Closed My First Deal Last Week

[Tiffany U.]

It finally happened!  My husband and I closed on our first deal last week.  We purchased a town home and inherited tenants. 

We learned so much this first deal.  Thank you BP community, there is so much encouragement and help found here.  

Here are a few things that I learned:

1. Real estate investing is an emotional journey.  There are lots of ups and downs and unexpected twists and turns.  Learn healthy ways to alleviate stress. 
2. Read, read, read, and read more. There is so much literature out there around investing. Pick up a few books and dive in.
3. Stay positive.  You have to.  What's for you will be.  
4. Starting out a good attorney with lots of experience is worth every penny.  My attorney saved me in my current deal.  She helped me navigate some sticky situations that I may not have caught as a first timer. 
5. Build your team. Mentor, inspector, real estate agent, handyman, contractors, bank, lenders, lawyer, partner etc.  You need a great team around you.  Be prepared that the members of your team may change for a variety of reasons.  No hard feelings.  
6. You may have to train your real estate agent on how they can best help you.  Don't assume that your real estate agent understands what you are looking for as an investor.   
7. Run your numbers!  Make sure the deal works based on your numbers.  If the numbers don't work keep moving.
8. Don't get emotionally attached to properties.  You may get the deal you may not.  Emotions can cloud the decision making process. Stick to making decisions from the numbers.
9. You will never feel completely ready but educate yourself and then jump in.
10. Advocate for yourself and your interest in the deal.  It doesn't hurt to ask. The worst that can happen is the seller says no.
11. Be kind to your partner.  This is so important.  Hubby and I had some arguments along the way.  His thoughts and ideas vary from mine and vice versa.  It's okay we don't have to be the same for us to work together.   There is room for each of us to explore our ideas.
12. Create your investing strategy. Don't get swayed by so many ideas.  Focus on how you have decided to invest and work at becoming great in your niche.
13. Begin with the end in mind.  Treat investing as a business not as a hobby.  
14. Listen to podcasts.
15. Know when to walk away.  Pay for the option period. Get your inspection. 
16. It's really true the first deal is the hardest.  I just closed on a property last Monday and I'm already working the second.  

I could keep typing but I just wanted to share my good news with this great community.