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I built a real estate portfolio as a practice squad player in the NFL.
I’m not tweeting that as a flex.
I want to illustrate that even with relatively limited time and money, you can too.
Here’s how I got started
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I’m not tweeting that as a flex.
I want to illustrate that even with relatively limited time and money, you can too.
Here’s how I got started
(
I started with what’s called an “FHA Loan”.
It’s a loan from the government that let me, as a first-time home-buyer, only have to pay a 3.5% down payment on a property I wanted to buy.
So the property was $268,000, I would only have to put down $9,380 to buy it.
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It’s a loan from the government that let me, as a first-time home-buyer, only have to pay a 3.5% down payment on a property I wanted to buy.
So the property was $268,000, I would only have to put down $9,380 to buy it.
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What some people don’t know is you can use that FHA loan to buy a multi-family home or a place with multiple units
The limit is 4-units, so that’s what I bought
Another thing people don’t know is that the loan requires you to live in the spot you buy for at least a year.
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The limit is 4-units, so that’s what I bought
Another thing people don’t know is that the loan requires you to live in the spot you buy for at least a year.
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I lived in one unit and rented out the other three for $2,350
My mortgage payments were $1700
I would’ve paid ~$2k in rent for a nice spot in Scottsdale, AZ like some of my teammates were doing.
That would’ve been $24k annually in rent instead of the $7800 in profit
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My mortgage payments were $1700
I would’ve paid ~$2k in rent for a nice spot in Scottsdale, AZ like some of my teammates were doing.
That would’ve been $24k annually in rent instead of the $7800 in profit
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Now I want to keep it https://abs.twimg.com/emoji/v2/... draggable="false" alt="💯" title="Hundert Punkte Symbol" aria-label="Emoji: Hundert Punkte Symbol"> with you. This wasn’t all easy.
Some pitfalls of this strategy are:
1.) It sucks being a landlord. Period.
2.) You have to pay high mortgage insurance with this loan.
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Some pitfalls of this strategy are:
1.) It sucks being a landlord. Period.
2.) You have to pay high mortgage insurance with this loan.
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Here’s the positives:
1.) i was able to live rent-free and then cash-flow even more when I gothttps://abs.twimg.com/emoji/v2/... draggable="false" alt="✂️" title="Schere" aria-label="Emoji: Schere"> from the @AZCardinals and went to the @Lions
2.) 3 1/2 years later, in the middle of a pandemic, I was able to take a $61,000 profit on this property by selling it.
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1.) i was able to live rent-free and then cash-flow even more when I got
2.) 3 1/2 years later, in the middle of a pandemic, I was able to take a $61,000 profit on this property by selling it.
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I just want to give people some real, practical advice on this.
I’m not special. Anyone can do this.
If you take anything from this thread, believe that.
#FreeGameFriday
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I’m not special. Anyone can do this.
If you take anything from this thread, believe that.
#FreeGameFriday
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