All Forum Posts by: Nick Crider

Hey BP community! My name is Nick Crider. Short pertinent bio: I am one of those guys who can do just about anything I put my hand to. However the other side of that coin is often the curse of underperformance as I have found it difficult to find a career that doesn't bore me after a few years. I should also mention I have ADHD, not an excuse, just my reality. Often, people like me surf several different jobs/careers, only to find themselves in their thirties without a vocation--something they can find truly fulfilling as well as profitable. I decided to go back to school and retool. But working full time, I have found that it will take a bit longer than I would like to finish school, and even then, I have been unsure of what field of work I would want to end up in. It has been torture. Feelings of regret about starting to late. Pessimism about future prospects. ENTER REAL ESTATE INVESTING. For the first time ever I feel like I can confidently walk down a career path knowing that I will find fulfilment there. This career blends multiple of my favorite things: I love renovating and have renovated several properties on the side through the years. I love the world of finance and investing, have always had good returns percentage wise, but nothing life changing as I have never had the free capitol to go deep into any investment. With the several paths that a real estate investor can take, I see a future of various possibilities where I learn how to profit personal my personal affinities, thus solving my issue of getting bored and losing drive and focus.

Recently I went through a divorce. This was the catalyst to push me into this field that I have always held in the back of my mind as something I may want to do. I was able to take the some net out of the proceeds of selling our house, to invest in my first single family home. I plan to renovate and rent this first property, then refinance and pull out my initial capital, and put that in a second, and so on. After acquiring several single family homes I want to step up to 3-4 door properties, perhaps funded by selling a couple of my single family units. The loose plan is to grow from there. But I suspect as I learn and find my niche, this plan may change.

SO happy to find this resource and look forward to learning from this community with hopes of one day being someone who can contribute to this community.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $90,000
Cash invested: $18,000

This is my first buy and hold property. Purchased for 90k. I don't consider it a home run deal, but it was the best deal in my area at the time. Full reno, but i am here for it! Because it is a buy and hold, I consider it a decent investment to start me out on my real estate journey. I plan to live there while I renovate, then pull out my investment upon refinancing. Once I free my investment capital, I will purchase my next buy and hold. It's a slow start but I am confident that I can succeed.

What made you interested in investing in this type of deal?

I have long wanted to hold rental properties as retirement assets and to supplement my income from my full time job. Life circumstances pushed me into stepping out into that direction right now...at possibly the top of a market...ooof. I knew I needed a property with meat on the bone if I was going to make a good start; even if the meat on the bone was a derivative of a bit of sweat equity.

How did you find this deal and how did you negotiate it?

I was selling my personal home. I wanted to use net from that sale to make another purchase. Being totally new to this, I enlisted the help of a local realtor. I told her to find me the property in my budget with the greatest potential for value add. She has been worth her fee twice over, and has helped me a lot.

How did you finance this deal?

Conventional mortgage from a neighborhood bank.

How did you add value to the deal?

I will be completely renovating the property myself. I have done his with my previous home to great success.

What was the outcome?

TBD

Lessons learned? Challenges?

Every step has been a lesson and I am enjoying it immensely.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Kathy Gallegos in the Springfield Missouri area.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $90,000
Cash invested: $18,000

This is my first buy and hold property. Original asking price of 110,000, I purchased for 90,000. I don't consider it a home run deal, but it was the best deal in my area during the time I was looking. Because it is a buy and hold, I consider it a decent investment to start me out on my real estate journey. I plan to live in in while I renovate it, then pull out my original investment (and maybe a bit more) upon refinancing. Once I free up my investment capital, I will purchase my next buy and hold. Its a slow start but I am confident that I can succeed.

What made you interested in investing in this type of deal?

I have long wanted to hold rental properties as retirement assets and to supplement my income from my full time job. Life circumstances pushed me into stepping out into that direction right now...at possibly the top of a market...ooof. I knew I needed a property with meat on the bone if I was going to make a good start; even if the meat on the bone was a derivative of a bit of sweat equity.

How did you find this deal and how did you negotiate it?

I was selling my personal home. I wanted to use net from that sale to make another purchase. Being totally new to this, I enlisted the help of a local realtor. I told her to find me the property in my budget with the greatest potential for value add. She has been worth her fee twice over, and has helped me a lot.

How did you finance this deal?

Conventional mortgage from a neighborhood bank.

How did you add value to the deal?

I will be completely renovating the property myself. I have done his with my previous home to great success.

What was the outcome?

TBD

Lessons learned? Challenges?

Every step has been a lesson and I am enjoying it immensely.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Kathy Gallegos in the Springfield Missouri area.