Your First REI

[ZDar]

What was your very first REI? What lessons did you learn?

[The Superpreneur]

My first investment was a wholesale deal! It took no money and no credit for me to accomplish. I was 20 years old and cashed in about $10,000! I thought that was alot but future deals taught me that it really wasn't.

What I learned was perseverance!! I had lots of doors slammed in my face before I finally got a deal done, but I learned a lot thru that experience and it has paid me 100x over! I believe that what we often see as obstacles are truly just opportunities in disguise!
I had a dream and kept at it, and eventually it came to be!! I'm grateful!

[realestategirl]

My first REI deal was a foreclosed home that I bought to be turned into a rental. There were a lot of discouragement from my friends because of their experience with foreclosed properties, so I took carefull steps and did all the necessary research in order to assure myself that I know what I am getting into.

[Artur]

My first was 3 fourplexes in the late 1990's that I purchased specifically to reposition and 1031 in 1 year which I did, into a bigger complex which later flopped and was sold of in 1.5 years at break even, but at a huge opportunity loss and great learning experience.

[LauraAlAmery]

My first real estate investment was a duplex, purchased as an REO from a small local bank. I later realized that dealing with smaller banks in purchasing REOs is the way to go - no middle people/agents, easier to qualify for (often the bank will also finance or let you assume the loan) and great opportunity to get into bulk REO trading; once you establish a relationship with the bank, they will sell you packages of properties at a time. I am still preferably dealing with smaller banks for REOs.

[MillerREALTOR]

My first deal the contractor, was lazy and cost me money. So I would say really investigate the contractors working on your investment.

[www.eric3.com]

my first in 1996 was a duplex at the beach for 92k, which i though was way over priced at the time. I profited $150/mo at the time and was scared to death. It's paid off today and worth about $250k with a great cash flow. I was young and not sure if i was smart enough to even look into the future and see the day it was paid off, but i'm here now. I give this example to my young clients all the time now. Also, I got a duplex so that if one side was vacant I was only out 50% of my rent rather than 100%, which would have killed me back then.