Newbie Nutrients stored here! Facts about my first deal - Posted by Mike Oldfield

import · May 21, 1999, 2:25am

Posted by Stacy (AZ) on May 22, 1999 at 22:28:03:

Yes, I talked to Steve at the convention (actually in the bar very late one night). Terrific guy, and his story is a terrific inspiration. Go get 'em Steve!

Stacy

import · May 21, 1999, 2:25am

Newbie Nutrients stored here! Facts about my first deal - Posted by Mike Oldfield

Posted by Mike Oldfield on May 21, 1999 at 02:25:32:

I have had many questions from newbies that go something like this

“Mike I have enjoyed reading your … I was just just wondering, How did you get started …”

I thought it might be helpful for you newbies to know the following facts about my first deal, so you can relate or understand or satisfy your curiosity about a real life deal or whatever.

I had $2700 to my name

I was 23

I had read numerous books on the subject

I was very nervous before during and after the deal

I used the FHA 203(b) owner occupied program

It was a duplex

I paid $42,000

$1400 total out of pocket costs

$378 net monthly cash flow

I have now owned the property seven years for a total cash flow of over $31,000

I had all my money back in 3.7 months

I specialize in buy and hold multi-family properties. I am financially independent thru real estate investment

It took me about three years of living loving eating and breathing real estate.

Hope this answers some of your questions

Good luck

Mike Oldfield

import · May 21, 1999, 12:14pm

Re: Newbie Nutrients stored here! Facts about my first deal - Posted by Stacy (AZ)

Posted by Stacy (AZ) on May 21, 1999 at 12:14:12:

Hi Mike-

I appreciate your posts…inspirational.

Quick question, did you occupy one side of the duplex and get 378 net out of the other side? I ask this because of the 203(b) program you used.

Also, how long ago did you start investing, and how long did it take before you were financially independent?

Thanks for your positive influence.

Stacy

import · May 22, 1999, 7:44pm

Need inspiration? - Posted by Matthew Chan

Posted by Matthew Chan on May 22, 1999 at 19:44:45:

Not to take anything away from Mike since he seems smarter than I was at 23. But if you want inspiration, you should ready SCook85’s story in the Success Story.

It may not be clear from the story but having heard the SCook85’s story at the convention (which brought a tear to nearly everyone’s eye who was there), SCook85 is the biggest inspiration here for me since it was so recent and his past was so unfortunate.

import · May 22, 1999, 5:59am

Re: Newbie Nutrients stored here! Facts about my first deal - Posted by David Harris

Posted by David Harris on May 22, 1999 at 05:59:33:

Hi Stacy

If you want to read more about Mike Oldfield he has a article in money-making ideas entitled
“Cashing in on road motels”. I am somewhat of a fan and read everything he wrights.