-What steps did you first take to make the jump?
Lots of reading. I originally wanted to get into rentals first but my husband was scared of the terrible tenants so we changed to looking for flips. I started reading J Scott's material which was great and worked with a realtor we knew who has been involved with flips.
-What type of property was it?
3 bed, 1 ba which we converted to 3 bed, 2 ba to increase our profit margin.
-Were you able to do it using someone else's money, or did you have to save for years to jump into that first property?
Luckily I've been able to get our funds from my family. We developed contracts and kept it professional, and in the end everyone in our family gets money. It was a win! We also made it so they were guaranteed their money back. We put the pressure on ourselves and made sure the numbers worked.
-Were you feeling discouraged at all during the process? If so, how did you overcome it?
We did most of the work ourselves. We had a primary residence that we were also fixing up to sell so we had to move into this halfway thru as our next primary residence was also a complete gut job and not ready to move in. It put a lot things on the plate but everything came out great.
-In the end, how did the first one turn out, and where did you go from there?
Made $24,000 which we were pleased with since we had no idea what to expect. We sold that back in February so we have been patiently playing the waiting game until the next one arises. Don't feel discouraged if you can't find much. It's competitive. Just keep going.
