My first purchase, first property, I had a great realtor.

One thing that I would add is your plan to refinance the property once the sellers note matures and that's when you'd pay them the rest of the purchase price through a cash out of the higher valued property.

I am a resident of Virginia and purchased a rental property in West Virginia during 2024. 

@Ricky Sanchez Since your vacant lot is titled under your LLC, a 1031 exchange requires the replacement property to be purchased under the same entity.

Purchase price: $120,000 Cash invested: $150,000 Dilapidated house.

Purchase price: $325,000 Cash invested: $2,485 Long term investment.Hey @Kevin Gamboa.

While purchasing under market value is a great opportunity, stretching your budget too thin can add significant financial stress, especially during the renovation period.

Quote from @Jokari Trueheart: HI, almost 11 months ago I purchased 3 duplexes and I borrowed the funds from my personal residence which I took out a equity agreement for the down payment on the investment property, great idea at the time because I have 10 years to pay it off and theres no payment requirement, but , I learned more about the consequence that it takes a large chunk of my equity the longer I take to pay it back, so my goal was to refi cash out the investment property to pay it back but I don't think theres enough equity yet to pull the full $106k needed, I only borrowed $88k but with the equity percentage for one year i'm paying about $18k in equity on top of the amount I borrowed if I pay it off in year one, so I need this paid off ASAP before it increases more.

They were rehab properties so I purchased under a construction loan.  

Purchase price: $747,500 Cash invested: $130,000 Back in 2021 I jumped on a duplex that has 4BR/3BA on each side and is walkable to The BeltLine (an area popular with ATL's younger community).