Just closed on my first SFH!

[Ron S.]

Hey everyone!

I just purchased my first rental property and wanted to share my story.

I started getting interested in real estate about two years ago and invested in a couple REITs.  A little over a year ago, I was invited to join a private syndication, and while I didn't end up investing, it piqued my interest in learning more.  I began to research a lot online (BP included, of course) and listen to real estate podcasts (up to 227 hours today!).

I decided to go the turnkey route (yes, I've read all the negatives and still decided it was best for me) and I narrowed my search to Detroit, Indianapolis, and Kansas City.  After talking to providers in each state, I decided to target KC for my first property.  In mid-December, I flew to KC to meet with three different providers and tour about 20 properties.  After running all the numbers, I chose one of the properties I toured and made my offer.

I had an independent inspection done with nothing major found and received a good bank appraisal ($3.5k over purchase price).  One month later, the title company sent a remote notary to my office and, 20 minutes later, I was officially a real estate investor!  My first tenant just signed their lease at the projected rent and I'm looking forward to keep growing and learning.

Feel free to ask me any questions about my experience.

Ron