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

30 Replies

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!! 

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.

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!!

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.

@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

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. 

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

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

We hate spam just as much as you