Okay, here’s mine. It was about 4 years ago. I had been learning all I could. I pulled some cash out of my home for down payment money. I spent a whole summer looking at everythimg from slums to execs. Then one day an “old” investor I know called and said “Here’s 5 houses, the deal is $2500 down each on a land contract, and they come with tenants.” Today I would take all five without even thinking about it. What did I do? I fretted for 2 weeks, analyzed until nothing made sense, and finally I just decided “dumber people than us have done it”.
I bought one, the best one, and it has worked out. Today my payment is $210 and my rent is $400 section 8.
What I’m going to say may sound like it goes against the grain of “Due diligence”, etc. and that IS NOT what I’m saying. BUT, for a newbe there comes a time when the due diligence is done, and he is still not sure if he should jump in. That is when its time to find out what you’re made of. Dive in and go for it. I think one of the great things about RE is that you can really mess up and still come out Okay.
This message is for those of you who have purchased real estate. I would like you to tell me about your very first (1st) successful real estate deal, excluding owner occupied, and how you managed to overcome the initial fear of purchasing a property. Thanks, Joel
Here goes…I was working in a job that I hated about three years ago in another state that shall remain nameless. We hated living there and my job was terrible and getting worse. I decided to try my hand at real estate investing as a means of quitting my job and moving back to MD. I used a real estate agent to find a house to buy and went in with a low offer which was accepted. I didn’t know much about creative financing at that time so I used a commercial bank for the loan. I started the rehab while still working at my job so the progress was slow. I reached the breaking point at the job and went in one day and quit and finished the rehab full time. We put our personal residence up for sale, found buyers for both our rehab and our house and moved back to MD. We made about $8,000 on the rehab (not great but a good start).
I have been buying and rehabbing here in MD for about two and a half years full time and love the business. I attended the Dallas convention and came back with such incredible information and ideas that I feel just about ready to jump to the next level. It was a wonderful feeling to quit my job and get into RE fulltime and I highly recommend it. There is so much opportunity out there.
I am replacing my rehabbing tools with a new set of tools to use my mind instead of my muscles. I am studying the LeGrand courses and the Legalwiz courses as a means to get to the next level. I am also going to Terry’s course in Atlanta.