Just beginning after much reading & research

Hello DG family,

I have been around for the last six months or so. I have just recently decided to get serious about REI. I have always been interested in real estate. I look back and remember when I had my paper route (13 years old)and when I walked thru peoples yards I thought about owning homes in neighborhoods, how fun it would be. Those thoughts have never left me, they just got put on the back burner due to life issues. They have resurfaced many times throughout the years. As I look back I have already done my first no money deal when I bought this house that my wife, Brenda and I purchased in 1998. I was renting this house. My landlord asked me if I wanted to buy the rental we were in. He wanted $130K. I could hardly believe the words that came out of my mouth. I told him I would love to buy the property, but I only could afford $100K. I told him to call me when he was ready to sell. Well about 8 months later he called me at 11:00 pm, woke me up out of a deep sleep and asked me if I still wanted to but the property, he would take my offer of $100K. WOW, was I excited. The problem I had was I had no money. I decided not to let that stop me. The next morning I went to the local title compsny and asked them what I has to do to buy a house. They said open an eskrow account. I wrote a check for $500.00 and closed eskrow in 30 days. I went to five banks to get a mortgage. I got no,no,no,no,no, I finally ended up at a mortgage lender and low and behold they got me a loan for $103K, I actually got money back at closing. After living here for a few years I wanted to remodel. I refinanced this house for 200K and changed an 1100 sq.ft. home to a 5500sq.ft home. Well that turned out to be an 8 year project. I sure have learned alot about building permits, construction, engeering, septic issues etc. Like Dean says people are your business. I have met so many along the way that helped, it is unbelieveable. I am currently refinancing my property again due to low interest rates and the need to get bills all paid off. I getting $280K @ 4.5%. The house was appraised at $380K. The appraiser said it would of appraised at $500K to $550K if I had it totally completed. Not bad for not even knowing what I was doing. So now my plans include using the methods of Deans and becoming a REI. I plan on getting a $100K HELOC if I need funds. There is a 10 unit duplex setup for sale in town. It has been listed for over a year. Not sure which direction I'm going, but after reading Dean's books, reading lots of forums, watching blogs, I feel ready to get with the program. I have lots to do as I am a newbie. My goal is to buy a $500K piece of property at a lake we go camping every year and build a cabin to retire at and fish. I also will be teaching my kids these principles to make their lives easier. Wish me luck.