I want to know what some of the more experienced investors felt when they got there first home under contract and sold it. (i.e. Thoughts,Reactions,Emotions)
TIA!
Good Morning Mike
Hmmmm.My first deal, way back when we had to walk 6 miles through the snow in my Brothers boots cause we only had one pair of shoes…
First deal made me what I am today and that is good. I am currently unemployable in the job market. Yahooo! My first deal was when I was 22. I was renting a one bedroom cabin on the edge of a creek on half acre in the woods of Milwaukie Oregon. Rent was 250 a month. I was the model tenant. Called Landlord asked to purchase home, he said 50 k ! I said ya but I would like first right to purchase. I called 6 months later , still vacant after 6 months , He said make offer, I did . He said owner contract w/95 interest with $1000 down or 10% nothing down.
10% fit my budget perfectly ! Payments were $286. We made the deal while I was on a public pay phone because I was so broke I had no phone. I couldn’t believe the guy took my offer with nothing down and payments sooo cheap that I dropped the phone. Luckily it was connected by those cable things…oh yeah actual wire. Yes in those days even cell phones were connected to the battery pack the size of suit cases.
Well I cleaned it up sold it the first day on the market …made 93 thousand dollars ! I was 23 years old ,just Guess how I felt !! Well I just knew I had to repeat that. My current job was picking weeds at some of the local Military Brass’s homes. Yup I brought home $6.50 cents an hour.OOH but it was under the table . So now with almost 100k and Homeless I went to the Nicest gated community with my old ratty jeep and jeans and bought a really nice home for 300k no doc loan 1050 amonth payments, which at that time nearly created a heart attack for me, but with my new trophy wife’s added income all went well. Refied 30 days later bought another fixer for 45k and started again. After many years It has been a wild,frightening , joyous, exciting,freak me out ride that I would never change.
My still wonderful Trophy wife and I have seen many parts of the world and have since added some kids to our resume along with $5000 a month house payments but with out the fear of heart failure. We now live in a Really nice gated community with golf course, fishing lake and a nice club house with resturaunts and the landscaping is taken care of by some 20 year old in a ratty jeep and jeans !
I love my Job ! Thank you Lord ! Darin