Project Tallmadge: Part 2 - The Investment
(If you want to see the end results first, feel free to check our Project Tallmadge: Our Very First Flip blog)
Welcome to S+A! If you are just joining us on this journey this is a great place to start! My name is Sean (I’m the S,) and my wife’s name is Ann (she’s the A… A also meaning awesome!) We are budding real estate investors in Virginia Beach, Virginia. We started this website, and our blog, to share our story about how we fell in love with real estate investing, pursuing financial freedom, and striving to live our best life. Ann and I decided to start sharing our story now because the truth is that WE HAVE NOT MADE IT YET! We are still on the journey and have not yet arrived. We are still learning, growing, making mistakes, and most importantly… still dreaming. So thank you for stopping by and I hope you enjoy the journey with us!
Deciding to Jump in Real Estate for the First Time
Now to back up a little bit for all you newcomers, when Ann and I first decided to try our hand in real estate we were living in Cuyahoga Falls, OH (long way from VA Beach I know!) We had both graduated from Franciscan University of Steubenville in 2014 and both got jobs in good ‘ole Cleveland, Ohio. After working for a few years I stumbled upon the Bigger Pockets Podcast and a little book called “Rich Dad, Poor Dad.” These two things completely changed my view on what it meant to build wealth and introduced me to the idea of having financial freedom. Let’s define financial freedom real quick:
2017
Financial freedom is “having enough savings, investments, and cash on hand to afford the lifestyle we want for ourselves and our families—and a growing nest egg that will allow us to retire or pursue the career we want without being driven by earning a certain amount each year.”
-investopedia.com
I was completely enamored by this idea and I felt that real estate specifically was the vehicle that could get me there. Imagine having enough money coming in from rental properties that you can literally pursue whatever dream you want! That is amazing! I was sold but I knew I needed help getting there...
Mentors, Mentors, Mentors
Ann and I were looking for a house to rent in Cleveland when we stumbled upon “Loree’s house.” We had been scrolling through Zillow for weeks and just could not find anything that we were excited about. Then this cute house popped up in Cuyahoga Falls, Ohio (just south of Cleveland.) We fell in love with the place and the owner, Loree, immediately.
Ann and I were so excited that after we left the viewing, having submitted our application on the spot, we pulled into the local church parking lot and literally prayed that Loree would accept us. Five minutes later we were pulling out of the church parking lot when my phone started ringing...it was Loree. She said she really enjoyed meeting us and that she had a “good feeling” about us. She said she would be happy to have us as renters! Ann and I literally almost jumped out of our seats! We were so excited but we had no idea how incredible, and important, that this new relationship with Loree would be for us.
2017 - Loree’s Rental
After moving in I remember chatting with Loree about my dreams of owning/investing in real estate and pursuing financial freedom. I knew Loree must somewhat align with those feelings and dreams because she was a landlord herself. But what I did not know was that Loree was also a licensed realtor and flipped several houses every year! She not only understood my dreams and aspirations...she was living them!
When she told me that info I was starstruck. Loree told me that if I liked, she would even get me in touch with a local house flipper and maybe I could drive around with him for a day! I immediately said yes and a few Saturdays later I spent an entire morning with her contact. I asked tons of questions as we drove from house to house. They showed me houses that they had just purchased that were still in really rough shape and then one that was completely finished. It was amazing! But my head was spinning...how could I jump into this game?
A few mornings later, around 5:45am I found myself nervously completing a text message to Loree asking her if she would mentor Ann and I through our first flip. I still remember my heart skipping a beat as I pushed the send arrow. I knew Loree liked Ann and I as tenants and that she was a real estate investor herself but asking her to take the time to mentor us through an actual project would be A LOT of work.
Click here to see how the story ends in part 1 of Tallmadge our Very First flip!
Sean | INVEST