Just Closed on my First Investment Property

17 Replies

This morning I closed on my first investment property--a 3/2 SFR in the Houston area.

I just wanted to say thanks to BiggerPockets for all the information and inspiration. Listening to podcasts and reading posts helped me feel like this whole thing might be possible.

Now it's time to start looking for a second purchase...

@Collin Garbarino , congrats on your first deal.  It looks like you did all the right things... prepared yourself with knowledge, then notched your first deal.  Getting that first one is huge for boosting confidence and building inertia for the next one.  Keep it up!

I'm interested in learning where you found the deal and financing it. Are you a regular attendee at the Fort Bend REI, i should be presenting in November.

A few people asked how I found and financed the house. (Even though we're in the Houston area, it's not a flood house.) I might write up a longer post about the deal later, but this deal was a bit of a unicorn.

I started thinking about real estate investing at the end of 2016. I began reading books and listening to the BiggerPockets podcast. I started piling up cash for a down payment.

Since I had real estate on my mind, I started talking about it with people. One of the people who knew I was looking for a property was a neighbor. One day, out of the blue, he approached me and told me that he was planning to retire and move to Florida. He offered to sell me his house.

Because he liked me and my family, he offered the house to us at such a low price we were able to pay cash for it. It's going to need some work, but I've already got so much equity into it on day one, that BRRRRing the property will be easy. I expect to end up with $500 of cashflow with no money into it.

In one sense, this crazy-good deal fell into our laps. But really, if I hadn't been learning about real estate, talking about real estate, and saving up to buy real estate, there wouldn't have been a deal.

The moral of the story: Let people know that you're looking for a deal. You never know who might have one for you.

Originally posted by @Jerry Ta :

I'm interested in learning where you found the deal and financing it. Are you a regular attendee at the Fort Bend REI, i should be presenting in November.

 I'll be sure to be there in November to hear you!

Originally posted by @Collin Garbarino :

A few people asked how I found and financed the house. (Even though we're in the Houston area, it's not a flood house.) I might write up a longer post about the deal later, but this deal was a bit of a unicorn.

I started thinking about real estate investing at the end of 2016. I began reading books and listening to the BiggerPockets podcast. I started piling up cash for a down payment.

Since I had real estate on my mind, I started talking about it with people. One of the people who knew I was looking for a property was a neighbor. One day, out of the blue, he approached me and told me that he was planning to retire and move to Florida. He offered to sell me his house.

Because he liked me and my family, he offered the house to us at such a low price we were able to pay cash for it. It's going to need some work, but I've already got so much equity into it on day one, that BRRRRing the property will be easy. I expect to end up with $500 of cashflow with no money into it.

In one sense, this crazy-good deal fell into our laps. But really, if I hadn't been learning about real estate, talking about real estate, and saving up to buy real estate, there wouldn't have been a deal.

The moral of the story: Let people know that you're looking for a deal. You never know who might have one for you.

Congrats! What an exciting deal. $500/month cashflow with no cash in the deal will make doing the next one(s) even that much easier