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Real Estate Investment News & Blog

Real Estate Success Story – My Exit Strategy Paid off

Hello again, Jeanne. This is Lynda Hamid from Texas who wrote a Success Story in 2012. [A Real Estate Success Story? You Decide…] Well, I am writing now to tell everyone that my real estate success continues to this day, as I put my “exit strategy” into motion.

In September 2013, I retired from a government civil service secretary job after 25  years.

retirement nest egg

There’s more than one way to build your nest egg.

My pension was so small that if I didn’t have a real estate business on the side, I wouldn’t be able live a decent retirement. So I started my exit strategy to fund my retirement. I have now sold 3 of my 6 “buy and hold” properties.

Here’s What Happened…

The first sale (2013) was a property bought for $48K from another landlord who was facing a balloon payment and had to sell fast. I sold the property for $78K and after paying off the remainder of the mortgage and closing costs I netted almost $40K.

I used that money to pay off all debts (except mortgages), and establish an Ameritrade account, so I had another location to place my profits.  At that point I was “bad” debt- free, and had a portfolio of dividend paying stocks.

The 2nd sale was my “yuppie” property. I bought it for $65K from tired landlords. I lease-optioned it out three times to home-buyer-wannabees for a total of $8K in option fees, but ended up getting the place back all three times when the tenants could not get any bank loan.

I sold it (2014) for $92K. That sale money was total profit because earlier I had transferred the remaining loan amount to another property, so the sale property was free and clear.

A Condo in the Caribbean

coconut drink on the beachMoney from that sale was put toward not one–but two condos a block from the beach in the Caribbean. First floor, side-by-side mirror image, one for investment and one for vacationing in–and boy do I enjoy it!

The 3rd sale (2015) was a zero lot line garden home my daughter lived in, so it had never generated any income. My daughter moved out to town and “left it to me,” so I sold it for $72K, paid off the remaining  mortgage and had $35K left in my hand.

I took that $35K and paid off the loan on the other house, so now I have another property free and clear and will be able to keep all profits from that sale when it happens.

Where Am I Today?

I still have three properties. One free and clear that my other daughter lives in and pays the insurance, maintenance, and taxes, so I have no costs; two other properties where tenants continue to pay the mortgage and fund my bank acct.

I have two super condos just off the beach in the Caribbean, a stock account paying dividends, and money in the bank. I never had more than six units. I never made big profits from them.

But over time (the past 15+ years), I made small steps to set myself up for future success. Within the next four years, the remaining mortgages will be paid off and and those two homes I will sell for future profits.

Time and discipline was all I had. When I started in 2001, I didn’t think I’d be sitting pretty 16 years later. If I could do it (a low-level secretary with small kids), anyone can do it. All you need is time and discipline. Best wishes to everyone, Lynda.

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About the Author...

Lynda Hamid is a retired government civil service secretary from Texas. Lynda retired from her civil service job in 2013 after 25 years. Her pension was so small that if it weren't for her real estate business on the side, she wouldn't be able live a decent retirement.

Her real estate success continues today, as she has put her "exit strategy" into motion to fund her retirement (that includes a condo in the Caribbean).

Comments

  1. suzanne says:

    I loved the story I have a similar story making about 18000 a year with three properties one I bought with a pension I received the other was paid off in 2004 from the rental payments from the first house I bought and I just purchased a nice piece of land with cash I am going to put a mobile on it as soon as I save enough money from my 2 rentals to create a 3rd rental for me!! Who says you need a lot of money to invest in real estate??? All it takes is time and discipline!! Love love real estate!!

  2. Hello, would anyone of the success stories happen to be hard money lenders? Zack

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