The Truth About Real Estate Investing...Part II
...It's not as easy as the Gurus make it out to be.
Part II: Round 2
It took me a little more than a week to get this one written. For that I apologize. I wanted to make sure I captured everything I intended.
In the last part, I talked about how I found my calling in life, and how it was almost over before it began.
For a year I agonized over how I managed to get myself in the situation I was in, bad credit, no savings, no chance. I was young and single, and the future hadn’t mattered up to that point. I spent months going over my credit reports, disputing everything that didn’t look right. I made sure that my bills were paid on-time every time. I squirreled away anything I could into savings.
Get your credit under control.
I was finally ready...or so I thought.
I called my Realtor, told her that it was time, and she said she had the perfect property for me. This was amazing! Almost like the stars had aligned in my favor.
I checked out the house, knowing nothing really about what I was looking at. I got a property inspector (a really good one, thank goodness). I put down $500 in earnest money, and offered asking price. It turned out to be a sealed bid, multiple bid situation, but I came out on top. Another $249 at closing, and the house was mine. Awesome!
After closing, I moved into my very first home. I was ecstatic. I threw a house warming party for myself, and invited all of my co-workers (these are friends for us Navy people). I had finally arrived.
I found a roommate willing to pay a reasonable rent while I covered the utilities. I didn’t know at the time that I was House Hacking, but it was great. Not only did I own a home, but I was barely paying anything for it.
So far, my investing career was off to an amazingly easy start. I’m loving this!
Come back later for Part III.
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