New to Real Estate Investing

[Monty Tuha]

Investment Info:

Condo buy & hold investment in Federal Way.

Purchase price: $220,000
Cash invested: $10,000

I purchased my first property, it's a condo. I'm currently living in it as I was doing renovations. It's a 2 bd, 1 ba, 1,000 sqft 2nd floor unit (top floor). I would like to purchase a 2nd property that I can renovate and either flip or rent out. I would also like to eventually rent out my condo.

What made you interested in investing in this type of deal?

I came across Bigger Pockets on YouTube and it really got me excited about BRRRR strategy and investing in real estate.

How did you find this deal and how did you negotiate it?

I'm a Real Estate Broker, so it was my first property that I sold, I sold it to myself.

How did you finance this deal?

I did an FHA 30 year fixed loan.

How did you add value to the deal?

I put in a new bathroom, and new flooring throughout the condo. We painted all the walls to a bright white and added all new stainless steel appliances, with new washer dryer.

What was the outcome?

Purchased it for $220,000. It's now worth $260,000 and rising. I was thinking about selling it. But the more I listen to BiggerPockets, it has me thinking that it would be smarter to rent it and let the property gain in value over the years.

Lessons learned? Challenges?

I want to purchase a second property that I can go into and do something similar and then rent it out. I'm really interested in the BRRRR strategy and learning to use OPM. My challenge is getting past my first unit, meaning getting moved out and onto my 2nd property.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I'm now into my 3rd year as a Real Estate Broker and have closed many deals, I've learned so much. I'm looking to meet Hard money lenders and private money lenders to jump start my own real estate investing. I see so many good deals in my area, but I don't have the proper funding behind me yet to pull the trigger. This is what I need help with. I'm nervous with all the scams out there, so I'm trying to find local lenders I can meet in person with good track records etc.