Martin and I started looking into investing in real estate in October, 2006. Martin found a run down bank foreclosure for sale and before we could blink it was sold. Both Martin and I really wanted to improve both our family's financial position and we decided that the best way to do it for the long term was through investing in real estate. We started listening to tapes, reading books, and hunting on line for information and deals. In November of that year Martin and I decided that we were going to buy one real estate investment property by the summer of 2007.
Martin found two HUD homes that were going to be up for investor auction in December and we gathered our financial information and found a HUD agent Kirby Smith to help us put in our offers. I put in an offer for one and Martin submitted the offer for the other one. We were worried that we would not get the property so we each bid slightly above asking price. The next day we were in shock because we were both awarded the bids. Two of three units 1402 and 1404 Knox were ours. Closing was set for January 12 and we marched toward closing not really knowing what to expect. We also started negotiating for the third unit of the triplex which was also under foreclosure. That bank was asking the same price for that one unit that we were going to pay for two. Kirby, our agent, was a hard negotiator and helped us cut the bank's asking price in half!! We went to closing, my boss found out that I was at closing and not at home in bed and called me on my Cell phone to fire me right before I started signing the closing papers. I think that day was burned in to my memory forever. Was I really doing the right thing? Was this small property that I just paid $50,500 for really going to make it all better? How was I going to survive. Pushing through the emotions I singed the papers and went home. I firmly believed and still believe that I did the right thing. I was going to succeed and I had to succeed my family now depended on it. That was the hardest closing I think I will ever experience personally. Martin closed on 1400 Knox one month later. We got three bids for renovation and selected the lowest bid with the contractor whom we liked the best (not a good way to select contractors, lesson learned) gave him a bunch of money and started work. after blowing our budget by over 100% we were done and lucky! Yes lucky, we had 
bought right and were able to make some contractor very rich and still be standing. During renovation I started going to Real Estate school to earn my license to become an agent I earned my license in April and started buying and selling homes. I Listed Knox for 175,000 for each unit not knowing really what to expect. We realized that the real estate market was not the best selling environment and so we pulled the homes off the market and rented our baby out. and Refinanced (good move) we were able to access the cash from the property, still own the property and not have to pay taxes on the money very nice.- 1st Street - I found a small home in Wellington to buy for a rental and we bought it in order to rent out. (not the best buy but it was a move in the right direction
- Nimbus 1 - I then found another home in Wellington. This one was a great deal we bought it and had it rented out the day of closing. This home was a great buy.
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Garfield - I found a small home and we bought it. Not the best deal but it was cash flowing as a rental. This 1900 home was the former Wellington black smith shop. It is one of the historic homes in Wellington.
- Frey - I then found a triplex in north Fort Collins that was an amazing deal. Not a bank foreclosure but cashing flowing none the less.
5th - Bought this one in order to turn into a lease with and option to buy. Our tenant backed out and now we are flipping it.- This 1889 Queen Anne home is in the heart of Berthoud. It is being renovated out to show off its almost 120 old spender and grace. Photos and stories will come.
Nimbus 2 - another HUD home this time I was the agent (my first HUD sniff, sniff) what a steel. It was the lowest purchase in the neighborhood by $23,000. $10,000 later the home looks brand new and is renter ready.
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I will be posting more pictures of each of our properties and keep you up to date with new additions or insights into the real estate investing world.
I want every one to know that with out the love and support of my family that I would not have the drive be the best I can be.
2 comments:
I love your blog! I especially love all of your wording, you are very good at it, no wonder you make such a wonderful agent! I am so proud of you hunny. I know we have had a lot of tough times with starting up the business, but I am very proud of you and your visions. I know that you are determined and can and will make it happen. I love you very much and always will!
Hey Matt! Found your blog through your sweetie's blog. :-) It's so neat to hear about your new business. Hadn't known you'd lost your old job the way you did. Sometimes a message comes to us loud and clear, doesn't it?
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