The first deal does exist!!

[Spenser Harding]

Hello BP, I have been wanting to right this post for a long time!!! After years of reading books, searching 1000s of forum posts, analyzing multiple potential deals, and spending hours listening to informative podcasts- I have finally made my first move.

Weeks ago I was invited to my first webinar on the BRRR strategy and was really excited to learn my great local investor @Brandon Turner. Though I knew my house that I was living in was going to be a good investment- however it wasn’t yet because it was just a liability that I lived in and had done a ton of repairs and renovation to. I needed make that final step and move it from the $$ sucking liability column over to cash flowing asset column by renting it out. That great webinar was my “aha” moment.

I Bought in October 2012 which turned out to be an incredible time in the Seattle / Tacoma market. It is an awesome 3br/2bath, purchased for $165,000 in a great location with trails and parks nearby but needed work.

My wife and I Rehabbed the property by knocking down walls, remodeling bathrooms, redoing the kitchen, replaced roof, added new flooring, and some other stuff over the last 2.5 years we have lived there.

We found a great tenant (hopefully) to Rent the house from us by utilizing the guides and info here on BP. I’d say this is where the most learning took place as I made a lot of mistakes in my online marketing and being completely overwhelmed with the interest in the property.

After all the renovation, I knew we had equity to use so we Refinanced our house via a home equity line of credit to pull money out to put down on our next project in a grade A neighborhood. Our forced appreciation and market conditions increased the value over $100k!

After all this, I am really glad we chose to go this route.We are in our new property with zero down. Our rental property gives us $300 after the mortgage, equity line payment, and saving for maintenance. We spent months of analysis paralysis, viewing properties, making offers and being beat out. But, I am really glad we did, this is definitely the best option for us to finally get into real estate investing! What great learning experience and I appreciate all of your contributions whether you realized you were helping me or not!

[Spenser Harding]

Thanks everyone! - It felt really good getting that first months rent payment. 

@Angel Rosado I got into REI for a couple of reasons. First because I love investing and tapping into my entrepreneurial juices. Second, I want to change my family tree - I grew up with a single mother who struggled constantly financially - we ate a lot of PBJs and casseroles and I don't want that for my young son. Third, When my wife got pregnant, she had an overwhelming sense of nesting and fostering her maternal feelings while I just had this urge to provide and REI was that answer. And finally, I have always enjoyed real estate and have been curious about it. I found a way to combine my hobbies of investing, passion for finance, and interest in RE all in one place. It's pretty cool getting paid to do things you love.