Skip to content

Let's keep in touch

Subscribe to our newsletter for timely insights and actionable tips on your real estate journey.

By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions
BPCON2026 Orlando

October 2 - 4 Early Bird tickets are now ON SALE. Purchase your tickets today and save $100!

Get tickets
BPCON2026 Orlando

October 2 - 4 Early Bird tickets are now ON SALE. Purchase your tickets today and save $100!

Get tickets

Posted almost 10 years ago

Closed on 1st property

As the title says, I recently closed on my 1st property June 2. I made a few mistakes, but it's a good thing I had a solid relationship with the seller. Recap: I bought it for 73k sight unseen. I'm factoring in 30k for renovations. Rents are $1600, but I plan on living in it myself. ARV is 190k. I bought it without inspecting it first because the wiggle room for a profit is big. It's a  4/2/2/2200 sq ft house with a pool.

3 weeks ago while on vacation, I put a house under contract to flip, but the appraisal came back too low. The owner was firm on her price so I passed. I look at everything as a learning experience. I was pulling comps all wrong. I now know how to pull them accurately. I even figured out how to pull past rental comps too.  

The seller I wrote about in "Hurry up and sign" decided not to sell. He said it wasn't a good time for him. I will follow up with him to help him move forward.

I followed up with a seller I put an offer in for about a month ago. He said my price was too low and come back with a counter. I could counter for 5k less, but his offer works for me. Price- 55k. Repairs- 1k according to him. ARV- 85k There was only 2 recent comps so I used the lower range. Rent- 1000-1100. 

I removed the bad strikes off my credit report. It was easier than I thought. It took me about 2hrs of work and $80. So much cheaper than hiring a company.

My website is starting to move up in ranking especially on Yahoo and Bing. I know it's not a big deal unless it's Google, but seeing any type of upward movement is a plus.


Comments