Closed on First Property in Less than 90 Days!

[Lorraine B.]

I literally went from “hopefully some time this year” to signing closing docs in just under 3 months with the help of @Michael Henry and Bigger Pockets. I am living in the tech world better known as Silicon Valley, where 2 bedroom homes are often in the $900k range, and thought I would never buy a house. My brother lives in Milwaukee, and for years I have been pestering him and his wife to buy. “Stop wasting your money on rent, what are you thinking??” But for reasons only they can understand, they are not interested. On a visit back there last Summer, I saw a home for sale. I jokingly suggested I should buy it and rent it out to them, and about 6 months later, that is basically what is happening.

I got serious about it in January, and started reading everything I could click my mouse on, and worked hard at paying off debt and building up savings. I had a 6-9 month plan to start looking, and thought I would probably buy in 9-12 months. After talking to Michael a couple of times, he helped me realize that this can happen RIGHT NOW.

Michael educated me on the benefits of buying a duplex over a single-family home as an investment property, especially since I wanted to give my brother a break on the rent. He found a few properties in my price range and coordinated walk-throughs for my brother and his wife, since I couldn’t be there in person. (They would be living in it anyway, they should at least like it.)  Once we found one that they liked and that I thought was a steal, he was still able to negotiate it down.

I signed docs first thing this morning and my brother gets keys Monday. I couldn’t be happier with the way things turned out. Michael made everything seem so easy, and I can’t wait to do it all over again.  Thank you Bigger Pockets for the wealth of information, and most of all thank you Michael for helping me with my first deal!

Timeline:

1.31.17 Joined Bigger Pockets, made a few connections, did lots of reading, met Michael online and discussed what I was looking for.

2.15.17 Michael found a house that worked with my budget, got my preapproval

2.23.17 First walkthrough, didn’t like the house so scheduled walkthroughs at two others

3.10.17 Made an offer on the one we liked

3.15.17 Offer accepted

4.28.17 Closing day!