My first investment property...

[Jay Theriault]

My first investment property was a 7 bedroom home across the street from a local university that I was selling (as their Realtor) for some clients who had used this to house their own kids as they went through college across the street.  It was a real money maker and cash flowed, even at the full sale price, about $400 per month.

I had only been selling real estate for three years at that point and told my wife that we should buy the house.  I worked out a deal with the sellers where we elevated the sales price and commission to me a bit and they paid my closing costs.  I then used money from a credit line I had on my personal house and was able to buy it with absolutely no money out of pocket.  I sold it seven years later for a $70,000 profit.

Not too shabby for my first venture into investment properties!  I was hooked!!