I purchased my first duplex rental with my partner a few months ago. This was before i really did any studying of real estate investing or had any real knowledge of formulas or examining a market.
We purchased the first property totally under his name due to some problems with getting myself on the mortgage also. Anyway, the numbers work and although after going in blindly we did get a good buy and hold deal. Could've gotten a better price (4k less) for the property but the condition was a true turn key and very well kept.
So now i after studying i am looking to get into wholesaling but also would like to continue getting buy and holds and maybe get into rehabbing in the future. I have the itch to jump on the first deal that comes by but am undecided because i have let a few pass me in the past few weeks.
I have a nice bit saved to pay for the majority of a decent property in my target area, the suburbs of philadelphia, montgomery county. I have been looking into boyertown or phoenixville.
Ive sent my first run of mailers out last night but was looning for advice. Should i wait for calls and go from there to try and find a deal while trying to get my wholesaling career started or jump on the next deal i find, then take out an equity loan and use that for the next one.
Congrats on your first deal! I would probably continue looking for deals. I haven't done a mail campaign, but I've heard that the return from the can be 1% or less.
@ Matt Slakey
Yes i know it can be slim to none but i guess ill give this wholesaling thing a try for the next six months and see how it pans out. Im just looking for more motion. Once you do one deal you just want to keep the momentum rolling. But better safe than sorry.
Good for you going out and doing something! Not many people have the courage to jump right in, and there is no better teacher than experience, even if you don't get the killer first deal. Where is your duplex located? My brother and I own three duplexes in Phoenixville and have been looking to meet with other people around town to discuss. Where are you based?
Best of luck,
my brother and i actually have out duplex in pottstown north end. Ever since the revitalization of main street in Phoenixville the market has been doing good i have been trying to get in Phoenixville. Just sent my first direct mail campaign there and the surrounding areas of collegeville, royersford, etc. So if you receive any of my yellow letters id like to apologize in advance. But if you want to talk or get together sometime let me know.
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