The biggest difference between aspiring real estate investors and successful real estate investors is the willingness to take action. On today’s show, I’m excited to share Paul Beets’ story with you. Paul is a podcast listener who utilized strategies he’s learned from the show to purchase 18 properties in less than two years!
On this episode of Investing in Real Estate, Paul is sharing his story of becoming a real estate investor. You’ll hear about his first deal, how he was able to grow his portfolio, and the financing strategies he’s utilized. If you’re looking for some inspiration, this episode is for you!
On this episode you’ll learn:
- How Paul found his first deal.
- The different ways Paul has used financing.
- Paul’s biggest lesson in real estate.
- And much more!
How Paul Found His First Deal
After learning about how to pay off his mortgage, Paul learned about the strategy of using a HELOC to buy cash flowing rental properties. He found a fixer upper house through a wholesaler in Indianapolis, and used his HELOC to purchase it for $27,000. The rehab was quoted at $32,000, so Paul worked with Fund&Grow to pay for the renovation. With additional rehab costs, Paul paid about $67,000 total for the property. Although it originally rented for $899/month, that number has risen to $924.
The Different Ways Paul has Used Financing
Paul used his HELOC to obtain his first property, and used business credit cards to fund the rehab. He has since started working with a hard money lender to help him reach his Freedom Number of 31 doors. He is over halfway there in less than two years!
Paul’s Biggest Lesson in Real Estate
With Paul’s first property, the rehab involved a lot of work! These days, he has pivoted toward purchasing properties with lighter, more cosmetic rehabs. In his experience, the more distressed the property is, the more you will see a variance in rehab costs. This is because it’s harder for a contractor to make an accurate estimate until they actually start working and get a better understanding of the house’s condition.
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DISCLAIMER: I am not a financial adviser. I only express my opinion based on my experience. Your experience may be different. These videos are for educational and inspirational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. There is no guarantee of gains or losses on investments.
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