My First Deal = 6 Doors!

89 Replies

Good job taking action but geez those rents are among the lowest I’ve ever heard of in this day and age . I can only imagine The properties and the location

@Josh R. Thanks for sharing, very inspirational. Im still seeking out my first deal, the financing side is what's been really holding me back. Sounds like everything fell right into place after you made the offer.

Originally posted by @Dennis M. :

Good job taking action but geez those rents are among the lowest I’ve ever heard of in this day and age . I can only imagine The properties and the location

Not sure if you’re referring to his current rents or market rents.  Market rents for theee areas are usually 400-550 or so depending on if it’s been rehabbed or not.  Rents should be increasing as new employers are moving to the area in the next couple years 

I really enjoyed your posts. It's great to see the suggestions and tips that are presented in the podcasts be put into action. Thanks for taking the time to share.

@Josh R. love this man. Very inspiring. I am new to BiggerPockets and have begun the process of searching for my first investment opportunities. It's great to hear new people being successful with the information available here. This site has been such a huge help. I am looking to do the same in the Philadelphia area. Keep up the great work!

@Josh R. great read! Tree house is awesome! I need to get plugged in frequently to my local meet ups and your story is a great reminder to not delay. One question I had when reading: I thought most banks didn’t allow you to be “gifted” the down payment...is that incorrect? Or how did you get around that? 

Congratulations to the both of you.  You guys are going to have massive success.  I’m going to have my first deal done by the end of 2019.  I hope that it is as successful as yours!

@Dennis M. Yeah, they are incredibly low for the area. It was due to the owner completely leaving cash on the table by not being involved in the properties as well as the PM not providing feedback to the owner on raising the rents to meet market demand. All the better for me to raise rents after rehab, put tenants in place I have screened and move to the next one.

@Dallas Schwab The power of small banks and personal relationships with the lender. Doors open wide once you find that one person that can move mountains in the loans world. Never take no for an answer and you dont know unless you ask. I just felt like if I kept asking eventually someone will say yes, and they did :)

@Michael Kiley I see you are part of Cleveland market, mind chatting a little? PM sent

Thank you all for the kind words! Gives me more motivation to crush it in 2019!!

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