What was your first step?

Question

Hey everyone,

I’m curious to know everyone’s entry into investing? What sparked your interest and also what was the first step you took into financing your first deal?

Peter Mckernan · Answer

@Raven Walker Great question!

I was going to partner with a friend from high school to buy a condo in an area we would not be cash flowing at all! We were just looking at the time, and somehow I stumbled across the BP Podcast back in 2013. Once I listened to it we changed our whole direction on where we were going to buy.

When we found a place to buy it was only about 2 months later, an on market deal 20% down and cash on cash was 15% (it was a great market to buy in). We still have that rental today, and have been able to pull all our money out of the home x2 and still have the same exact numbers.

Andrew Powers · Answer

I was making a good salary and decided I wanted to buy a house and rent rooms to reduce my mortgage payments. I couldn't see myself paying for it myself. A friend recommended BP and I found out that this is called house hacking. I then educated myself on REI, and learned about low down-payment loans. Ended up choosing the 3% down first home buyer conventional loan.

Raven Walker · Answer

@Marlen Weber that’s great! Have you bought any more houses

Raven Walker · Answer

@Peter Mckernan wow that’s great. How many properties do you buy a year now?

Marlen Weber · Answer

I have. We are on our second home right now and recently bought a rehab in our downtown area. It will be a long process but so ready for the adventure. @Raven Walker

Cameron Tope · Answer

It was when I realized I could put my money into things that would pay me every month like rentals and stocks!

Marlen Weber · Answer

Great question, @Raven Walker. For me it started when we purchased our first primary residence and my father in law educated my husband and me on the benefits of REI.

What was your first step?

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