1st success as an investor

[Jon Thompson]

Prior to finding this helpful website of like-minded individuals, I started and finished my first 'BRRR', as I see it's being called...and I thought I was an innovator! ha

Saved for quite some time to put money down on a multi-unit that I would do a 15 year note on, and sell at the end of term for my son's college tuition.  Made sense to me to go this route as I have a lot of construction background prior to sales, and I enjoy working on homes/dealing with people.  I ended up saving enough to pay full cash on a single family home that was bank owned, right in the nice little town I grew up in!

This town has top rated schools, and a strong demand for rentals.  I purchased the home for $60k last October, and did a full reno, finishing in August.  I put approx. $20k into renovation, and rented quickly for $1350/month.  Tenants have been in since Aug. 15th and are great!

Now my mindset has gone from college fund to cashflow for life, so I went to the bank to get finance options to pursue my next property.  House just appraised at $168,000!!!!!! That was about 2 months ago, and I will sign on a cash-out, 1st mortgage against the home in the next week or so.  Only borrowing about half the appraised value, but should give me an excellent jump start on my next venture!

Great to find this website, and read similar success stories and learning experiences!