The Journey has begun!!!! Closed on 1st property

The Journey has begun!!!! Closed on 1st property

Lender · Denver, CO · Member since 2015 · 36 posts · 13 votes

After 8 or so months of learning and listening to almost every episode of the bigger pockets podcast episode I finally pulled the trigger on my first deal!!! Basically the deal was 99K for a duplex with current tenants that have been there for 11 years on one side and 3 years on the other. Many improvments such as new roof and electric water heater done within the last year. Partnered with a cash investor who fronted the cash and everything is split 50/50. Rents are 625/month per side. My payments to partner are 330/month including tax/insurance coverage. This brings me to around 295/month cash flow that is going directly to savings for any potential future expenses and towards the next investment. I am handling the management myself so I can learn more about dealing with tenants and managing the business. Have an offer in on my next property and will keep you all posted if it goes through!! Goal for the year was to buy 5 multi famliy properties and I may have two before January is over!! 

8Reply
35 views

Most Popular Reply

Investor · Fairborn, OH · Member since 2012 · 36 posts · 26 votes
10y

The journey to a 1000 properties begins with the first closing. Congratulations.

See this reply in the discussion

30 Replies

Jump to latestLatest
  • Investor · Northern California · Member since 2015 · 126 posts · 40 votes
    10y

    Congratulations Justin! What a fantastic way to start 2016! Welcome to BP and the wonderful world of REI...you are off lifting off with a bang. :)

    All the best,

    Lauren

  • James MillerPro Member
    Investor · Snohomish, WA · Member since 2015 · 139 posts · 42 votes
    10y

    Awesome Congrats.  

  • Norwalk, CA · Member since 2013 · 6 posts · 0 votes
    10y

    Nice, congrats on your first deal.

  • Investor · Fairborn, OH · Member since 2012 · 36 posts · 26 votes
    10y

    The journey to a 1000 properties begins with the first closing. Congratulations.

  • Real Estate Agent · San Diego, CA · Member since 2015 · 293 posts · 109 votes
    10y

    Congrats!  Why did you decide to go into MFH to start out?  As a new investor myself, I am curious and interested to hear why other new investors choose to take the path that they do.

  • Rental Property Investor · Applegate, OR · Member since 2012 · 177 posts · 51 votes
    10y

    Well done Justin! Way to take action! Sounds like you have that burning passion to succeed. You are going to great.

  • San Diego, CA · Member since 2015 · 22 posts · 8 votes
    10y

    @Justin Kroepfl that is great! I was just looking at properties in Idaho about 5 minutes ago, keep it up!

  • Flipper/Rehabber · Conyers, GA · Member since 2015 · 182 posts · 26 votes
    10y

    Way to go......... Congrats

  • Burbank, CA · Member since 2015 · 27 posts · 3 votes
    10y

    That is awesome!! Congratulations Justin! What a way to kick off the new year!

  • Lender · Denver, CO · Member since 2015 · 36 posts · 13 votes
    10y
    Originally posted by @Evan Bell:

    Congrats!  Why did you decide to go into MFH to start out?  As a new investor myself, I am curious and interested to hear why other new investors choose to take the path that they do.

    Thank you! I decided to do Multi family because the numbers in my area make a lot more sense. There are very few SFH that I can get the numbers and cash flow to work well with.

  • Apopka, FL · Member since 2015 · 27 posts · 12 votes
    10y

    Awesome Justin! Congradulations on getting the ball rolling in a big way early on! You are going to pick up momentum very quickly! I love reading stories like this and look forward to reading more from you!!

  • David CoombesPro Member
    Lawyer · Saint Louis, MO · Member since 2015 · 32 posts · 8 votes
    10y

    Well done Justin! Congratulations! 

  • Investor · Careywood, ID · Member since 2015 · 53 posts · 8 votes
    10y

    Good job Justin. How are you finding the properties? Is your property in Idaho or Washington? I'm looking at some SFH in the Spokane Valley. Some are pretty decently priced but need work.

  • Rental Property Investor · Charlotte, NC · Member since 2015 · 128 posts · 29 votes
    10y

    @Justin Kroepfl

    Hello Justin

    Congratulations on your first Multi Family purchase. My ultimate goal is to acquire several Multi Family units, but I decided to start with Single Family houses, since there are various opportunities in that market.  Keep us posted and best wishes as you progress.

    From Nancy

  • Lender · Denver, CO · Member since 2015 · 36 posts · 13 votes
    10y
    Originally posted by @Katy Fry:

    Good job Justin. How are you finding the properties? Is your property in Idaho or Washington? I'm looking at some SFH in the Spokane Valley. Some are pretty decently priced but need work.

     Thank you Katy! I purchased this property in Spokane because the numbers work really well there. I am mainly focused on buy and hold right now but keeping my open for potential flip properties. 

  • Jonna WeberPro Member
    Moderator
    Investor · Boise, ID · Member since 2011 · 1k+ posts · 736 votes
    10y

    @Justin Kroepfl - Way to go!

  • Investor · Cleveland, OH · Member since 2015 · 150 posts · 58 votes
    10y

    Congrats! Sounds like you closed a great deal and did a good job finding a balance between doing your homework and pulling the trigger. No matter how much you read/prepare there will always be bumps along the way and you are not going to know everything.

    Good luck with #2!

    Rob

  • Huntsville, AL · Member since 2015 · 22 posts · 4 votes
    10y

    Congrats man! 

  • Colorado Springs, CO · Member since 2016 · 214 posts · 58 votes
    10y

    Good work and good luck! I'm hoping to get on the same path here soon!

    - Russ

  • Flipper/Rehabber · Tustin, CA · Member since 2015 · 433 posts · 103 votes
    10y

    Congrats! Here's to many more!

  • Andover, MA · Member since 2015 · 103 posts · 13 votes
    10y

    nice job!!! I can't wait to move on to buy the second property so quickly like you do

  • Washington, DC · Member since 2015 · 139 posts · 102 votes
    10y

    Congratulations, Justin.

  • Ashley WilsonPro Member
    Rental Property Investor · Radnor, PA · Member since 2015 · 178 posts · 125 votes
    10y

    Congratulations! That sounds like a great first step. How do you treat ownership of the house? 

  • Investor · Fishers, IN · Member since 2014 · 75 posts · 9 votes
    10y

    Congrats Justin!

  • Marion, AR · Member since 2016 · 12 posts · 2 votes
    10y

    Congrats @Justin Kroepfl! May I ask what it was listed at and how you found the cash buyer?

Join the conversationCreate a free account to reply, vote on answers and follow this thread.