Closed on my 1st Investment!

[Dominique B.]

Investment Info

PP- 53k

Closing – 3k

Repairs/Rent-Ready updates: 5k

Additional Holding Cost (Rental and lead inspection, home inspection, etc.) – 1k

All in Costs – 62k Cash

What made you interested in investing in this type of deal?

My goal was to purchase a buy and hold for passive income. After running the numbers and approving of the block, the deal made sense.

How did you find the deal and negotiate?

This was an off-market deal that was sent out via a mass email blast. I opened the email at 2am, scheduled to see it at 4pm and made the offer at 4:15pm.

How did you add value?

The property was nearly turnkey. I made minor repairs based on feedback received from the home inspection and cosmetics updates (repair roof over porch, replace carpet, new paint, new blinds, and update appliances)

What was the outcome?

I have hired a management company to handle placing a tenant and the day-to-day operations. Rental comps in the area will garner $1300 – $1500. I will be putting a HELOC on the property and pulling out 75% of my funds to use as another cash buy for my second property in March.

[Nyja Callaway]

@Dominique B. Well done I know it feels amazing!!!

[Wale Lawal]

@Dominique B.

Congratulations

[Sheronda Oliver]

Congrats!!

[Marlen Weber]

Awesome news, @Dominique B. Huge congratulations on your very first close. 

[Luis Savery]

Awesome and Congrats! 

[Stephen Moss]

@Dominique B.

Well done and thanks for sharing!

[Angelo Palazzo]

Congrats!

[Angelo Palazzo]

Congrats!

[Nabiyah Yehuda]

@Dominique B. NICE JOB! And CONGRATS!

[Owais Mustafa]

@Dominique B. Congratulations

[Ehsan Haque]

@Dominique B.

Congrats! That is an amazing deal for DC. I’ve been looking out of state because I figured DC is not affordable. I would love to connect and find out more about your experience in the DC market.

[Varun Batra]

@Dominique B. Ohh, that's crazy, amazing deal. I can't get 1% rule deals here and look at you, really wow!!

[Varun Batra]

@Stephen Kehoe I didn't get it, what u mean which deals are wrongly overlooked?

[Varun Batra]

@Dominique B. You did great work, for sure it's not overnight. How many months u spend learning, looking for deals and offers??

[Jabari C.]

@Dominique B.

This is excellent. Congratulations!

This is very inspiring as I live in DC, and would like to get started in the Baltimore area. Keep up your great work!

I look forward to seeing and learning from your post on your future acquisitions.

As I get my feet wet, maybe we can chat some time as I would love to learn and get tips for this market.

Cheers!

[Samantha Wilson]

@Dominique B. Congratulations!

[Dominique B.]

@Varun Batra I knew nothing about REI prior but decided to learn about it in October 2020. From first research on REI to closing on this deal it took me 7 weeks. Patience is not my general strong suit lol.

[Angelo Palazzo]

@Dominique B.

Wow.. Only 7 weeks?!

That's impressive.

My goal is to close on my first property by July.

I'm reading and listening to a ton of podcasts and am finding that I can easily get stuck in this mode. Did you dive in while learning or did you learn at you went along?

[Abhay Dhingra]

@Dominique B. Congratulations, this is great work

[Dominique B.]

Originally posted by @Angelo Palazzo:

@Dominique B.

Wow.. Only 7 weeks?!

That's impressive.

My goal is to close on my first property by July.

I'm reading and listening to a ton of podcasts and am finding that I can easily get stuck in this mode. Did you dive in while learning or did you learn at you went along?

I did knowledge buidling for about 2 weeks straight then went into action. My FIRE goals were crystal clear before I started so it was just a matter of picking a path (buy and hold, fix and flip, REITs, etc.). Being out and hands on was extermely valuable (and fun) to me, I learned alot getting into the weeds.  Good luck on your first close! July will be here before you know it. 

[B Cranshaw]

Dang that's a sick deal! I never come across deals like that. I Invest in Baltimore too

[Andrew Syrios]

Congrats Noah!

[Lance Davis]

@Dominique B. Nice, Great Job!

I am learning about Real estate investing now.

I'm next up, Yes!

Congrats 🎉

[Jeanlee Baez]

@Dominique B. could I be a part of this e-mail blast?

[Robert Hartz]

Congratulations! I’m in DC looking to do something similar, lets connect.