How did you get started on your first RE deal

[Munim Jalil]

Hi Guys,

I know this may be very broad question - I'm interested to hear how folks got into their first RE deal and how much cash they started with....

I live in NYC and getting in RE here can be very expensive here especially if you don't have enough capital. I've saved up $60K that I'm looking to invest in the RE transactions, but I'm at a lost to where to start. I've read numerous books on RE from Flips, Tax-liens, etc so I have basic knowledge of RE but no actual experience in it (I also got my RE Agent license). 

I want to understand how folks took their first plunge on RE and how/where did they invested and what advice can they share for someone looking to start their career in RE investing?

Thanks in advance!

[Luc Boiron]

$60k is a decent chunk of change. I started with my first deal when I was 18. I bought a house in a rough area of town in 2007 for $302,000, and put 10% down. I also renovated it a little and then rented it out by the room. Actually doing a deal is how you will learn to do more of them.

I made a ton of mistakes on that property renting to lower priced tenants, but learned a ton about being a landlord and making improvements and repairs. 

I sold that property in 2012 and I'm currently a full time flipper, on track to do 15-20 deals this year.

My advice? Find something decent priced that will at least cash flow a little. You don't need to find the perfect deal - it's hard to start with a home run when you're just learning to bat.

Good luck.