How did your first REI deal change your life?

Question

Tomorrow I am submitting my earnest money deposit for my first REI deal! A 7 unit property plus a single family home with over 4K gross monthly rent for 160k. No joke, and it has many recent updates. I am about 80% excited and 20% scared. This will be a game changer for my family since this properties NOI will likely be more than what I make at my 9-5 job! Feels like I am about to cross over into a new world. This will get my wife and I much closer to our  goal of financial independence and quality time together as a family.

Looking back to your first deal, how has your life changed because of that first property and going down the road of real estate investment? Thanks!

David Avery · Answer

Have a few thoughts,  Do you have some connections with fixing the units while the tenants are in place and also after one really leaves one almost destroyed!!

Have a good contractor that is reasonable, fair, and quick to response.  make sure you pay him as soon as the job(s) are complete.  Stay on top of your tenants, don't let them slide on rent or promises.

Hopefully you are acquiring some good deposit monies at the purchase of property.

Yes this move can make you go from making good money to making great money.  The whole trick is to properly manage your property.

It is a tricky business if it is your first.  Who is managing the property, Who is maintaining same. Hopefully the utilities are reasonable, Hopefully the taxes are not high.

Try to put monies aside for the above, you must or your going to hate that you bought it.

Make payments on time, this will really help your credit.  Be firm with your tenants and always stay on top of repairs and keeping everything nice.

Please vote

David Avery · Answer

no vote for all those tips?

Welcome Justin

Justin Gottuso · Answer

@David Avery

Thanks for the tips! Current owner owns many rentals in the area and is happy to have me use his contractor/Maintence people.