Hey everyone. I'm new to the site and new to the investment business. This site is so full of information that I have been a little overwhelmed! Hope I'm doing this right - I decided to start a journal. I'll start with a little about myself.
I grew up on a farm in South Carolina, where we lived in a trailer. My parents toiled away their entire life and have JUST THIS YEAR been able to afford a house. I graduated from Clemson University in '99, where I met my husband. I picked him up in a bar where he was performing with his group, The Tams. We've been together ever since then. We now live in Jonesboro, just a few minutes south of Atlanta. I have three children and one very small, very annoying dog. I worked at IBM in customer service and then in sales for a while before quitting a few years ago to stay home with our children. Quite honestly, I'm looking to make money, tons of money. Sounds greedy, I know, but my motives aren't that greedy. I want to be able to help my parents FURNISH the house they've waited their entire lives on, not to mention be able to pay it off, as well as our house. These are only a couple of goals I have in mind. As far as my business goes...
I have organized my business as an LLC, ECC Investments. I have a close friend who is a realtor. We found a great house and I got it for $70K. It needed a good deal of work, so I scraped and scrounged to come up with the down payment, etc. and rehab money. It's a 5 bedroom (with two masters) and a huge bonus room with a built in wet bar. It sits on an acre cul-de-sac lot. Pretty much everything has been replaced/upgraded/rehabbed. In the end, I will probably have put about $30K in the house, adding about $1000 for every month I have to hold it. Mostly because it was supposed to have been completed in the first week of June, and this is the middle of August! I'm looking at being finished Friday in time for Open House on Sunday. So, I've had mortgage and loan payments for 3, almost 4 months now. I have it listed for $149,900. I'm hoping to get enough out of it to be able to get at least one rental, if not more. I need a monthly cash flow to fund my investing . Wow, I know this is so long! Sorry for that. I have just been having some challenges (NOT problems). The guy that's been doing the work is as slow as molasses in January! He's gone way past schedule and I'm getting frustrated. Also, my husband is not being supportive, but not really being negative or discouraging either. He's just sitting back and letting me "do what I do". I think once I succeed, then he will be more "into" it. Once I have cash hand over fist, he'll have no choice but to realize that I CAN BE successful in RE investing, even in this market.
There are a few things that I would like some advice on. Right now I feel like I cannot do anything, or move forward until I close on this house and get that check. Yet, I am constantly researching properties and have found some really great ones (for instance, a quadruplex for $15,900). There are also some apartments that I would SO love to get (four buildings, approximately 12 2 bed apts. in each building). But what can I do? Even though I am almost through reading BARM, I am still discouraged by today's market. My mortgage broker doesn't seem very optimistic about the lenders she works with (about 15). As it was with this house, I had to put down 20%!!! My main obstacle may be that I need to go stated income. I know that when I started this whole process, my credit was around 680 and at one point jumped to 704. Now, I'm sure I suffered many dings during the search, so it may not be so hot now. If anyone has any ideas on any of the above, let me know. Also, I need to be productive in my time waiting for offer(s) (and they WILL come!) on my current flip. I must keep my mind busy to keep it from going crazy! Sorry for rambling, hope someone can offer me some insight. I'm at least glad to be in such an informative, supportive environment! Thanks for listening,
ECC Investments, LLC