How did you get your first deal?

Kalamazoo, MI · Member since 2017 · 38 posts · 10 votes

Hi everyone! So how did you get into your first real estate deal? I am looking for guidance and inspiration to get my first deal very soon. Tips welcomed!

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Nathan GesnerBusiness Member

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Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes

I saved up money and told my father-in-law (a REALTOR) I wanted to buy an investment property. He told me about a home that was on the market in my price range. He used to own it and got a good return from it. I bought it without looking at it, crunching numbers, or anything. It was a complete rookie purchase and I can tell you a dozen mistakes we made.

Long story short, I put $6,700 down and eight years later I sold it for over $70,000 in profit. Then there were the tax benefits, a few vacations paid for from the reserve fund, etc.

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Henry F.
Homestead, FL · Member since 2015 · 36 posts · 8 votes
8y
@Dmitriy Fomichenko You are absolutely right. And a lesson learned the hard way. My lender nor I were familiar with this process and at the end Im going to be paying for it. Thank you for noting it. This was a post more so to answer how I bought my first deal and didn’t really want go further into details not having to do with the acquisition of that property. Kind regards,
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Jeremiah Gaviña
Levelland, TX · Member since 2017 · 25 posts · 4 votes
8y
I have not bought a house my self, but I invested in a broker who is doing flips and I’m going to make 20% after the 150 maturity date.
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Kristen Beahm
Real Estate Agent · St. Louis, MO · Member since 2015 · 45 posts · 12 votes
8y
My fiance and I bought our first home with owner financing and then moved out of it, converting it to a rental. We plan to do the same thing over and over and over again, as owner-occupied financing is MUCH easier to save up for! He's a lender and I'm an agent, so we've been working on growing our day to day businesses lately while building tons of knowledge for investing along the way. Also, some lender have unique programs, such as his company's 3-2-1 program that allows a first-time home-buyer to purchase a home for only 3% down, receiving $2,000 in the form of a Home Depot gift card, and gets a 1.5% lender paid credit at closing. I imagine other lenders have some unique programs like that too - you just have to ask! :) Best of luck!
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