What was your first deal?

Question

Since I am looking to purchase my first buy and hold rental property I was curious if anyone would share details about their first deal. How much was the property, CAP rate, Cash Flow before Taxes, etc? What were the three things you learned from your first deal? Many thanks!

Steve Babiak · Answer

Here is what Google thinks about the number of times we've had similar threads here at BP:
http://www.google.com/search?q=site%3Abiggerpockets.com%2Fforums+%22first+deal%22+rental&btnG=Search&hl=en&gbv=1&safe=active

Mike Delprete · Answer

My first deal was a wholesale deal. Found a motivated seller with a condo using my bandit signs. Locked it up for 12k and sent a hand written letter to all the owners in the complex. Sold it to an investor for 17k. My mistake was at closing she asked me to pay title ins and I just said yes. I Didnt want to do anything to lose my first deal..lol Lost $1k on that deal. Remember "buyer pays all closing costs"

Mark Updegraff · Answer

I'm pretty sure this topic has been posted many times. I'll let Steve Babiak school you on the exact number of people that have posted the exact same topic headline :D

My first investment property was 55K, I needed 10% down, and was eligible for 6% Sellers concessions. Pretty Sweet! It got me hooked on investing in RE. It took me a couple months to rehab it myself (with a little help from my friends, thanks rob!) I foolishly left my tools one night and was robbed! DOH! School of hard knox there, take your stuff home with you, even in a BLIZZARD when you're working until 3AM.... seriously... anyway. I have had 0% vacancy since I put it in service and am cash-flowing nicely on it. It will need a roof probably in the next 5-10 years, everything else is sound. I estimate the current market value of the home to be 120, and in about 5 years I expect it will climb significantly higher.

Ah Boo Ya! Mark

What was your first deal?

What was your first deal?

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