Everyone always ask how I got into Investing in Real Estate and why?
I am professional BMX rider and I started to become scared of what I will do after my career was over. I was 24 years old and was living my dream, I started to think what can I do to replace this income after bike riding is over for me. My initial plan was to buy as many houses as I could cash. I wanted to bring in enough passive income through the rent money that it did not matter if my sponsors decided to let me go.
I had a friend in Michigan buying houses for super cheap. I saved up my cash and pulled the trigger. I bought my first investment property in Michigan for $25,000 in 2008. For me this was a lot of money at the time and felt like somewhat of a risk. I picked the house on the Internet, purchased the home the following week over the phone, and it was a done deal.
I’m here to admit that buying that house completely changed my life. It gave me the courage to step out of my comfort zone and when that first check arrived from the monthly rent it showed me the true power of passive income. Today I like to call this place my favorite rental property. I bought it in a market that I knew not much about, Did it without seeing the house, and as of today I’ve made over $70,000 on it. Thanks to @rentcollector8 for mentoring me a couple years later. He taught me how to maximize my cash, use the banks money to get 100% financing on deals, and more importantly became my partner in crime in not only Investing in Real Estate but in life.
#partners #michigan #firstinvestment #realestate #passiveincome #saginaw #saginawmichigan #terryadamsbmx