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Updated almost 8 years ago on . Most recent reply

User Stats

16
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6
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Chris H.
  • Denver, CO
6
Votes |
16
Posts

How Did You Do It!? - Steps you took on your first deal

Chris H.
  • Denver, CO
Posted

Hey All,

Just wanted to get some ideas going and see if anyone wanted to share how they got started in RE.

-What steps did you first take to make the jump?

-What type of property was it?

-Did you flip it? wholesale? buy and hold?

-Were you able to do it using someone else's money, or did you have to save for years to jump into that first property?

-Were you feeling discouraged at all during the process? If so, how did you overcome it?

-In the end, how did the first one turn out, and where did you go from there?

I think sharing these stories can be beneficial to those who are new, or those who are simply still debating whether REI is right for them or not. I know for me, I am not someone who comes from wealth. my parents didn't go to college, don't have spectacular jobs and don't have a lot set aside to live their lives. I didn't get lessons on financial planning growing up. I can certainly say I have made a lot of mistakes along the way and have wasted a lot of valuable time that I will never get back. I am not someone who has an expert in REI to lean on and so I know personally, I try to utilize everyone on this site for their expertise. I can say for sure that in the 4 months that I have been absorbing information, reading the books, and looking at the big picture, I have certainly been guilty of analysis paralysis. For me, my biggest hang ups are (like most) from money and trying to understand the market. What if I don't have the savings someone else might have to buy a property for cash? what is the best strategy to take for starting out? Should I buy a property and try to flip it, or hold onto it and rent? Especially in my local area, (Aurora/Denver, Colorado area) it seems impossible to find something that you can make a profit on. Everything is already so expensive, I just don't know how I can even start. Any advice for me personally would be great, and I know I am not the only one feeling discouraged about trying to get my feet on the ground and build myself up from square one. So I thought it would be good to hear from actual people who have been through it and can remember what that feeling was like. Maybe get some of that confidence back and start a road map on how to finally begin. Thanks in advance everyone and I look forward to your responses.

Chris

Most Popular Reply

User Stats

1,871
Posts
1,458
Votes
Larry Turowski
  • Flipper/Rehabber
  • Rochester, NY
1,458
Votes |
1,871
Posts
Larry Turowski
  • Flipper/Rehabber
  • Rochester, NY
Replied

STEPS: Save, save, save.  If you can't save you'll never get far investing in real estate.  Then talked with lots of investors.  Paid for a 'course'.  Put out bandit signs (don't do that anymore).  Did driving for dollars.  Took calls and learned how to handle them as I went.

1st PROPERTY: Small 2 bedroom, for CHEAP.  I figured worst case scenario I would rent it out and learn.  I wasn't risking my future with this purchase.

EXIT: This was at the end of 2008.  Flipping dried up.  I rented it out.  It helps to have multiple exit strategies.

FUNDING: My own.

EMOTIONS: Worry, stress.  Just kept going.

IN THE END: I sold it--at a loss.  Very happy I did.  It got me started and I learned a lot.  Moved onto better things.

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