After 6 CRAZY MONTHS finally I closed my first deal

[Aditya Soma]

Hello co-investors, 

I hope every one is doing fantastic. 

Very very excited to share my story, might be helpful for some newbies out there like me.

I came to Canada 4 years back from INDIA, currently working as Software Developer, till few months ago I have ZERO KNOWLEDGE about RE, only thing I know is some of my relatives who became rich because of Lands in India.

My RE journey started in August 2016, when I was searching for Investment options/resources in Canada, luckily landed on a Book (Rental Property Investment -by Turner) on Amazon, bought it and started to read, in that book many places Turner mention about a social media called BIGGER POCKETS which meant for RE investors ONLY, this is where I started to know more about RE and type of investments/strategies/niches and so on, still learning every day.

Fast forward, few months later on Jan 07 2017, finally I got an offer accepted for a SIDE BY SIDE Duplex, age: Old, location: Windsor, Ontario, Canada

(Note: before this analysed 150+, viewed 80+ and I made offers on 30+ ppty’s,).

Before I started looking houses, I did 2 important things

1. Analysed my financial status and got a pre-approval from mortgage broker.

2. And decided my nitch(small multifamily houses(2 - 4 units)), reading books, blogs and attending webinars on BIGGER POCKETS helped me a lot to make decision.

Steps followed after OFFER accepted

• House inspection on Jan 10 2017, cost $325
• Removed the Conditions after making sure that there are no RED FLAGS in the house, and confirmed with mortgage broker as well, to make sure I get qualified for this house.
• Immediately, contacted a lawyer to start the legal process
• Then, got quotes from 3 different local contractors to renovate.
• Contacted multiple insurance companies(who insure knob & tube), finally got for 144 per month with THE COOPERATORS (http://www.cooperators.ca/).
• Closed on March 1st, couple of hours ago i got the key for the house. Superrr excited for finally being able to take the first step for RE journey.

Very Thank full for each and every one in BP Community, who’re taking time to answer every question and share their knowledge and wisdom.

My Special Thanks to @Cassidy Logsdon And @Matt Andrews my RE Agent/Mortgage Broker, for helping me in every move. I’m glad I met you guys.

Any suggestions/comments very much appreciated.

Future Goals: Aiming for at least 10+ units in total by end of this years.

Always happy/excited to talk about RE

Always Looking for Small multi-families and partners

For Numbers Please Inbox me.

Cheers

Aditya Soma