My first non-owner occupied Flip

[Jannelle Marshall]

It all started with BP, I meet a wholesaler on BP who once I looked over his profile was a great person to connect with. Why, because he was an experienced wholesaler and he lived in West Hartford CT. So he was in my neighborhood where I was looking to purchase property and he had experience. A few weeks after adding him as a colleague he gave me a call or email about a 2 family in Manchester CT. I really wanted a SF but after looking at the 2 Family it was too good to pass up. So I made an offer which was accepted, so now I had to find financing. I provided my signed contract to my Lawyer who I have used to purchase all my homes in the past, told her a little bit about my new endeavor into real estate investing and she told me about a HML that she does business for as well. Long story short he financed the whole deal and I left the closing with about 20k for re-hab cost. The re-hab went way over the 20k but I had purchased the property for 48k so can't go wrong with that. My intent was to flip and sell it, but then I did the analysis using the BP rental analyzing tool and realized I could make a killing off this property if I hold onto it. So I'm holding on to it, my renters move in next month and all my expenses are paid from one units rent. Next unit rent all profit. Not only that I have at least 50% equity in that property based on the completed rehab. BTW I got my BP account earlier this year, I formed my LLC soon after based on the information and insights from the BP community, and got my Real Estate license. I even found my Broker through a colleague on BP. Who ended up being an associate of my Lawyer and uses the same HML, so it's a small world after all. So from the bottom of my heart I would like to say thank you BP for being an integral part of my first success story and I hope and pray for many more. Thank you for also making the recommendation to write this story

[Jannelle Marshall]

@Jean Bolger oh I had analysis paralysis BIG TIME, my background is Buisness Analyst. I read books went to seminars thought about paying a guru, which is how I found BP. I even analyzed my analysis paralysis because I knew that was preventing me from moving forward. After analyzing my analysis paralysis I asked myself what was I really afraid of, and what would best help me conquer that fear. I was afraid because this was new to me I didn't have all the knowledge, then I looked at how do I learn, I learn from doing not from lectures so much, I'm a hands on type of person.  So I made the conscious effort to fill my knowledge gap and lower my risk. I did that by going with an experienced team, and spending the money for my real estate license verses the guru. I picked the experience wholesaler, my assumption was he has been in the business he should definitely know what a good deal was.  Second my contractor I had used him so many times on my personal projects I never took the time to find out what he really did I just assumed he was a contractor.  My analysis paralysis made me call him after sharing with him what I wanted to do, it turns out he's not only a contractor but an investor as well. Owns a boat load of properties all over including outside of the USA.  OMG I think I saw the stars earth moon and the sun all aligned for me after he told me that. So need less to say he was the guy I reached out to for property walk thru and rehab estimates.  So my contractor is my guru I pay him to work on my rehab and I learn a boat load because I'm always asking him questions.  He even makes suggestions recommendations on what sellers are looking for because he has done so many flips.