That's awesome. That's exactly where I am in my journey. Just starting, found a deal that I think has potential, and I'm going to pull the trigger instead of sitting on the side line over analyzing.
Given the price point, it's minimal risk, and I can likely sell quickly since there were multiple offers on this place the first day it was posted. To date, I've submitted 3 offers, and this condo was the first one that was accepted - it was just perfect timing (caught it literally 3 hrs after being posted to MLS, and the seller was motivated).
I've only been educating myself, and searching for real estate for 3 weeks. I'm the type of person that really digs in (e.g. reading, researching, etc.), and when I feel comfortable, I just execute.
I feel good about this deal, especially given the area it's in (as I mentioned, there are 1.2 million dollar homes literally 5 houses down the street), and I've been living in Charlotte since 2010, so I have a good feel for the area as well as future development plans (e.g. city planning, etc.). But as you alluded to, the experience is going to be the most valuable thing.
The knowledge I will acquire during this first property will be invaluable.
Currently, I'm using the buyers agent I used to buy my personal home. As I mentioned, I caught the property 2 hrs after it was posted to MLS, so I just contacted my agent and told him to submit an offer immediately. I'm likely going to look into other buyers agents that have more knowledge regarding investment properties and rental rates moving forward.
Best of luck on that deal you mentioned - that is amazing (reputation - noted).
