How I Stumbled Upon my First Deal

I can remember exactly where I was when I first thought about real estate investing.  It was roughly two years ago on a mine in northern New Mexico.  I was discussing investments with a contractor.  He recommended the Bigger Pockets podcast.  At the moment I thought that between my stock market podcasts and barstool shows I wouldn't have enough time to add another one.  Lucky for me work was slow that week and I ran out of content to listen to and I decided to give Bigger Pockets a whirl.  The realization of the potential returns in real estate was not immediate for me and I felt the process would be risky and unattainable.  A light bulb dawned on me that the fact I thought it was risky made it an attractive investment and the market may not be too crowded.

Which brings to me where I am now.

I had been listening to Bigger Pockets for about a year and a half still thinking that I wasn't ready to make a true real estate deal.  I had bought my first home that I live in and was able to rent one of the rooms out so I was already house hacking.  I had become a real estate investor on accident.  I thought that I wouldn't be able to do another deal for a while and then I did what any sane person with a soul crushing 9-5 job does, I started drinking at the local bar.  Little did I know that between the poronas (Miller High Life with a lime wedge) and fireball I would find my first deal.  My drinking partner was renting a condo from a motivated seller who currently owned two in the complex where I had purchased my residence.  Within 5 weeks I had a down payment ready to go and a business partner ready to absorb some risk and I made a phone call to the owner.  My first deal was going to be an off the market sale by owner.

I will elaborate in more detal on the deal process in a subsequent blog, however, in my short time of doing this my best advice would be to have some cash on hand.  I was fortunate enough to have the cash to put a down payment on the property right away but, just know that you may never know when the first deal will present itself.