Your first deal

[John Williams]

It seems like starting out is probably the toughest part of REI. So many fail to ever follow through with their plans.

I wanna hear about your very first deal no matter how big or small, good or bad. Go into as much detail as you can, it will really help us rookies out. :D

[Peter Giardini]

Sat in a room of 30 other investors when this 23 year old kid presents an 8 property 10 unit deal... gross cashflow of $4700 a month. Asking price $280K which included his $50K wholesale fee. I had the deposit check filled out before he finished talking.

Financed it conventionally (only deal I ever did that way). Appraised for $453K. Took that $173K of equity to a bank and cross-collateralized it into a $500K line of credit.

Upside managed the 10 units to where they were generating over $10K per month in gross rents.

Sold everything in 2006 for over $1.2Million.