After 6 months of getting beaten up by cash paying investors, 2 realtors, and endless hours of research, I was finally able to locate and secure a property which we closed on yesterday. I can't imagine doing this without the information I used on this site and through the podcasts, so I just wanted to pop in and say thank you to all who make this community what it is.
My wife and I will use this property as a primary residence, after we do some minor renovation. Once we are moved in, we will be able to save a lot of money (much cheaper than renting), and within a year or so we will purchase another property and turn this one into a rental. Our plan is to continue this acquisition process a few more times until we can begin buying rental properties outright.
I've learned so much from going through this process, so I just wanted to list a few things that I hope might help other newbies out there who are in the same situation.
- Have a plan. One of the best things I had going for me was the fact that I knew what I wanted from the start. 2/2+, 1000+ sq ft, $120-150k in a good rental market that needed just enough rehab to give me experience, but not break the bank. My property is a 2/2.5, 1250 sq ft, and we got it for $126k. It needs new tile downstairs (father in law had a tile company so he will help), popcorn ceiling removed, and 1 bathroom needs to be updated, but other than that it's in great shape.
- Build your team. I know this is talked about a lot on the forums, but for some reason I kept giving my first realtor another chance, and another chance, even though he was clearly not getting the job done. He was unresponsive, lacked communication skills, and literally cost us a lot of properties. In a hot Jupiter/Palm Beach Gardens market, deals don't sit on the MLS long at all. It took me until my 11th failed bidding war with this guy to realize that he had to go. After that, I found a realtor who had investments, and everything changed in the blink of an eye. It was literally night and day with these two.
I also found a remarkable mortgage broker who helped steer me through the financial side of things, and allowed me to pick his brain throughout the whole process. He is also an active investor, so he understood my plan, and got me a great deal on the financing.
- Don't give up. We were actively submitting offers for 6 months, but my search began even longer before that. It was a long and frustrating search, but I think that the struggle helped solidify my ambition to get into this industry. Now, there's no turning back.
I'm sure I'll become more active on the forums now that I've got some skin in the game, but I just wanted to share my excitement with the community. Thanks for reading!
Congratulations that's awesome! Keep up the good work!
Awesome - keep up the great work!
Some great advice. Congratulations on your first deal!
Congrats! Determination always pays off!
@Tim L. congrats! I do a bit of investing in your area. I have some great contacts of you need any help building your team (ie, handyman, prop mgmt, mortgage broker, etc).
Great work! Keep the momentum going
Congrats! Looking forward to hearing your story as we progress thru 2015!
congrats on the first deal.Persevere,no matter what
That's awesome, Congrats. I can't wait until I can post like this!!! Good for You
Congrat's on your first deal... Keep up the good work!
Congratulations!~ This is the first rung on the famous Property Ladder. Keep climbing!
Congratulations! It's great to have a plan and even better to see it through.
Congratulations on your first deak! Continue building your team of professionals. You will find a need to bring in new experts as you continue to grow your business.
Way to go Tim, Keep it up.
So happy for you! Congratulations to you both! I too am in Florida. I am in Broward county. I can't wait to have a story similar to yours. Thanks for the advice on how to get started!!
That's gotta be a great feeling Tim, nice area too. Stay on the path my man.
congratulations @Tim L. !
I look forward to following you soon with my first deal. Also ways good to hear from the noobs as another noob.
How did you find and build the team you currently have?
Congratulations on sticking with it!
Congrats motivator! That's awesome!
Fantastic! Keep it up and on to the next one! Your not a flash in the pan!
Good job Tim, congratulation to you and I wish you much success
Congrats Tim L!
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