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Updated over 9 years ago on . Most recent reply
How long
How long did it take you to make your first deal ?
Most Popular Reply
Good question and I bet there will be many different answers for most of the investors on BP.
Back in 2008-2009 foreclosures were plentiful in CO, my company’s first deal came from buying a brick ranch to buy and hold for 95K. I found it off market for sale by owner. It took only about one week to find, after I decided real estate prices were low enough that I could afford to invest. I had a line of equity on my primary residence of 100K and good credit. So I was able to get an 80% loan and it cash flowed about $300/ mo. At about $1050/mo.
My first tenant stayed until summer of 2015, tenant never missed a payment. Rent is now $1575 and market value is about $220K. They say buy low and sell high, but I like the income so I am still holding for now.