Hot take: Your first deal SHOULD be messy, uncomfortable, and borderline stupid…
Hot take: Your first deal SHOULD be messy, uncomfortable, and borderline stupid… and mine definitely was.
In 2017, I bought a house in Little Rock sight unseen from California for $28,250.
It was a foreclosure listed on Zillow.
It looked rough online.
In person? It was basically unlivable.
My now wife and I moved across the country, camped in the converted carport room, and lived inside the renovation zone. Full gut remodel.
New HVAC, plumbing, electrical, everything.
Rehab cost: ~$55,000
Financing: cash + 0% interest credit cards
(Yes… the classic rookie move.)
After fixing it up, we rented it for $850/mo.
Today that same house rents for $1,200/mo and is worth around $135k+.
Looking back, I probably should have run screaming.
But honestly?
The only thing that really went right was the decision to start and not quit when it got painful.
That one decision kicked off everything I’m doing today in construction, BTR, and investing.
Curious:
What was YOUR first deal like?
Was it as chaotic as mine, or was I just insane for moving into a foreclosure with no real plan?
Most Popular Reply
My first deal (10 years ago) was an offer over email to the listing agent for fun after a couple beers. I offered 128k cash to close in 2 weeks. I only had 25k in savings and was making 40k/year. They countered a couple beers later and I accepted. I woke up the next morning and asked my wife if we bought a cabin in Branson, MO. lol. Wasn't smart of me to jump into real estate this way with no due diligence and not much $ to my name. But I figured it out after this purchase and have scaled up to 31 SFR. No regrets on any purchases!