What was your first purchase?

[Charlie Anne]

My goal is to buy 1 rental property this year. Tell me about your first purchase!

Where was it?

How did it go?

Do you still have it?

1 thing youwish you knew?

[Corey Hawkinson]

My first investment property purchase was a 3 bed, 1 bath condo for $49,000. It was a foreclosure. It has gone very well. I have owned it for 8 years now. If the right opportunity came I would consider selling it and doing a 1031 exchange. However, it cash flows very well (mainly due to the purchase price) which means that I'm fine holding it longer. 

It is located in Newport, MN, which is south of St. Paul. I can't think of anything that I wish I knew at the time. I'm glad I made the decision to jump into real estate investing. I wish that I was more aggressive over the last 8 years both in terms of expansion and how I handled the properties I have owned. I have been too relaxed about increasing the rent amount. 

Now I am at a point where I have to decide how to expand. I have 7 "doors" now.