Quick Recap - Short sale, House-hacking, HELOC, and BRRRR

[Kyle Collette]

To start, this began back in 2012, but took me a while to get some traction and realize real estate was the way I wanted to go.

Let me provide the brief version:

First property I purchased was a short sale in Clintonville in Columbus, Ohio. I still adamantly believe "short sale" is a misnomer, as the process took me 11 months to close. It ended up being a blessing, however, as the previous owner allowed me to live in the property until we closed - rent free!

I also had a housemate move in with me and paid me rent. Not a bad 11 months at all! Closed in October 2013 at $152,000

Over the next few years, I made some additions and repairs (new bedroom, bathroom, and extra kitchen in the basement), and now got two housemates - completely covered my mortgage payments.

2015 rolls around and I start studying real estate a little bit more. Had some cash saved up from working a full-time job in logistics and a part-time job teaching tennis, and bought a fixer-upper for $29,000 with a tenant in place at $700 (sounds like the $30,000 pig, right?)

Long story short, evicted the tenant, put on a new roof, painted the walls, replaced carpeting, added a 1/2 bath, got a new amazing tenant in place (they have since finished the basement, added security alarms, painted walls, added cabinetry... all on their own dime) paying $850 a month.

Fast-forward again to last year. Take a HELOC out on my primary residence - it had appraised for $235,000. Refinanced the investment property. Purchase a new primary residence and investment property with $0 down total (used the HELOC for both down payments). Got married!

Currently renting out the old primary residence at $1800/month with a cashflow (after mortgage, insurance, taxes, vacancy, maintenance, cap ex, etc.) of over $500/month; with the other two investments each pulling in between $250-350 a month.

I also decided to make tennis my "full-time" job and pursue real estate more heavily as my career. Currently in the process of closing on a 4-unit, and working on coming to an agreement on a fixer-upper, student rental that I plan to BRRRR with a coworker of my wife.

I know my "short" story ran a little long; but that's the nuts and bolts of it. Can tell you, the last two purchases and everything since would not have happened without the help of Josh Dorkin, Brandon Turner, and BiggerPockets. A huge "thanks" to everything you all are doing here.

[Kyle Collette]

@Joshua Dawson

Thanks!

And yeah, should meet up.  My place was on Tibet closer to high Street. I'm up just north of Worthington now. Message me sometime, we should meet up