Hello, my name is Elizabeth Smith and my husband and I are learning how to build our real estate investment business for when he retires. We have lived in Tucson, AZ for most of our lives and enjoy the desert but would also like to be able to see other parts of the world. Our adult kids and a niece have expressed interest in joining us in real estate investing too, so I need to figure out what I'm doing first. I find that learning from others who already know how to do something is the best way to learn.
Real estate experience
I am a beginner real estate investor. So far, I have done lots of research on a wide level but only one investment deal besides selling our own homes when we moved a couple of times. My Mom also paid for an expensive real estate seminar for me that turned out to be all about upsell and Detroit burnouts which was way too sketchy for me.
So my one deal so far is a triple wide MH that I bought for $7,500 after reading Lonnie Scruggs books. I tried to resell it, failed so had to move it, then I rented it for a few years. Recently, my tenants moved out so I did a seller finance for $25,000 with $1000 down and $400 a month payments. The new buyers are very happy with their own home and I'm very happy with this new income stream (:
Real estate goals
As I mentioned, I tend to do lots of research but there is so much out there that its hard to focus and how do you know what might work best? Real estate investing isnt something you can just go to real estate school for or pick up on a YouTube video so I am now looking to deepen my understanding by reaching out to real people who are already doing this. I already have 3 people who would like to invest in real estate with me and have cash in hand to do so. I'd like to learn more about stick built homes and do a minimum of 6 deals this coming year (Perhaps a couple of wholesale just to learn about those and then the rest seller finance). Once my Husband can join me full time when he retires, our goal is to have 1) unlimited income potential and 2) flexibility to travel and not be tied down to a J-O-B (ex: being a landlord).
I am grateful for the opportunity and looking forward to learning from everyone!
8 years, 10 months ago