My first flip

[Curt Darragh]

I tell new investors all the time, the best deal you will ever do is likely going to be your first deal. Not because of the profit, but because of the education. Here are just a few lessons on learned on that first investment:

1. Buy your first investment property in your backyard. I wasted hours driving back and forth to that property, meeting with contractors, utilities companies, potential buyers, etc... I recommend keep your first property within 20-30 minute drive.
2. Don't be greedy, the reality is your first offer is usually one of your best offers. If its a fair offer and you can make a nice little profit, don't be greedy and hold out for that full price offer. It will likely cost you thousands of dollars in holding cost. I turned away an offer week one, took me over a year to sell it and I ended up selling it for the exact same price as that initial offer. 
3. Know your market, I was lucky on that first investment, had the market been declining I could have lost my shirt. Its important to understand if its a buyers market or a sellers market. What are prices in the area doing?

I hope this helps you with your first investment.