Our Journey has begun!
At the end of December 2009, after studying investment in detail including reading books (tons of books), taking classes, and meeting with other real estate investors (Real estate investment club etc), Cindy and I decided to take our first step towards financial freedom: investing in our first real estate deal. Among bunch of real estate investors we met, we decided to invest our first real estate investment with one particular experienced real estate investor. He is currently focusing on Memphis real estate market and we were convinced that Memphis market has been great area since it experienced market decline only twice within 30 years. Therefore, it is a very stable real estate market.
We were also thinking about finding the deal by ourselves. In fact, we looked at Calfornia real estate market around 6 months back. We did detailed reserach including actual tour of the properties, visiting city halls, and contacting the real estate brokers. However, we didn't proceed to the next step at that time since we learned that California real estate market wouldn't be a favorable one and it is extremely difficult to go through all the aquisition process without proper education and sufficient network/contacts. So, right now we decided that we will go through the real estate acquisition process with an experienced real estate investor by purchasing a property from him.
I remembered that Cindy and I went to his office on December 31st 2009 very well (I remember this because he worked even on the last day of the year when everyone was cerebrating the new year). We were very nervous because we discussed about 1st potential real estate investment deal which was a big purchase for us. As soon as we reached in his office, we started to discuss about:
1. Our financial situation (Budget)
2. Overview of Memphis real estate market
3. His investment strategies
4. List of his properties in Memphis market for our review.
After we reviewed the property list, we liked several of them. He showed us the property fliers with property detailed information including his cash flow analysis. Cash flow schedule seemed great. After wrapping up the 1 hour discussion, we knew that our next step was to do our own due deligence!!!
We were also thinking about finding the deal by ourselves. In fact, we looked at Calfornia real estate market around 6 months back. We did detailed reserach including actual tour of the properties, visiting city halls, and contacting the real estate brokers. However, we didn't proceed to the next step at that time since we learned that California real estate market wouldn't be a favorable one and it is extremely difficult to go through all the aquisition process without proper education and sufficient network/contacts. So, right now we decided that we will go through the real estate acquisition process with an experienced real estate investor by purchasing a property from him.
I remembered that Cindy and I went to his office on December 31st 2009 very well (I remember this because he worked even on the last day of the year when everyone was cerebrating the new year). We were very nervous because we discussed about 1st potential real estate investment deal which was a big purchase for us. As soon as we reached in his office, we started to discuss about:
1. Our financial situation (Budget)
2. Overview of Memphis real estate market
3. His investment strategies
4. List of his properties in Memphis market for our review.
After we reviewed the property list, we liked several of them. He showed us the property fliers with property detailed information including his cash flow analysis. Cash flow schedule seemed great. After wrapping up the 1 hour discussion, we knew that our next step was to do our own due deligence!!!
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