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Posted over 7 years ago

How I started out in Real Estate

It was 2013. Not that long ago. I didn't know anything about Real Estate. I could tell you the basics of a traditional mortgage having had a few already, but otherwise I knew nothing. Also take into account that my wife and I had just sold a business, headed south (thank goodness) and had zero idea what to do next in life.  I got up one morning (knew only the word foreclosure, nothing more) and happened to know of an attorney that posted listings. I got on their website and strangely, found a link to a house that was selling in 2 hours. I mapped it out, saw it was close-saw the opening bid-and said, "hey ya...babe? Do you mind if I go buy a house this morning?"...I have a good wife. She said she didn't care. 2 hours later and only one other guy showed up to bid on the house at the courthouse steps. He didn't go up much- and I won the bid. Less than 30 days later the remodel was done and the house was on the market. In less than 120 days from purchase to sale, we made over 35k on that house. Not bad for a guy that had no idea how real estate worked. But it's how I got started. And it was really stupid the way we bought that (no title searches, no tax searches, no history information or anything)...we just bought it! And since we did it 1x and it worked out, I figured we’d just keep doing it. And we have ever since. 


Comments (6)

  1. @Patrick Frizle- IN TN, back taxes carry with the property. So if the previous owner did not pay their property taxes and I bought it at foreclosure, I would be responsible for them. As for title, if their are major defects, or if the instrument being foreclosed on is a 2nd mortgage, I very well could have been the proud owner of a second mortgage and still have a 1st to pay off.  Which would have been really bad of course! But it all worked out.


  2. How could tax and title (don't really know what title is to be honest) information sway your decision?


  3. Awesome story! I need a wife like that. I'm new to investing and am curious to learn more about how it was "stupid" the way you bought the property. What is the smart way to do it.


    1. Smart way to do it is to know what you're buying. Or get alongside someone who does. I am thankful that our bumps and bruises along the learning curve of mistakes haven't sunk the ship yet. But I could have learned faster if I had partnered up with someone or if I had taken more time to learn before just getting in. I am thankful we didn't get burned on round one. If we had I may not still be in RE! And that would be a shame really.


  4. Thanks @Sam Wilson for your success story/blog. Great share!


    1. @Tek Chai Thank you very much! I didn't know this post ever went live... so I didn't know that there were comments on it. I appreciate it very much!