Achieving My Initial REI Goals

[Benion Horton]

Hello All-

I never did post an introduction, but wanted to share my experience with goal setting and achieving those goals. I am a Physician, 20+ years post training, who had thought of entering REI a couple of years ago, but didn't really set my mind to it then. In December, I revisited the idea, and read the entire Bigger Pocket Library of books on investing in real estate. During this time, I set the following goals:

1. Complete first deal by February 28.

2. Complete four more deals by Jun 29.

I am seeking to transition out of my current career into my second career in real estate. I have a great interest in Rehabbing, but am also going to BRRR, and Buy and Hold Rentals.

So, with my goals in mind, I started scouring MLS with my Realtor, and started looking at houses. A lot of houses. And making offers. The Charlotte, NC market is white hot right now, and many times offers were never accepted or never won the bidding war. However, a couple of weeks ago, one stuck. That's a SFR 3BR/2BA. Just needs a new coat of interior paint and ready to rent.

Also, on Bigger Pockets, there was an off market deal that I checked out. After running the numbers and coming up with a deal that made sense, the seller agreed to my terms. So that's a Duplex 8BR/3.5BA. Newly renovated and ready to rent.

I also sold my primary residence for a great return after 4.5 years. I'm using proceeds from the sale to fund acquisition of the Duplex.

So, on February 21, I have a triple closing, selling one and buying two. I am going to house hack the Duplex, gaining more favorable loan terms, although there isn't a lot to hack - the seller had completely remodeled the place, so it is turn-key. I will take advantage of the increased personal cash flow from the house hack to fund even more upcoming deals.

I've spent the last week forming an LLC, creating a web presence, marketing presence, and tenant management site. Already advertising the units for rent, available March 5. Fielding questions from potential renters now.

Also have my eyes on a couple of potential Rehabs... that's next on the list.

[Colleen Goldstein]

Congrats Benion! It sounds like you’re on a roll! The Charlotte market is definitely hot right now and it’s difficult to find good deals as I’m sure you know. I’d be interesting in learning more on the areas and numbers of your properties if you’re open to sharing. I’m an investor who’s been focusing primarily in Matthews but have been opening up my area search as prices are climbing way above what is feasible on the rental side.