How I Got My First Deal

[Joshua Myer]

Investment Info:

Condo buy & hold investment.

Purchase price: $175,000
Cash invested: $15,000

Bought a 1,012 sqft. 2x1 Condo, house hacked by renting the spare room. Did simple DIY renovations along the way and now I am renting the whole place out on a 12 month lease while I save for my next single family purchase.

What made you interested in investing in this type of deal?

It's an older market with new commercial and residential developments expected to increase comps in the area overtime.

How did you find this deal and how did you negotiate it?

Found on the MLS while I was working with a brokerage as a side hustle.

How did you finance this deal?

I financed this deal through cash saving and funds from an after-tax brokerage account.

How did you add value to the deal?

Was able to reduce closing costs by representing myself as an agent.

What was the outcome?

I was able to get the condo for asking price, appraisal came in at the exact asking price. Got in the house and immediately started making renovations and a month later I was house hacking with a friend to reduce my cost of living.

Lessons learned? Challenges?

Being in Real Estate, Property Management, and Finance, I used my experience and education to take action. I learned that conceptual knowledge and actual experience are two very different things. It will always feel scary to get your first deal, but it is always worth it to take the leap and learn by doing!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Andrew Velasquez
THE HOME LOANS COMPANY
714-729-4663

Works with United Wholesale Mortgage, flexible and works with you to get qualified. Is super hands-on throughout the entire process and will push with underwriters to get loans approved and funded. Extremely knowledgable, patient and hard working. 10/10 recommend and I will use him again for any primary residence or investment property.