Hi all: I wanted to mainly shout out to the BP community and @BrandonTurner in particular for issuing this challenge in April, 2021 and supporting it through the forum for the next 90.
In a nutshell, I worked the program. Brandon suggested spending 15 minutes daily for 5 days per week for 3 months. I spent well over that as I felt my learning curve on this first rental property was a bigger one -- white belt and all.
The tools that helped me most: calculator, calculator, calculator. Because this was such a hot post covid market (4/21 - 7/21) most of the on-market properties were not making sense financially. I put three offers in on various properties in Maine (my desired market area). One single family, one piece of vacant land and one multi family. The closest I came was on the multi family which held me in a first back up position til closing.
I kept plugging away, looking online at properties, using the rental calculator, going to see the properties either virtually or in person and then if feasible making an offer for 60 days or so. I also developed relationships with lenders during this time.
After the 60 day mark, I needed to be back in New Jersey for family events, and looked at a few houses in a town that was new to me ..... went through the house with the homeowner (by chance she was there and willing to show me) put in an offer 5% under list price, waived home inspections and said would close within 30 days. Specs on this house: 4 bed, 2 bath, "ugly" house, decent condition, needed new roof, we subsequently discovered a previously abandoned oil tank which seller had to remove. Floor plan needed work.
I saw the opportunity in this house for me and my family to live in and house hack renovations. While the condo we were currently living in we could rent.
Went through the loan process, dealt with slow attorneys, delays with oil tank removal and as of July 23rd we are the proud owners of a single family home in Peapack, NJ.
The condo in Bedminster:$2,100/month - 2 bed, 1 bath - was rented to the first prospective tenant to come along, (after vetting and all the checks done) She will move into the property on July 29.
I know there are probably some gaps in my description -- am happy to help answer questions but just wanted to put out there that the 90 Challenge worked for me by creating a support system and guidelines to achieve my first rental property. Really grateful for the support of people like you who answered my questions in the forum!
I am looking to start the search for my next property asap,and am looking to join a Women's mastermind group -- any interested parties contact me!!!!
Jane
