What was your first Real Estate deal?

Question

How did it go? How did you find it? Did you make money, or end up with a learning experience? What would you do differently if you could do it again?

Ryan Murdock · Answer

House hacked a duplex. Looking back I never should have bought that property but it was a tremendous education so that's worth something. Took about 10 years but it's finally cash flowing to the positive side :-)

Taylor L. · Answer

Mine was a passive investment in a multifamily syndication. We did make money, but we missed the proforma due to some errors on the property management side. I learned a lot from the experience!

The main thing I would do differently is to tell myself to stop screwing around and do more, faster!

Ivan Barratt · Answer

House hacked a duplex. Started from the bottom baby!

Mike Dymski · Answer

2/1 purchased in 2004 for $130k, on the MLS, sold for $225k in 2017, some sweat equity...limited cap ex, rented throughout, North Main subdivision in Greenville, SC.

Mike Krieg · Answer

$72,000 apartment in Samara, Russia in 2003. Sold if for $160,000 in 2006. I had to raise private money to buy it since, at the time in Russia there were no mortgages and banks were lending at 20%. My attorney also served as title searcher and realtor and required a fee of a mere $500.00. Gotta love emerging markets. Closing costs were around $175.00. At that time there were no escrow services so I had to pull 72k out of the bank, put it in a plastic shopping bag and hike it over to the title office for the transaction. The sellers agent had a gun, which I later discovered had only plastic bullets, but it did make me feel better during the transaction. Would I buy in Russia today? Probably not. That was a unique market back then. It's much more expensive there now.

Jay Hinrichs · Answer

my very first real estate transaction was as a broker circa 1975.. I sold two lots in northern CA for 2500 each.. had a 15% commish

took about 3 hours of my time total.. so about 750.00 in income or 250.00 and hour.. and since I just had been a bag boy at the grocery store for 1.65 an hour.. I thought Hey commissions that's what I am going to do from now on..

First property I bought was in Milpitas CA.. owner occ  79k  in 1976.  sold one year later for 125k and never looked back.

PS  lots today are worth about 50k each.. and the house in Milpitas probably a cool million..

What was your first Real Estate deal?

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