tiny hometown and purchased a foreclosure property in need of major TLC. After working all day, I’d come home and work on the property in the evening. With the help of family and friends I was able to do much of the work myself (and learn a ton along the way.)

That experience sparked my interest in real estate investing.

After building some equity in my initial foreclosure purchase, I bought a single family home within walking distance of a local university near my hometown. I immediately rented that to several college students. 

The ease of that transaction boosted my confidence and within the next year I bought an additional property near the same university. Although I had originally purchased as a buy and hold, I made a few repairs and got a call from a local investor interested in making a deal. While the location near the university was a compelling to reason to hold, the chunk of change to be made in the flip was appealing to my 20-something-year-old self.

With that, I purchased yet another single family home. Again, within walking distance of the university. And again, rented it to college students.

Back then, I remember people cringing when I’d tell them I rented to college students. They’d conjure up horror stories of the damage students could cause. In my experience, much of that concern was unwarranted.

During that time, I was also working full-time and climbing the ladder we’re all taught to climb.

Then, one day I made a decision. 

Having never lived far from my tiny hometown, I decided I was ready for a new adventure. A new job. A new location. In hindsight, I could have chosen to keep the properties I’d acquired and used a property management company, but I had no experience with that. I’d managed the properties myself, and the prospect of trying to do that while living out of state seemed unrealistic. 

I eventually sold everything.

Fast forward several promotions and a few relocations later, I’m now in my early 40’s. I’ve spent the last 13 years or so chasing the rabbit hole of success in the 9-5 world — successful I suppose, depending on the metrics you use to measure that sort of thing.

A couple years ago, I dipped my toe back into the real estate investing world. Now, living in North Carolina, I bought a small single family home as a buy and hold. Ironically, although it’s not within walking distance of the local university, the tenants are a young professional couple, both employed by a local university. Funny how the universe works sometimes.

So that brings me to where I am today. 

A few years wiser than when I first started, and fully aware of how green (or not) the grass is on both sides of the professional fence.

Oh, and…for fun I run. Marathons mostly. 

Recently, I’ve started to view my 15-mile training runs through nearby neighborhoods as a sort of prospecting method —a foot tour of sorts— helping me determine neighborhoods I might be interested in investing in.

My goal with Bigger Pockets is simple — I hope to learn from other investors within the community, leverage the tools and resources to improve my ability analyze potential deals (to help my 40-something-year-old-self gain the confidence to do what my 20 something-year-old-self knew was possible long ago) and contribute to the community where I can with the experience I have.