Finally Closed our First Deal!

It has been a little over two years since I stumbled across the BP Podcast and began the journey to purchase my first rental property, and while it took significantly longer than I originally expected it would, I am excited to say my three business partners and I officially closed on our first property today in Minneapolis, Minnesota!

So why did it take more than two years to close my first deal?

As I look back at the last two years there is no shortage of reasons or excuses I could come up with as to why it took this long for me to get my first deal done.  Everything from your classic case of analysis paralysis to fear of the unknown.  I consider myself to be analytical, something that I thought would be to my advantage as I looked to purchase my first rental property. I can build a spreadsheet with the best of them but like many people, I can also spend hours tweaking every line item, from rental income to vacancy rates, only to come to the same conclusion in the end…it might work.  I would worry that I might be missing some hidden costs or that I would not be able to get the desired rental rate.  Looking back on it now there were definitely a few deals that came across the table that I wish I would have jumped on but sometimes you need to learn the hard way.

So why did I finally close my first deal?

First and foremost, I found the right team of guys to work with.  We have a wide variety of backgrounds, everything from commercial lending, to working in the capital markets, to a having a real estate agent on the team.  However, and more importantly, we are all in alignment with what our end goal is and have a willingness and desire to work towards that goal together.  I could not be prouder of our execution once we found this property and I can’t wait to get our next.Secondly, I have to give credit to the BP Podcast for continuing to reinforce in me that real estate investing is truly something I want to do.

My advice to anyone sitting on the fence is to just go for it!You will never feel 100% comfortable going into your first deal, but trust yourself, trust your numbers, and treat it like one great learning experience.

One deal down, many more to come!

Always looking to connect with others in the MSP area to talk real estate!