Malcolm Tears II - Introduction

[Malcolm Tears II]

Hello all!

  My name is Malcolm Tears II.  I've been a member on bigger pockets for quite a while but I never took action until recently.  I just upgraded to PRO and am excited to learn more about investing through this platform.

My first real estate was a SFR purchase in which I bought a property in a what my realtor told me was a "hot" market on an adjustable rate loan in 2006. I bought the property for $540,000 and the realtor told me that in a few months it would be worth $580,000 and I could flip it for a profit - after all, that was what he was doing and he was driving a Mercedes and living in a semi-custom built home. I envied him and bought the story.

Needless to say the house never appreciated.  As you all know the market tanked around that time and I ended up losing the house.  I had no clue what I was doing and didn't consult anyone before making the purchase.  Today that hose is worth around $500,000. That just goes to show that you can't always rely on appreciation.  You must buy right first and foremost.

Now a lot older and wiser I intend to get back into real estate investing.  I don't have much money, in fact I have quite a bit of student loan debt so I don't know how the hell I'm going to be able to acquire one property much less my goal of 75 doors.  I do know one thing though, where there is a will there is a way and I've listened to stories from people in worse situations that I am in that have made it big.

I just finished watching Brandon's webinar on how to buy a property for no and low money down.  I think the lease option strategy and the wholesale option are going to be the two avenue's that I start with, possibly flips.  If anyone has any advice on any of those strategies I would love to hear it.  Also, if you live around Hamilton, New Jersey and would like to meet I am definitely up for it.

Thanks for taking the time to read my introduction. Please be sure to connect.