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Updated about 9 years ago on . Most recent reply

User Stats

24
Posts
5
Votes
Mersades Williams
  • Houston, TX
5
Votes |
24
Posts

Most Popular Reply

User Stats

195
Posts
76
Votes
Tony SanFilippo
  • Real Estate Investor
  • Littleton, CO
76
Votes |
195
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Tony SanFilippo
  • Real Estate Investor
  • Littleton, CO
Replied

Good question and I bet there will be many different answers for most of the investors on BP.

Back in 2008-2009 foreclosures were plentiful in CO, my company’s first deal came from buying a brick ranch to buy and hold for 95K. I found it off market for sale by owner. It took only about one week to find, after I decided real estate prices were low enough that I could afford to invest. I had a line of equity on my primary residence of 100K and good credit. So I was able to get an 80% loan and it cash flowed about $300/ mo. At about $1050/mo.

My first tenant stayed until summer of 2015, tenant never missed a payment. Rent is now $1575 and market value is about $220K. They say buy low and sell high, but I like the income so I am still holding for now.

User Stats

157
Posts
83
Votes
Thelonious Jones
  • Atlanta, GA
83
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157
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Thelonious Jones
  • Atlanta, GA
Replied

About 24 months, start to finish.

1. Went to a RIch Dad Seminar late 2007, 

2. Then save up $15K to buy my first duplex.

3. Bought the duplex in late 2009 $75K purchase price

4. Lived there for 5 years and lease the other side for $825 (mortgage was $650)

5. 2014 Lease both sides for  18 months $875 each side

6. Sold the property for $150K Dec 2015

Put $6K down in 2009, FHA 203B loan.

Walked away with $70k Net, Dec 2015.

Collected about $50k-$60k in rent in 2009-2015

User Stats

846
Posts
431
Votes
Ryan Billingsley
  • Investor/Realtor
  • Wentzville, MO
431
Votes |
846
Posts
Ryan Billingsley
  • Investor/Realtor
  • Wentzville, MO
Replied

@Mersades Williams

I began investing by starting a direct mail campaign with $1000.  6 weeks later we closed our first wholesale deal making $10,500.  

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User Stats

24
Posts
5
Votes
Mersades Williams
  • Houston, TX
5
Votes |
24
Posts
Mersades Williams
  • Houston, TX
Replied

Thank you all for the stories! its truly motivation !

User Stats

1,096
Posts
374
Votes
Mark Brogan
  • Investor
  • Roanoke, VA
374
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1,096
Posts
Mark Brogan
  • Investor
  • Roanoke, VA
Replied

how long depends on the person and how much action you are willing to take 

Good luck @Mersades Williams

User Stats

25
Posts
9
Votes
Ryan Johnson
  • Real Estate Business Coach
  • Indianapolis, IN
9
Votes |
25
Posts
Ryan Johnson
  • Real Estate Business Coach
  • Indianapolis, IN
Replied

@Mercedes Williams, my first deal was a 2 bedroom per side Indianapolis duplex I purchased back in November of 2003. At the time I had a 9 - 5 pharmaceutical sales job. Once I wrapped my mind around the fact that I definitely wanted to invest in real estate in order replace my 9-5 income, I sought out a mentor in my local market to accelerate my results. So he helped me acquire my first deal in about 30 days after I started working with him. 

User Stats

24
Posts
5
Votes
Mersades Williams
  • Houston, TX
5
Votes |
24
Posts
Mersades Williams
  • Houston, TX
Replied

great, im also looking into a mentor !

User Stats

127
Posts
56
Votes
Jeff Robert
  • Real Estate Agent
  • Grand Rapids, MI
56
Votes |
127
Posts
Jeff Robert
  • Real Estate Agent
  • Grand Rapids, MI
Replied

My first deal took 2 days, and ended up being a huge mistake.  Take your time in finding a deal that's right, don't try to make a deal right just so you can close on it.    I'd say definitely run the numbers without any emotion involved, and find a cookie cutter house to start, don't go for something unique.  As i heard on BP once, strange houses attract strange tenants.

User Stats

795
Posts
768
Votes
Brandon Hicks
  • Investor
  • Avilla, IN
768
Votes |
795
Posts
Brandon Hicks
  • Investor
  • Avilla, IN
Replied

5 years...I bought my house and then spent 5 years saying I was going to invest.

Better question is how long before you did your 2nd deal....4 months after the 1st for me.

Getting off the couch is hard for many until you've done it the 1st time.

User Stats

46
Posts
17
Votes
Paul Garcia
  • Flipper/Rehabber
  • Barrington, IL
17
Votes |
46
Posts
Paul Garcia
  • Flipper/Rehabber
  • Barrington, IL
Replied

6 months. I was fresh out of college working as a commercial real estate analyst. Since I only saw class A downtown real estate at work, that is where I aimed my search. Could not find a property in my price range that cash flowed how I wanted for 6 months (big surprise). One day I decided to give the suburbs a chance and bought my first one after a week of looking.

User Stats

549
Posts
310
Votes
Clay Manship
  • Indianapolis, IN
310
Votes |
549
Posts
Clay Manship
  • Indianapolis, IN
Replied

My first deal I purchased at age 23...about 6 weeks after being at my first job out of college. The job was in real estate, and I knew I wanted to be an owner instead of someone sitting on the sidelines making them rich.

It was a 3/2 brick home in a bad-ish area here in Indy. Let's just say my investment strategy has changed a little bit since the . I now own 10+ doors and am 25...moving right along!