I am 16 years old and planning on getting into this real estate business. I have listen to alot of audio books and I believe I will enjoy this.
I was wondering how long did it take for you to find your first deal?
And how much did you profit off it?
2 months, $14,000 split two ways.
My first deal was as follows:
In 2004 I bought a condo in South Beach, Miami. It was my primary residence. I sold it in May of 2006 for a 210,000 profit, all of which was tax free as it was my personal residence. What a way to kick of my Real Estate Investing Carreer.
HAPPY REI!
#1
Bought a townhouse with very minor fire damage from a fire next door, but with some water damage and 20 years of deferred maintenance, in 12/2005 for $105K. Put $15K and five month of sweat equity into it. The place is now better than new. Currently renting for $1425/month.
Identical units are for sale for up to $240K but a realistic sale price is $210K.
So, this is a little different from a straight flip. I get a yield of over 10% on my investment of $120K even after taxes, association fees, and other expenses are accounted for and that doesn’t even take into account the $90K in sweat equity/appreciation.
#2
Bought a beat up 4br/2.5 bath colonial in an upscale neighborhood
in 1/2006 for $252K. I expect to put $50K and 5 months of sweat equity into it. An exact copy is currently for sale for $429K. After carrying costs and other expenses I am hoping to clear at least $75K.
I was wondering how long did it take for you to find your first deal?
From the day I first heard the acronym R.E.I. to the day my first contract was accepted and signed was 5 months.
And how much did you profit off it?
$0 - I still own the property (although, it has about $40k in equity). ;D
My First Deal took me about nine months to get the nerve to move on a property. I now have 50K in equity which will be split with a partner when we sell and we are cashflowing $250 a month with a great tennant. My second deal is closing the end of September. I am moving into this one. My second deal I am purchasing at %65 under market value. I was thinking of fixing and selling but have decided to move in (tired of renting and like the location).
My next deals will be rental properties. The market here is St. Petersburg, FL has really turned into a buyers market and I am starting to see some great deals emerging.
Good job getting started early. Learn all you can, then make a move.
Joe
It took me 4 months to learn about rei before I started to even look at any properties. After begining to look at properties it took me about 1 month to buy a property. I paid 40K for a sfh and estimated that there would be 6k in repairs. The actual repair cost was over 16K–ouch! It has been for sale for some time and we’ve now lowered the price to 65K. More that likely we will lose money on our first deal.
my first deal was about 5yrs ago. A rehabber with an experienced partner getting me into the biz. Bought, rehabbed and flipped in 2 months. Made over 70K each on that deal and i just leveraged that money to make lots more each and every day…
Still working on selling my 1st rehab. Closed on it Feb 21. Took 9 weeks to rehab (my wife & I did everything). In a perfect world my goal was anything over 20K. Got it listed May 1 and had an offer May 17. That deal fell though…buyer was going 100% & couldn’t get financed. I would have cleared about 19.5K.
5 weeks later got my next offer. Naturally, that one just went to Hell too! Again the buyer was going 100% financing. Had it closed I would have cleared 15K.
Now I’m just wondering when I’ll get my next bite and hoping to clear 10K.
But I still plan to do it all over once this place sells.
My first deal took 2 months and I still own it for rental income. I rolled the repair into the loan $6,600 (I did the fix up myself materials and labor were about $3000) and when the tenant moved in we did it as a land trust owner finance deal and they gave us $6500 (I netted $5000 after trust expenses). The house has rented for $350 positive cash flow for a year of so. That totals about $12000 over the year. If the tenant actually converts after next year the deal on the purchase and sell will be $31,000 more.
I have to say it took me approx. 7 days after taking action.
And how much did you profit off it?
$15K PURE profits to meself 
Pearl