Updated about 7 years ago on . Most recent reply
Success on 1st R.E investment, tips on doing it better the next?
Hi to all BP friends!
After a year or more of grooming and learning everything I could about R.E investment, I've made my first purchase in Feb 2, 2018. It was a probate property, no court confirmation needed, and also tenant occupied. After 2 months of back and forth on negotiating with the lawyer/owner we come to agreement of $260k with contingency of tenant moving out before funded the deal. Originally asking price of $320k dropped down to $285k after initial negotiating without inspection of property. With all current comparable of 2/1 in the area with same sqft is around $385k-$400k, I converted to 3/2 with permits our contractor and I ran into many challenges with the city inspection and also tried to stay within budget. Our estimated was $45k rehab which end up at $72,550.00 project. We overcome all challenges and ended up with an appraisal valued of $459,000 when we did re-finance for better term/interest rate. I will post a complete Deal Detail below. At the end of it all it was well worth it, the house is now rented for $3115.00/month and the feeling our getting our first rent check is amazing! Thank you to all of BP members that been helping me answer all my questions in this R.E journey. Special thanks to @Account Closed
Most Popular Reply
Sunday,
Congratulations! You literally created something out of nothing. You had the guts to move forward. It's not easy, but it's worth it.
The reason I agreed to meet you and plugged you into my network was because of your introduction. You have the right attitude and work ethics. I have more people inviting me to lunch and dinners than I know what to do with. See, I invited you to lunch and had someone paid for our lunch. ;)
I told Johnson I'd meet you regardless. You reminded me of someone who I met on BP. He's 5 years older than you who used to make $8.50/hour. After a few short years in real estate, he made $1M last year, and his wife bought him this car. He loves the roaring sound of this car. It's unfortunate I couldn't convince them to buy a Tesla.
It's true that your network = your net worth. It takes time and efforts to connect with the right people. When you do, the sky is the limit. Keep up the intensity. As Steve Jobs said "Stay hungry, stay foolish."
Cheers.