Aug 1, 2017
What we talked about in the show:
A lot of what drive them to real Estate was the ability to make positive change in the communities in which they invest. In addition, keeping that why at the forefront is what kept them pushing forward.
Kyara bought her first property one year out of college in Hartford, CT. Kyara and Khalil purchased the property for $26,000 with the intent of wholesaling it, but quickly realized that they didn't understand the basics of the areas and the other elements that came with wholesaling. So, they shifted gears and rehabbed the house with the help of a local charity. The renovation cost was $120,000 and bring around $2,500/month, and the house is now worth about $200,000. So, they now have the natural appreciation as well as the forced appreciation from the rehab.
The Buy and Hold strategy really aligns with the model of community building as well as long term wealth building.
For those considering to invest in Baltimore but aren't sure, Khalil says the are a lot of institutions, a great art scene, and a beautiful harbor making Baltimore what it is.
Kyara and Khalil still continues to use BiggerPockets.
Kyara quit her job in June 2016, and she mentioned that the fear is big and significant, but what they did was ensured that their rental portfolio had the level of income and stability to be able to pay for their monthly expenses before spinning out.
Kyara and Khalil continue to give back to their immediate community by helping their tenants with resume building and credit repair. They consider themselves landlords with a conscience.
"Understand your why"
Connect with Kyara and Khalil:
Instagram page: www.instagram.com/charmcitybuyers
Content mentioned in the show:
Site Kyara and Khalil learn from | www.biggerpockets.com