BiggerPockets

Small 2 bed 1 bath 720 sqft brick house, central heating., simple house. Paid $24,000. spent way to much remodeling and made it way to nice for the area and the first renters trashed it. Spent 6 months remodeling it myself, around $8k in materials. Currently still own house, has been a great rental every since. currently rented at $500/mo. Not the best deal, but not a bad deal for my first deal!
-Scott

Ran point on a 13 unit apartment building that I developed. Bought two lots for cheap and combined them. Had to take on partners to qualify for the construction loan but we put together the pro formas, plans, and pulled permits. Building it was a pain in the butt because it was my first commercial project and it took longer than it should have. We finished it and rented it out. That thing was a cash cow. Although it's someone else's cash cow now.

Was working with a Realtor to buy a SFR. She called me late one Friday and said she had a good one that we went to look at. It was a 4-2 with an in-ground swimming pool that backed up to IH635, the loop around Dallas. It started at $70K, and languished. They dropped it to $59K, and a week or so later dropped it to $49K. That's when we looked on the Friday evening.

We immediately wrote an offer for $48K and they accepted. It had an FHA non-qualifying assumable loan for $36K which I assumed. I had a few $K and borrowed the rest of the DP from my brother and sister.

I sold it on a wraparound mortgage for low 70's after reading Wade Cook's book Real Estate Money Machine. Those buyers defaulted after a year or so and a divorce. They deeded it back to me so I didn't have to foreclose.

I then rehabbed it and sold it for $72K on a new FHA mortgage. I used the profit to pay for a high risk pregnancy and birth for my son,15 years old now.

Great topic, John! I made this one a sticky.

So crazy how 100k for a lot in rental area is cheap, plus you still had the demo! and thats was the best part of the deal!
-Scott

Worked my butt off through high school and college. Graduated college bought a 2 bed 1 bath for $30,000, put $8,000 in it. 1.5 years later I still own it with the same renters at $600. I just now found my second deal after months of searching. The great thing about this deal, it's a package of 5 homes.

Bought my first home about 9 yrs ago 180K lived in it for 2 yrs rented it for a yr and sold it for 385K 2nd home bought for 185K lived in it for a yr have had it rented for 6yrs renter is paying for it 3rd house bought for 98K bank aprased for 120k renters pay the mortgage for past 11 months 4th home bought about 2 months ago paid 72k rents for 925 month positive cash flow of 200 a month after all expenses hope to only buy positive cash flow homes from here on out hope to buy 2 to 4 home a year for 5 years then pay them all off in the next 5 years will see it it happens

Purchase a 3/2 House for 97K in 2002 that I was able to convert to a 4/2 and rent for 1,100. Sold the property in late 2006 for 265K and 1031 Exchange the money into a 18 unit apartment building.

Does a primary residence count? I coached my girlfriend (now wife) to buy a 1800 square foot house in Redondo Beach for $599,000 with 10% down in 2003. We sold it 25 months later for $799,000 with about $10,000 in upgrades. We rented for about 18 months, then purchased an REO in Palos Verdes that was about $200,000 below market value. We've lost most of that equity with the value decline but are not upside down yet. I'm looking for my first strictly business deal now.

First deal was in 1996: two side-by-side duplexes that needed a ton of work. I bought them with seller financing for $35K...I still own those properties. They make me great cash flow - total rent is about $1600 per month.

But the most valuable thing I got from that was definitely the experience and a start for my business...

Get that first deal under your belt!