Real Estate Consultant · Lancaster, CA · Member since 2014 · 423 posts · 223 votes
12y
I was paid $15K to buy my first house in 1997. I found it in the newspaper, but it wasn't advertised that way. It was advertised as $110K 3/2 house. The person had an assumable FHA loan with a balance of $130K. He was going to make a final payment for $20K to bring the balance down to $110K and the new owner could refinance. I could easily afford the monthly payments and told him to give me $15K and I would assume the loan. So that's how I bought my first house.
Rental Property Investor · Chandler, AZ · Member since 2012 · 87 posts · 39 votes
12y
Very first one was via a FSBO sign that my dad happened to mention when I said I was looking for properties in the area. It wasn't the best deal ever (I know that now), but luckily I bought it in 2003 and was able to take advantage of some very nice appreciation.
Houston, TX · Member since 2011 · 673 posts · 360 votes
12y
First investment prop was the one my wife and I purchased to be our first home in The Woodlands, now its on a rocketship of appreciation AND it cash flows like crazy. Its the one that sparked my interest in REI.
Real Estate Consultant · Lancaster, CA · Member since 2014 · 423 posts · 223 votes
12y
I was paid $15K to buy my first house in 1997. I found it in the newspaper, but it wasn't advertised that way. It was advertised as $110K 3/2 house. The person had an assumable FHA loan with a balance of $130K. He was going to make a final payment for $20K to bring the balance down to $110K and the new owner could refinance. I could easily afford the monthly payments and told him to give me $15K and I would assume the loan. So that's how I bought my first house.
Hanford, CA · Member since 2013 · 5k+ posts · 1k+ votes
12y
We have found all 5 of our properties and 4 for my parents were all found from the mls with a realtor. Personally my realtor has been my ace in the hole.
Rental Property Investor · West Palm Beach, FL · Member since 2014 · 27 posts · 13 votes
12y
I am just starting out too. My first deal: I was renting a townhome and bought it from the landlord at a killer price! Now I have great cash flow with my tenant and doubled with appreciation. I recently bought SFR with a guest cottage and have a tenant there as well. Now in search of my third deal!
Rental Property Investor · New Martinsville, WV · Member since 2012 · 105 posts · 44 votes
12y
I actually found mine on a Facebook yard sale page. A lady's mother recently died and she wanted the house gone fast so I checked it out and made an offer that was accepted.
Investor · Louisville, KY · Member since 2014 · 202 posts · 111 votes
12y
Through my SOI (Sphere Of Influence). I was young and green! I would tell anyone and everyone that would listen I am a real estate investor and that I buy all types of properties. Little did they know I had no money or experience (other than what I “learned” from old Carlton Sheets infomercial).
A friend from my SOItold a struggling home owner that I buy houses and she should call me to help her out. I got the call from her, pretended to know what I was doing and worked the deal. I landed a $110k already updated rent ready SFR for $50k. Of course I had no money! So after I had the contract I had to find the cash.... That's a whole other story but I was able to pull it off and POW I was in the game.
I believe one of the absolute best ways to find deals is to network and use the tools that are already at your disposal. You would be amazed at how many of your friends have friends that have friends that can lead you to a deal. Endless! I have purchased many properties this way.