Hey y’all! This will be a long one and probably will have an error or two but stay with me…If you’ve been following me you know my real estate journey started in FEBRUARY 2020! But I’m back today with such a huge announcement on my hands! About 20 offers later, ya girl FINALLY closed on a 4 unit newly renovated multifamily property! To sum up my feelings you can say I’m excited for the opportunity, anxious about being someone’s landlord, but still optimistic and grateful for this experience. It’s amazing to me how being a real estate investor can teach you skills that translate into your personal life so in this post, I will highlight my journey to the closing table and incorporate some real estate/life lessons I had to go through throughout!
So, if you’ve been reading my Keeping it Real… Estate post you know this closing comes after so much rejection and a year of trying. Real estate/life lesson #1, I learned rejection is apart of everyday reality and whether you like it or not, no is a complete statement. Y’all when I say I wanted this BAD I mean it. If you’ve talked to me in any capacity this last year I can guarantee this was one topic up for discussion always because it was so engraved in my lifestyle. I became a habitual Redfin browser. I became that person that drove down blocks I wanted to live on to see if I saw for sale signs. I became that person that began following and friending real estate professionals on social media in hope of a lead on a potential property. Overall, I became obsessed with real estate and the consistent rejection took its toll which caused me to take a break because something I wanted to have so bad wasn’t happening!
My break from real estate came after my 19th offer. I was under contract for a property that screamed great investment but also screamed big headache. When I started this journey, I knew I wanted something as turn key as possible because this is already such a new venture for me. The last thing I wanted to do was jump into an investment and have a laundry list of to do items. When putting this offer in, I thought this building would do just that up until I got the inspection report back and the seller was not willing to do just about anything. It was then I was finally able to be the one giving the no and man did it hurt.
To be so close to something and to basically not get it not because you were told no but rather you were the one that said no hurt! If you know me you know it’s hard for me to make a decision to begin with so when I make one it’s sort of a big deal. Although the decision to say no for me was empowering, it was also disheartening to the entire journey. It was disheartening because this was the first time in all my then 19 offers I got to the point where I was officially under contract and for this first time to go so terribly burned.
This no taught me real estate/ life lesson #2 which was when you are no longer getting what you want walk away! This can apply to so much more beyond real estate and is sometimes hard to fathom especially when you want to settle. I learned that walking away can be good for your mental and just like that one came another one would and potentially even better. In which it later did!
After walking away from that property, I sent the dramatic text to my realtor letting him know I was stepping back for about a month. Did I truly step back? Absolutely not! I still did my habitual Redfin browsing, I just didn’t send properties to my realtor to view. I did that for about a little less than a week. After my few days of being dramatic, I came to terms with that being enough and started back sending properties. The second property I sent was actually my building (get use to me “my building” y’all to death).
The initial scheduled showing of my building actually didn’t even happen. When we showed up all the units were locked so we didn’t get the opportunity to view it. I almost said forget it (1) because I drove to this showing in the middle of a Chicago blizzard just for me not to see the building which to me screamed unprofessional. (2) because from what we saw peaking through the window at the top of the door, the units were on the smaller side. I am here to say though, I didn’t say forget it which is real estate/ life lesson #3: sometimes you block your own blessings by making assumptions and/or simply prematurely saying no.
We love to make assumptions and think we know everything before truly giving something our best shot. This was a direct example of this and I’m happy I prevailed and didn’t make the assumption because as soon as I walked into my building I really really liked it. It checked all my hard yes’s I developed after my last horrific under contract experience and truly felt like the one. After getting the market analysis from my realtor, I moved forward with the offer which you can clearly guess was accepted and was not the highest offer btw! (I’ll tell that story another time but let’s just say my seller was rooting for everyone black!)
This under contract situation went so much smoother! The inspection came back very minimal and majority of the items on the report the seller fixed. Unlike my other experience where I felt like attorney review was more like a battlefield and the seller was not waving any white flags. So me being me of course I’m asking myself, “is this to good to be true? Where is the back and fourth happening between me and the seller!?” Literally everything I wanted I got plus some and it truly felt foreign.
Fast forward to closing week. I did my final walk through and really just took a moment to take this all in. To say I can believe that I’m someone’s whole ass landlord is so crazy to me which is part of the reason I’m up at 3AM drafting this post. This is something I’m winging whole heartedly and don’t quite have a manual for. Due to this self doubt, I went back and fourth with sharing this one with y’all, can’t even stunt. I made this decision to move forward with sharing because I keep reminding myself why I started this platform to begin with: to give my raw and I filtered truths.
My hope is that someone reads this post and gets some intrinsic motivation to start their real estate journey no matter what that is. I never promote my route rather promote the best route for you! I struggled with making the decision to go the house or multifamily property route and my building will truly be a test. I’ve already named it “The Blueprint” because at this point it will put me on so much game to provide to you all.
So here I am sharing my testimony with y’all. I did it! I’m the proud owner of a 4 unit investment property on the south side of Chicago! Love y’all truly and thanks for following and supporting my shit! ❤️
“The best investment on earth is earth.” -Louis Glickman