Bought My First Investment Property from Steem(it) and Crypto Profits!!! Are you buying hard assets with profits?!
After 9 months of blogging and investing, I have purchased my first investment property!
Back when I joined Steemit in March 2017 I did not know what to expect. I wasn't sure if this was going to be something long term or something that would crash and burn. The price of Steem was trading under $0.15 at the time, which is uber cheap compared to the price these days.
As I began to blog more, I noticed more authors suggesting investing crypto profits into hard assets. For some this might mean gold and silver and for others it may mean real estate or lambos. I have never purchased any real estate in my life, but have been around it as my uncle is a builder/developer a few hours away from me.
As the prices of cryptocurrencies have increased including Steem/SBD, I have taken some profits off the table and set them aside to purchase some hard assets. I was torn with what to do with some of the profits, but was approached a few months ago by a friend who was looking at purchasing a piece of real estate that we could then rent out to a tenant of his.
After looking for a few months we found a house that fit what we were looking for! It was a 3 bedroom, 2 bath house that was almost move in ready! The roof, HVAC, and tile all throughout the house had been replaced within the last year.
My business partner and I formed an LLC and put the house under contract. Upon getting the inspection done, there were a few items that needed to be addressed before we would be able to close on the house. We negotiated the closing price down a good bit to allow us to install brand new plumbing in the entire house!
We closed on the house this morning and my portion of the down payment/closing costs were funded thanks to Steemit and profits from cryptos recently!!
Nine months ago I never thought I would have my first investment property, but as of today I officially have one!! Thanks to everyone here who has helped guide me and show me the ropes of Steemit and the cryptospace!
The house is not a behemoth of any sort, but it's a start! This cozy home is perfect for the tenant moving into the house on Wednesday!!
The realtor got my partner and I each a bottle of Knob Creek Smoked Maple Bourbon and some Chilling Stones to go with it!
I was thinking/hoping to do the same one day
congrats on your success
I think it is a fantastic idea. My dream is to pay off my mortgage with my crypto earnings and then see where things go from there. I have a way to go but who knows what this year will hold!
Congrats! Resteemed.
Thank you!! I am of the belief that we are still early into the bull market long term! I know you can do it!!
I agree and do think so too! I am almost 20 percent there already!
Great story Sevin, and Congratulations!
That's the way you do it!!!
Thank you!! It was a big step!! Still a lot to learn though!
Let's GO! You Officially are a landlord! Congrats man!
Thanks brother!! Now to get the other houses sold!!
Go read my post from the other day! FSBO normally net 10% less! Just saying. Maybe its time to branch out and get another revenue stream and get you Real Estate License!
I did see that! I don't see Dillard going for $242k though! lol
I think it is about time for another stream of income!
Its always time for another stream for you!
Awesome man! That's so great to be getting some hard assess with crypto profits. I hope to be able to do the same one day.
Yeah! I have been wanting to diversify some and this was a great start!! I am sure you will be there soon!
Great job! That is exciting. One of the things I love about Steem is how it can meet people where their financial goals are.
We did rental houses a few years ago, it was an interesting adventure.
Thank you! Steem has definitely set me in the right direction from a mental standpoint more than anything else!
Do you have some tips being on the landlord side of things?!
Interview each renter as if you are hiring them to care for your home. If you do that, you should be fine. :)
Thank you!! That makes a lot of sense!!
If you haven't already you can check out the forums on https://www.biggerpockets.com/forums which is where you can find a community of landlords and property owners sharing information and advice that will be very useful in helping you navigate your new business venture. Good luck!
That Knob Creek Whiskey is a tasty hard asset...
Congratulations on your hard work and wise planning paying off Sevin! It is so good to see fellow Steemian friends succeeding in the real world.
I can’t wait to try it! I have a few other bottles I need to finish first! Haha
Wow inspiring! It's unreal were earning real $ by blogging here on Steemit. I'm so glad I joined, the fun alone makes it worthwhile to Steem but the money is icing on the cake. Great post and job @sevinwilson!
It really is incredible here!! The people I have met on here and the knowledge I have gained from so many here is priceless!!
Awesome job! That's the way to do it. Physical will always be more rewarding and lasting than digital.
I was a little nervous at first! But the numbers made sense and I was looking to diversify some!
Congrats! I got into rental property before cryptos were about and continued buying and now with the booming crypto currencies I will continue to buy more when I pull some profit off the table. It's always good to have cashflowing hard assets too. Cashflow wether that is crypto or fiat is king!! Resteemd and upvoted
This was exactly my thought! Get something that is cash flowing from day one!! I think cashflow is the most important thing!