The First One Is The Hardest
I have read many posts from beginners like me that are hesitant to make their first deal a reality. I find the success stories that follow those first deals to be very encouraging and I would like to briefly share mine.
I started studing real estate buying techniques late last year and established a goal of owning 10 properties by the end of this year.
After passing on MANY deals that just never seemed to be right (perfect) I bought my first foreclosure. Total investment 18,000.00. Quickly placed a S8 tenant in it for 425.00...sooo far so good. After the shock of actually doing something wore off I found and bought a small 8 unit apartment building for 300,000 fully rented. (trust me beginners it gets easier as you go!)
Then I went to the TCI Conference in Orlando and came home fired up and looking for something bigger and better. Next up was a 24 unit apartment for 1,000,000 (gulp) fully rented with separate storage facilities.
From April to August my goal of owning 10 has turned into 33 with 60 storage units. Net income after management fees, reserves, maintenance allowance, mortgages, insurance etc.. will be 65,000 or so. (dont know how this return stacks up against the old pros around here but it works for me)
My reason for writing this is to encourage fellow beginner investors struggling with the first deal jitters to take a deep breath and jump in... you will not regret it.
Thank you TCI for providing such a wonderful source for creative investors!
Thanks for the motivation. I know I needed it. Congrats on those deals... Keep it up
Thanks for sharing rainmaker49, thats rockin!.. I'm teetering on the edge of the diving board..
Thank you for www.sharing.I am in negotiations with what will be my first deal, too. Though it seems like I am continuing to look for reasons I shouldn't do it, everything so far looks good need to just do it.
Success is like a good time it is best if shared with others...
Congratulations on your purchase and sticking to it! I am sure that you will continue to be successful.
A little caution is a good thing as long as you do act!
Nice Job!
[addsig]
Awesome job Rain! You overcame your fears and got in motion. You are now a ten percentor. Welcome to the club.