It took a few years to make our first real estate investment. As many others, Me and wife are W2 Employees, I work for a tech company and pursuing the path to retire from our W2s in 2025. I have been a BP Podcast listener since 2019, but didn't get the courage to pull the trigger until early 2021, before that I was reviewing Single family properties in Sacramento, CA, but none of it fit in the criteria for cashflow, and then in December 2020, came in contact with an opportunity to invest in a syndication deal. Just trusted the person and made the plunge and started learning about syndications, during this time, I was also analyzing properties out of state(Robert Green's book - Long Distance Real Estate investing is a very valuable resource) mainly Texas(North Dallas, San Antonio, Tx Markets). Reason I chose that was based my reading and listening to folks in BP, Neal Bawa's videos on top markets etc., narrowed down my search to these locations. Then found agents in these locations through some friends and started talking to them explaining my criteria and areas I am interested in. Started getting properties from this 1 agent in particular and he was pretty good, so I would analyze it and we will make offers and earlier this year the North Dallas Market was pretty competitive and we had to make offers above the Asking Price but still cash flowed within my criteria.
First Property in 1/31/2021 - Fort Worth, Texas .Yr Built - 2013. Self Managing this Property.
Purchased for : $285000.00(List Price: $260,000.00)
Rented: $1950.00
Cash flow: $400.00
Second Property: San Antonio, TX(Using a Property Mgmt company) Yr Built 2017
Purchased for : $205,000.00(List Price: $185,000.00)
Rented: $1550.00
Cash flow: $350.00
During this time, was getting Syndication investment opportunities and was also learning about Investing in Multi-family, so with inspiration from Michael Blank's videos, started looking into smaller Multi Family units and bought a Triplex in Arlington Texas.
First Multi Family; Triplex in Arlington, Tx(yr Built 1982). Using a Property Management company.
Purchase Price: 520,000.00
Total Rents: $3545.00
CashFlow: $650.00
So, the Journey continues as we head into 2022, Setting the Goal to acquire at least 25 units with ~ $200/unit Cashflow.
Lessons Learnt:
We can analyze deals and learn all we want, but at some point we have to conjure up the courage to take the plunge, trust the process and there is Power in the "FIRST DEAL", Now you are in the GAME, that will teach you so much and we will learn everything that is needed in the process, there are some specific podcast episodes, which resonated with me,
real-estate-millionaire-teacheraes-salary-michael-swanny-swan
buying-first-investment-property-newbie
biggerpockets-podcast-390-leka-devatha
4-single-income-family-buys-11-units-in-the-nyc-area-in-4-years
