The Magic Of The First Deal
A quick post for anyone who is moving towards getting their first property! It's been almost 2 years since I bought my first Single Family rental, and upon reflection I cant stress how important it is to just jump in and do that deal. It doesn't need to be a home run. But putting yourself in the arena and taking that first swing is an important step. A lot of it is just psychological, and you'll realize how it's really not that big of a deal to buy a property.
Trust me, my first deal was nothing to gawk at. It was a decent looking single family home for $405,000 that cash flowed at maybe 5% tops. But I was extremely confident in home values and increasing rent prices due to the high influx of new jobs and population shift (this home is in Arizona). After almost 2 years, I can now get about $900/m more than when I bought it, turning this into a cash cow that has also made $125,000+ in additional equity. Regardless of the new equity, the cashflow alone makes this a deal I would do a thousand times over.
I have since bought 4 additional properties & am hunting for an 8-16 unit at the moment. I just cant stress enough how important that first one is. It gets you over the hump and fired up about it! The info on BiggerPockets can easily help you get there, so so valuable.
I'll post some deal breakdowns soon!
