My First Deal! 19 posts by 12 users

Posted: 07/29/2010 at 11:24AM

My first deal was an interesting one!

I started out going on individual showings with a Real Estate Investment firm throughout properties in Detroit and the surrounding suburbs. After going through many, many properties I narrowed my focus as to what I was looking for.

From that point forward I was on the lookout for a 3 Bedroom, 1 Bathroom, Ranch with a 2 car garage in a hard working neighborhood. A few weeks later the Real Estate Investment firm contacted me with a great deal! It was a foreclosed property with very little repairs needed. I bought it for $23,000 and collect rent on it for $925 a month.

Since my first deal I have done a varying range of other deals from Land Contracts to Wholesale flips.

I now work for this same firm (after pestering them with 1000s of questions) and I am really enjoying everything about the business. It has become my personal goal to spread the great news about the opportunities in Real Estate for those who never have even considered it.

I feel very fortunate to be in the position that I am in and cannot wait to pay it forward.

The best advice I can provide for a new investor is to not be afraid of taking the first plunge. Do your research and once you make the first move you will never look back!

Take care!

Posted: 07/29/2010 at 09:43PM

Great to hear about someone's first investment. Getting past the first one helps in opening one's eyes to what it takes and what the possibilities are.

Sounds like you have also found a job that can provide further education and opportunities to buy as well.

Posted: 07/30/2010 at 01:34PM

Getting 4% of the purchase price in rent, per month is great for the 20th deal, let alone the first. Did it need any rehab?

Posted: 07/30/2010 at 02:05PM

I'm still clawing towards getting 1% on the two rentals I have.

These were both pre-BP, I'm wiser now - LOL.

Posted: 07/30/2010 at 05:20PM

Great story Dan! Congratulations!
Bill

Posted: 08/02/2010 at 11:08AM

Thanks guys! It was easy for me to get in other deals after this one, because the rental worked out so well.

I drove by the rental a few months ago and they even updated the landscaping. I was very fortunate on my first deal! It is a good feeling to know that the tenants take pride in their home as much as I do.

Posted: 08/05/2010 at 10:03AM

Delondon,

I have done many deals since then, ranging from Land Contracts to flips! My first deal was the most interesting (and lucrative) thus far!

Thanks for the support.

Posted: 08/09/2010 at 05:30PM

Gratz man! keep it up

Posted: 08/12/2010 at 04:39PM

Interesting you ask the question of remembering your first deal. When I read the question I immediately saw the house and knew the numbers even though it was several years ago.

I came across this short sale with Homecomings Financial. Worked the ss, listed with an agent and made a quick $15K and was disappointed. I was disappointed because my offer was accepted immediately by Homecomings and then I fretted over how much I just left on the table. This was my very first ss and then the learning came in - I had many failed deals after this and learned a lot. But this was the very first and was quite easy.

Posted: 08/16/2010 at 05:02PM

This type of return is an out lier, however, there are still great returns just as easily attained in Detroit.