Real Estate Journey Not Smooth Advice

[Vlad B.]

I have yet to buy our first property and need advice. Here’s the journey so far.

1) Looked to buy local to self manage in Illinois but calculations didn’t work. Reside in Illinois suburbs.

2) Have a team (RE and Prop Management) in Columbus, OH. Bid offer price for a Class C property and was outbid.

3) Contingent on video tour property in Columbus Ohio but the inspection was $7k of issues. Owner was fixing, but second inspection didn’t pass. I was misled on the quality of the property. Walked.

4) Bid on a duplex in Cleveland, Oh but couldn’t agree on a purchase price.

5) Completed a syndication deal 9/30.

I don’t want to give up, but it has been a rough start. Please advise if you have any suggestions.

[Patricia Steiner]

A lot of people tout the "number of doors" they own but that's not an indicator of financial success. You can have a lot of not-much to so-so and not be as financially successful as the investor who owns one (yep, 1 door) really great cash flowing/ROI property. It's about the right opportunity and those are worth the time and money investment.  

I can assure you that there are more than a few investors who wish they were in your position.  It's the right one.