Closed on first property

[Nickolaus Banks]

Hi BP,

Just want to say thank you to the BP community for all the knowledge and confidence that you have provided. 

I started researching REI the first of this year and stumbled across BP. My wife and I decided that we wanted to commit to this long term journey in REI.

Our first year goal was to own one rental unit that met all our criteria. We spent the first quarter of the year setting goals and education in REI. We spent the second quarter assembling a team and defining our criteria. We spent the 3rd quarter evaluating the market and houses.

A month ago, we found an REO that met all our criteria and finally closed on this property today. We are moving into the new purchase and have a renter lined up to move into our current residence. In one year, we plan on repeating this process.

Our goal for the last quarter of this year is to tackle students loans and become debt free (excluding home mortgages). Meanwhile, we plan on putting systems in place that will help us accomplish our 5 and 10 year goals. 

Although its just one property, I'm excited we were able to get this first property under our belt. I wanted to share this beacause we probably wouldn't have taken the leap if it wasn't for BP. 

Thank you and hopefully we will have many more success stories in the future.