Adam K
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- Joined
- Apr 9, 2008
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Hello Everyone my name is Adam well I guess ill start with a little background. I was born in Brooklyn NY and moved the Northern VA about 3 years ago. When I moved to VA I was in full credit card debt with a lousy 589 beacon score. Since then I started working at Hendrick Honda in Woodbridge Virginia as an Internet Sales Rep. I have been doing very well averaging about 18 cars a month. Within one year I payed off all of my credit card debt bought and paid off a new Honda Civic for myself and now have a great credit score of 758. I am still working at the Honda dealership but I am also doing Storage Unit Auctions and ebaying the contents. I have also started a buisness called Computer Upgrade and Repair ( a little like geeks on call ). I have been posting on the Richdad forums for a little over 6 months now and have been reading everything I can get my hands on that Robert Kiyosaki and a few others have written. I really enjoy real estate and had a goal for myself to own a House before I was 25 Im 24 and I have a property I bought in January. It was a foreclosure in Triangle Virginia it was in really bad shape so I went and knocked it down and im building a new house in its place (Should be done in May)
. The house is a 5 bedroom 2 bathroom with an inground swimming pool and right now a decent sized garage. I payed 149k for it with 2% down the house was appraised for a little under 300k if I remember right 286 was the appraisal. So I went and took out a second on the house to totally rebuild the house after im done with it it will be 3 bedrooms upstairs and 2 baths with a finished basement 1 large bedroom and a bath. I will be living in the basement and renting the upstairs if all goes well I should be making a 300 dollar profit everymonth after all the expenses are paid (yay makes my house an asset!). I will also be building a 30x30 garage in the place of the smaller one with 2 car lifts so I can continue to buy and sell cars. After all said and done I will refi my 1st and second mortgages for a total of 230k im going to cash out 20k so ill have a 250k total mortgage.
After my house is finished I will use the 20k cash out to get a second investment property within 4 to 6 months. I have been looking around while im waiting for my house to be done I have found a few of them which looks like good deals. I will probably post them here before I go further. I dont have my full team assembled yet but I have the most of them. I am also looking for some investor contacts to do some bird dogs for so I can be learning and being constructive while im waiting.
I will end this long post now its good to be here feel free to ask any questions. I look forward to chatting with you all.
. The house is a 5 bedroom 2 bathroom with an inground swimming pool and right now a decent sized garage. I payed 149k for it with 2% down the house was appraised for a little under 300k if I remember right 286 was the appraisal. So I went and took out a second on the house to totally rebuild the house after im done with it it will be 3 bedrooms upstairs and 2 baths with a finished basement 1 large bedroom and a bath. I will be living in the basement and renting the upstairs if all goes well I should be making a 300 dollar profit everymonth after all the expenses are paid (yay makes my house an asset!). I will also be building a 30x30 garage in the place of the smaller one with 2 car lifts so I can continue to buy and sell cars. After all said and done I will refi my 1st and second mortgages for a total of 230k im going to cash out 20k so ill have a 250k total mortgage. After my house is finished I will use the 20k cash out to get a second investment property within 4 to 6 months. I have been looking around while im waiting for my house to be done I have found a few of them which looks like good deals. I will probably post them here before I go further. I dont have my full team assembled yet but I have the most of them. I am also looking for some investor contacts to do some bird dogs for so I can be learning and being constructive while im waiting.
I will end this long post now its good to be here feel free to ask any questions. I look forward to chatting with you all.
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