7 year anniversary - first deal

[Josh Eitingon]

Just hit our 7 year anniversary on the first multifamily deal that I did.  It was a scary deal (picture below.)  20% occupied, short sale in what I'd call a C- area.  Purchased for $175,000 and put about $200,000 into it.  It was a fight every step of the way.  Ended up selling after about 2 years for just over $500,000.  Investors were happy.  We didn't make a huge amount personally but, learned an enormous amount and it was the action that got us started.  Looking back it's fun to see what we've grown to with a long way to go.  

Every deal has stresses and gut checks along the way but, the first leap is often what holds a lot of people back.  Let this be motivation to those of you on the fence  -  focus on basis (easier said than done in this market), be well capitalized, and surround yourself with a good team.  

Have a great week!

-Josh