What was your first ?

Question

I just recently joined and made a post in new members forum . I’m curious on what everybody’s first purchase/ investment was ? How did it go ? What would it wouldn’t you change if you had to do it again and what was your biggest take back from the experience? Any other key points for newbie’s?

Nathan Gesner · Answer

I bought what I could afford. I had approximately $20,000 saved up in a market where the average sales price was $250,000. I couldn't afford to put down 20%, so I looked for a cheaper fixer-upper. I told everyone and their brother that I was looking for an off-market fixer-upper, single-family, under $100,000.

Three months later, an agent told me she was working with some hoarders that were too embarassed to let anyone see their property. Long story short, I negotiated an off-market purchase for $55,000 and it was worth $155,000 six months after I bought it.

Chris Seveney · Answer

@Bret Burba

Whew, wonder where this question was going

My first investment was my primary residence

I say this because we bought the property, knocked the existing house down and acted as our own GC (I have experience in this). After completing the home we had about 40% equity which we took a LOC and started doing BRRR.

After several of those I got into notes. I started with around $25k of my own money and made seven figures either that $25k and then JV partners. I now manage a fund in the 8 digits

This all happened in the past ten years, real estate is not a get rich quick but work hard, patience and pace it properly it can be very rewarding

Nathan Gesner · Answer

Well done, sir!

Henry T. · Answer

Oh, it seems just like yesterday. She was so darn cute. Petite. Lots of street appeal. I offered her cash and she took it. Amazingly, for what I thought was just ships passing in the night, we're still hitched but living apart. But I have been thinking about co-habitating with her again. But, since we're a bit older now,  I have been thinking about doing some serious cosmetic surgery on her. She's ok with that, she was thinking the same thing too, bless her little heart. I think it's gonna work out.

Alecia Loveless · Answer

@Bret Burba I bought a 3/1 at the top of the market 4 years ago for $99,000. I had a home inspection but once we got into our planned renovations after closing we realized the inspector had missed all sorts of electrical issues as well as a bunch of other stuff. Our $20K renovation turned into a $65K renovation. Fortunately when all was said and done I got a renter in at top $ price for $1600/month and the numbers worked well.

Fast forward to the pandemic and soaring home values and today the home is easily worth $289,000. I was able to refinance it and get enough money out to purchase a larger multi family property.

Bret Burba · Answer

That’s great ! Thank you for sharing with me . I didn’t even really know that was a thing to find people to sell off market . Good to know .

Bret Burba · Answer

congratulations! That’s great . I’m definitely still doing research on witch route I want to go for . Curious on what everybody’s input is on this . Thank you for sharing.

What was your first ?

Most Popular Reply