Finally closed on my first rental property

[Greg Fox]

After 2 months and several obstacles I finally closed on my first rental property. I have been learning as much as I can on here and through several hundred hours of podcasts for about 6 months. I went and saw this duplex the day after it hit the MLS and there were 2 other investors there in the half hour I was. I made an offer $100 over asking price that night because I did a pretty good inspection and knew it was a great buy. They had several full price offers in the first couple days but my extra hundred helped me get it. It's a solid house in a really good location and neighborhood(A-/B+) and still does better than the one percent rule. I wasn't originally planning on it in my initial offer, but after some issues the seller ended up offering financing at better than bank terms! Deals are few and far between around here but I have set a lofty goal of 6-8 more units by the end of the year.

[Greg Fox]

Glad y'all got some value out of my post😜

[Nate Denning]

Congrats!! First step is the Hardest or so I'm told lol... 6 to 8 is big goal good for you. I'm also working to get my second rental within 6 months.

[Dave Carpenter]

Greg, have you asked that seller if he has any other properties he might want to sell?

[Greg Fox]

I sure did ask about more properties. He said he has already sold off all of his properties around here, in Indiana. I know he has at least a few left, but I haven't got the details yet. He lives in Illinois near Chicago. He was saving this property for himself to get out of IL and maybe live half year in and live other half in Florida but has changed plans.

[A.R. Coningsby]

Greg Fox congratulations on getting your first multi family. That's awesome that you also got owner financing on it. Interesting too that you offered above asking price even it was only $100.

I am in the same boat as you. I can wait till I can post my success story on my first multi family.

Do you have any advice on how to approach an owner financing deal?? And could you talk about how you structure it??

Thanks for the insight.

[Kenneth Garrett]

@Greg Fox

Congratulations Greg.  I like the way you took 6 months to educate yourself.  I waited almost a year before I thought I was ready.  I like the comment from @Dave Carpenter, I bought a property not realizing the seller was liquidating his properties.  I only found out because at the closing I was being conversational with the seller.  You never know what you might find out.  Good job.

Good Luck.