This may be a long read for some but just wanted to put my story out there just to start something… what I’m not sure yet but let’s see what happens.
In mid-2000s, during the subprime market, I began flipping homes in the Los Angeles with $0 money down. My first property was a learning experience, I lost like $5000, but I kept at it and eventually started getting better. I successfully flipped over 15 homes and decided this was enough to start putting the money I made towards fully paid off rental properties and live the dream of passive income for the rest of my life! This is where I made a major mistake.
In 2009 I started off with a duplex in an “affordable” housing area of Columbus Ohio. Purchased a rental for $32,000 and each side was bringing in about $400 month. This was great. Unfortunately, I told my grand plans to an investor, who was also a property manager out there, of my long-term plans. He knew of my past deals and the amount of money I made from my flips and immediately saw dollar signs. I still took it slow. I sat on the duplex for 6 months and it was doing great. I then purchased a 2nd duplex for about $42,000 which was bringing in about $350 per unit. Life was good. I couldn’t get these kinds of returns in Los Angeles. Then he told me about this 14-unit building in the same affordable housing area that was boarded up and the owner was desperate to sell. This is probably where most of you are beginning to cringe. Well I did it. I was able to get the building owner financed and used every penny of what I made from flipping to get that apartment building rent ready. Fast forward a year later about 3/4th the build was rent ready. The rosy goggles I wore finally cracked. My units were revolving doors for tenants, the property manager was making a killing with tenant replacements and turning over the units. Well I had to fire that property manager and really no one else wanted to manage that area of Columbus Ohio. I was desperate and scared. I listed the property for sale multiple times and then started to reach out to other landlords in the area that might be interested in buying my units. In 2016 I finally got lucky and a local investor agreed to purchase it if I carried the note. The investor eventually got the property ship shape and was able to sell it to an out of country investor. I was able to pay off some of the debt I accumulated. I ended up in the red and have been working my butt off trading time for money to make sure all my debts have been paid off.
I’ve learned A LOT. Today I’m debt free from that experience, I never quit my day job and even grew ranks in corporate America. One thing still bothers me. I’m still not fulfilled. I think we deserve more than trading our time for money. I want to get back into real estate but my wife no longer wants me to invest farther than driving distance.
Today with a ridiculous commute, family & more responsibilities at work (I’m an IT Manager) I no longer have the time to start over with doing flips so I’m taking a different approach. Enter wholesale!
This is where I start a new chapter in my life. I plan on being a semi-virtual wholesaler. I have long time trusted friends in Jacksonville Florida so let’s try that area first. Been reading up on wholeselling and putting together my process. I’m going to leverage my IT experience in assembling teams, creating processes, documentations and using technology to be successful. Maybe just maybe my wife will let me keep 1 or 20. 😊
I’m an introvert by default so putting this together was a bit difficult. I also know how important it is sometimes to put yourself out there so that maybe I can connect with others and make bigger things happen or at least inspire someone to get back on that horse or else you’ll always feel like something is missing inside.
