All Forum Posts by: Billy Maloney

Thanks Guys, really appreciate it. 

In Jan of this year I decided I was gonna become a RE investor.  I started listening to podcasts 8hrs a day while at work and reading books at night.  In the beginning of my research I thought it was gonna take me forever before I knew enough to get started, but i realized slowly that I don't need to know everything and the best education I could get is to take action.  "don't just learn, take action" - @Brandon Turner  It took some convincing of myself to find the courage to pull the trigger but I fully committed. 

Today (6 months later) I received my first check from my property manager. I purchased my property turnkey in Memphis TN for 150k and it has a 2 year lease for $1500/month.  I put 20% down and my mortgage, taxes and insurance payment is 932/month. I really surprised myself that I was be able to get started in just 6 months starting with zero knowledge of RE.  The thing I found to be most valuable in my first deal is the confidence and comfortability I have gained in RE.  A person with drive and confidence in what they are doing is a powerful thing.

Thank you to everyone on BP and people I have met at REI meet-ups.

One of my favorite quotes that helped me to take the leap:  “There is no failure. You win or you learn. Either one is okay.” -Gary Keller

In Jan of this year I decided I was gonna become a RE investor.  I started listening to podcasts 8hrs a day while at work and reading books at night.  In the beginning of my research I thought it was gonna take me forever before I knew enough to get started, but i realized slowly that I don't need to know everything and the best education I could get is to take action.  "don't just learn, take action" - @Brandon Turner  It took some convincing of myself to find the courage to pull the trigger but I fully committed. 

Today (6 months later) I received my first check from my property manager. I purchased my property turnkey in Memphis TN for 150k and it has a 2 year lease for $1500/month.  I put 20% down and my mortgage, taxes and insurance payment is 932/month. I really surprised myself that I was be able to get started in just 6 months starting with zero knowledge of RE.  The thing I found to be most valuable in my first deal is the confidence and comfortability I have gained in RE.  A person with drive and confidence in what they are doing is a powerful thing.

Thank you to everyone on BP and people I have met at REI meet-ups.

One of my favorite quotes that helped me to take the leap:  “There is no failure. You win or you learn. Either one is okay.” -Gary Keller

Welcome @Traver Freeman. Im in LA so I feel your pain. I just started learning about REI this past Jan. Spent sometimes exploring LA and other near by markets and didn't see many options. With the help from people like @Ali Boone and other BPers I was able to learn what i need to get my first property out of state this past month. 

I used a turnkey company, not sure if you have heard about them yet. Turnkey worked for me for my first deal because it was a way to ease into REI and have someone hold my hand through the process. What your getting is an established expert team in one place. TK might not work for everyone, but I found it to be a good option starting out. My next deal may or may not be a TK deal I'm still trying to decide. Just an option to considered explore if your going to invest out of state. TK takes a lot less work on your part.

Ill be camping that weekend. I hate missing these meeting they are great.  Ill see you guys at the next one.

@Rollan Dizon

Sounds like your starting off with pretty good deals, congrats.  

Are you working with a turnkey company for your properties in Birmingham? How where you able to get turnkey properties with 15-25k equity going in?  It seems like many if not most TK properties come at market value.  

Oh maybe your right. where is the right place?

@Fellipe Novaes Well I saw Birmingham on the top of list as the cheapest cost of living. The price to rent ratio works. Trader Joe's is building a new location there soon, so they must have a reason for that. 

Im always keeping my eye open in CA, but I think your right lots of places in CA are inflated and they could feel it first on a down turn. Ill take a look at Montgomery. 

Ill let you know what i come up with.

Looking for solid/investor friendly agent in Birningham AL. Specifically looking for help in Vestavia, AL. 

@Spencer Sutton I would also be interested in your ebook.

@Crystal Chang I started right where you are in Jan.  I spent and still do spend tons of time listening to podcasts and reading.  Im now in a contract for an out of state property through a turn key company.  It s a very dumb down easy way to learn some of the process.  You will pay a bit more. Usually right around the market value from what i have seen, but your paying for the system in place and convenience.

Im planning to do the work to try and get my own deal for my next property or else stick to turnkey.