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!