Rookie from Lansing, Michigan

[Jon Graves]

Hey All! 

I'm an engineer by day and I really caught the real estate bug within the past year. I'm 28 and something about the corporate hamster wheel pushed the right button. I couldn't see myself working for the next 30-40 years at a desk job doing more or less the same thing while working my prime years away. I am convinced that Real Estate will allow me to pursue some of the things I've always wanted to do while also giving me the financial freedom and security of the corporate world. I've committed to a 5 year plan that will allow me to quit my job and focus solely on real estate (and other endeavors). My long term strategy is to buy and hold multifamily units for passive income and to fund those units by flipping single family homes. I am fascinated by the success stories that I read on a daily basis on BiggerPockets. I'm excited to use these stories to create a model for success that I can follow to reach my own goals.

I just purchased my first unit (A duplex in Lansing, MI) in December. The experience has been rewarding so far and I'm excited to grow and further refine my strategy as I learn and soak up knowledge from experienced real estate professionals. Happy to join this community!

[Jon Graves]

Thanks, David! 

Steve, very similar stories! I did see the meetup at Block Brewery, I'll check my schedule and see if I can make it out there if only for the beer. 

Tyler, I found the property through a local real estate agent in Lansing, it's close to cooley law school. It sat on MLS for quite some time because it didn't have an approved rental license. I was able to get a city inspector out to the unit to give me a list of the things it needed which ultimately helped me determine whether or not it was worth pursuing. I bought it for $52500, through a conventional mortgage with 25% down, with a combination of personal savings and convincing friends and family to loan me the rest. I have about $2000 into repairs with no major surprises. All in all, hoping the property will rent for around $1600 total ($800 per unit). PITI is $620. It'll cash flow about $600 after maintenance/cap ex savings. The previous owner neglected a lot of maintenance, some electrical work, windows/doors jambs, plumbing, paint etc. I've done all the work myself with the help of a couple of the guys that loaned me money. I think the biggest take away is that in order to scale my business effectively I will need to determine which work to do myself and which to contract out.