Finally pulled the trigger & bought a house - Posted by SteveA

Posted by craig on November 02, 2004 at 13:55:24:

congratulations!! you have inspired me to “pull the trigger”. Ive been
sitting on the sidelines too long.

Finally pulled the trigger & bought a house - Posted by SteveA

Posted by SteveA on November 02, 2004 at 13:37:57:

I’ve been reading about real estate for 3 years. Went to a real estate investment club for a year. Did a boot camp. Bought books/courses, etc. Even made a couple of offers. Then I gave up.

Recently, I realized I knew a lot about this field. I never really stopped looking or learning. I live 5 miles from a resort island in an area that is experiencing explosive growth & appreciation, so I finally went into action. I closed on a rental last Friday that I paid $187K for and should be able to sell easily for $225K in a year or maybe $250K in two years. It’ll rent for $1,200/month in the meantime. I’m closing on a condo 1/2 block from the beach next Friday for $130K that needs about $5K in repairs and can flip it for $150 - $165K. I have personally invested only $1,000. I’m using other people’s money for the rest. Of course I’ll have to split the profits with them, but it gets me started. They’re happy because all they have to is write checks and will get a 20% plus return on their money.

The moral for me? It’s nerve racking and scary, but it can be done. I think and worry about it constantly. But it’s honest, it makes money, and it has the potential to support my family and I full time. Just remember…every line in every book you read is not all true. Take what you can from each book or course, then put together your OWN plan that works for you! I kept thinking I HAD to get houses with no money down and for pennies on the dollar and ONLY if I could make at least $20K in profit. All that is great, but it’s not the only way to skin this cat.

A good friend of mine gave up his corporate career a year and a half ago to open a franchise. He told me the best advice he ever got from a very successful entrepreneurial friend of his was to settle on something and “pull the trigger”. It might work, and it might not, but you’ll always walk away smarter for the next time. Don’t wait too long.

Good luck to everyone getting started!

Re: Finally pulled the trigger - Posted by Eric

Posted by Eric on November 02, 2004 at 21:00:42:

SteveA-
Thank you for that motivational post! I think many of us here need to hear things like this more often. I know I do.
Thanks!
Eric