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Updated almost 5 years ago,

User Stats

37
Posts
68
Votes
Sean Poulos
  • Investor
  • Mills River, NC
68
Votes |
37
Posts

New Investor, not completely new to real estate

Sean Poulos
  • Investor
  • Mills River, NC
Posted

Hello! My name is Sean and I'm from Spokane, Wa. A little about my history; I partnered with a friend back in 2007 with the intention to do house flipping. Together, with cosigning with his wife, she and I closed on a hundred year old house on Halloween of that same year for $145,000 with no down payment. We immediately started tearing it apart, updating the kitchen, adding molding to the ceiling and floor, new siding and paint, new carpet, sprinkler system/new yard, and brand new appliances all on credit cards between the 3 of us. A month after starting, unbeknownst to me the lease they had at their current residence was expiring so they had to move in to the fixer upper. Construction continued and we attempted to sell 4 months later after the market crashed to absolutely no avail. We decided then that we would have to keep it, and they needed the house to live in anyway so it wasn't all a complete waste. I eventually got off of the mortgage after a refinance about a year later. Throughout the next 13 years they lived there and kept making subtle and some major improvements to the house, with me lending some sweat equity when I could. Just last month they sold it for $215,000, and from what I've been told as of this writing, no profit was made when it was all said and done. As far as my share, no real agreements were ever made, I never knew how much they spent overall, and I may never know but it is what it is and if anything it was just a great learning experience. 
Back in Spring of 2019 I decided I wanted to get back into real estate in some form and went to Barnes & Noble and asked for a book recommendation. I was referred to Brandon Turner's 'The book on Rental Property Investing', and started educating myself. I've started from podcast 1 and sequentially listened to the first 126 podcasts on my way to work and home (completely giving up my passion with listening to music). I have a bunch of books I plan to read and have already read some. I'm finally starting to try reaching out to meet people and this is obviously the best place to start! I am relocating to Asheville, NC late this year for work. My wife and I decided to purchase a new construction home that will be finished this summer. My interests are buy and holds, with the possibility of flips since I do have some general construction knowledge. Nice to meet ya!

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