Doug continues the interview with Rick Staael. This episode we talk about the real estate side of Rick and how the successes in one part of his life spilled over into the real estate side.
I bought my first real estate purchase as a primary residence. It is a townhome we still own.
After raising a family, we bought a foreclosed home in a neighboring town. We spent 3 years fixing it up, only to then move again.
The townhome rental did so well, that we kept this 2nd house as well.
We had some inheritance money at the time so we purchased our 3rd home as a primary residence in south Denver.
We took the left over money and bought a small house in 2012 in south Denver on an on-line auction using the "Buy it Now" button.
The rehab was mostly cosmetic, but I got used to hiring some contractors.
That property increased in value so much, that I did a cash out refi in 2016 and purchased a condo in Denver.
Real estate was doing so well, that I decided to get my real estate license. I am hanging my license with HomeSmart.
I have helped a couple of my tenants find their new home.
Our primary house also increased in value so much that I took out an HELOC loan on our property.
I used that money to purchase a fixer upper from an estate sale. It needed foundation work and a total rehab.
I also did a fix and flip to generate a couple deals to graduate out of the HomeSmart Mentee program.
The following year, I purchased a small duplex in Colorado Springs. That took a total rehab as well. I learned a lot in dealing with contractors.
Currently, I have a rehab in the works on a small house with a garage that has been converted into a studio.
Secrets to my Success:
Education through books, podcasts and life.
Don't be afraid to take a calculated risk. Do the upfront work, but then jump.
Having a wife that supports my adventures.
Doing what it takes to make it work.
Favorite Book: Never Split the Difference by Chris Voss.
