FIRST INVESTMENT PROPERTY

[Sam Warrick]

Greetings all, 

I want to acquire my first investment property by the end of 2020 (personal goal). I've been doing a lot of thinking and I'm a Mental Health Professional so I'm quite the over-analyzer/over-thinker LOL. But I know I can't drown myself too much with analysis paralysis. So with this being said; what was your very FIRST real estate investment deal like? Did you have a mentor? Did you shadow someone step by step before you bought your first rental property? I'm looking to acquire passive income by using creative financing strategies and I want to go about this the RIGHT way. I would love to hear your stories on the challenges you faced with your first deal and the mistakes you've made.

All input is welcomed. 

Peace and Prosperity to all,

Sam Warrick M.A.

[Daniel Haberkost]

Originally posted by @Sam Warrick:

Greetings all, 

I want to acquire my first investment property by the end of 2020 (personal goal). I've been doing a lot of thinking and I'm a Mental Health Professional so I'm quite the over-analyzer/over-thinker LOL. But I know I can't drown myself too much with analysis paralysis. So with this being said; what was your very FIRST real estate investment deal like? Did you have a mentor? Did you shadow someone step by step before you bought your first rental property? I'm looking to acquire passive income by using creative financing strategies and I want to go about this the RIGHT way. I would love to hear your stories on the challenges you faced with your first deal and the mistakes you've made.

All input is welcomed. 

Peace and Prosperity to all,

Sam Warrick M.A.

 I would like to start by agreeing with @Jonathan Greene, RE is not passive in the way that many people expect it to be. Even if you have a property manager you have to manage your manager. Sure, it can be more passive than a traditional day job with the right systems in place but it will require some level of continuous effort. 

To answer your question, my first deal was house hacking a duplex and I jumped in very quickly after learning about real estate. I did not have a mentor or really know any other investors. I made a multitude of mistakes but all of that allowed me to learn very quickly. Fast forward several years and I'm glad I started when I did as it has accelerated the learning curve dramatically. 

I would like to note that I purchased from a position of financial strength which is essential. I was able to comfortably make mistakes because I had no debts and significant excess cash flow every month from my job at the time. I have no idea what your financial position is like but make sure that your personal finances are in order before buying rental properties.