1st Property Rehab Buy and Hold, Quite a Success

[Roger Laughary]

Hello  all,

I just want to say thank you to Bigger Pockets, and several of you who interact with the forums.

I've followed some of the basic principles that Bigger Pockets outlines, and they were fruitful for me on my first project. I bought my first rental property as a foreclosure for $33k, put about $7k down and $5k rehab cash into it, and I was just able to refinance and cash out with an appraisal of $65k, pulling enough cash out to do it two more times immediately. Plus, I am getting $300/month in cash flow off of it. AWESOME. I realize this is a small win to some of you on here, but for me it's helped me prove to myself that I can really do this and do it well. Now I am excited to really put these strategies to work and PUSH myself to reach some serious life goals through REI.

I hope that this may give some of you that are building up the courage to try it out (with some good strategy) and be able to do as well as I feel like I did my first try.

Thanks again,

Roger

[Sam B.]

Rinse and repeat!  Congrats...you find those next two properties yet?