How'd you get started?

Hey Guys,

I’m brand new to this website but I can already tell im goign to love it; lot of good info from what looks like alot of experienced people. I was just wondering if everyone could post a little bit of a background of how/when they got started. I think it would be pretty cool to hear the paths taken and stories! Atleast answer a few of the questions, maybe not all. Don’t be suprised if i say some dumb stuff here and there, i’m young and learning.

See Ya around!

[b]-How old were you when you bought your first property?

-Where do you invest in property?

-How much money/downpayment did you need for your first investment?

-What’s your best investment experience to date?

-Your worst?

-Most important piece of advice to a scrub?[/b]

Hi Krames,

             Welcome to real estate investing! 

I was 18 in 1979 when I got my first property a 7 unit property in San Diego, CA that I got on a wrap from an out of state owner, it was not in the best of shape and I spent most of the next two years fixing it up. Buyers side closing costs were all I put up, I think around 5k but I got back most of it by way of the rental deposits at closing.

I have made investments in over 30 states over the years, but I primarily invest in Arizona & Nevada.

My best investment was a home in Beverly Hills I bought with a partner for less than 50 cents on a dollar from a family estate, we did a remodel and put it back on the market, we made over 1m net on it in about 7 months splitting a pretty good pay day.

My worst investment was in Kansas City as I lost a ton of money to thefts, coruption, vandalism, and fraud. At one time I owned over 200 units and 15 or 20 houses in KC that was a huge mistake, there was a time in KC that you could buy apartment buildings for $500 to $1000 a unit to rehab in the mid 90’s, huge mistake. (I was trying to handle this as an out of state owner as I lived in California at the time.)

Pay attentioon to location, price, terms and exit strategy, don’t get greedy!

Good Luck,


Hi Gold,

Thanks for the warm welcome!

That Beverly Hills home sounds like it was a wild little ride; what a thrill you must’ve gotten from that! Thanks for sharing, I hope some others do the same!


Very inspiring stuff Gold, thanks for sharing. Its very motivating for me to here stories like that, especially since you were able to start so young!

I got laid off last year-thats why I got started. (would have done this eventually)

Bought a house zoned multi-Family for $32,000
I used borrowed money from my parent’s HELOC. They charge me interest atthier cost. No money down other than my time and building materials.
Finished the duplex conversion.(came with two HVAC systems, partially seperated professionally done electical) Worked for a couple months to add a kitchen, laundry, water heater, etc.
I pay utilities (can’t afford the electrical seperation right now) but the upstairs is on a sub-panel so it will be easy when the day comes.

I’m 26 now, 25 when I bought that one.

I close on another duplex tomorrow.

My spreadsheet says this one will be even better(it’s less work too), but time will tell.
I’ll be paying utilities, but something that grosses a projected 1400/month isn’t bad for 27K.

HPM - what area are you in?

HPM - what area are you in?

Im in Central, IL

I bought my first property in 1988 with $200 down and a $45 assumption fee.
The seller wanted to just get rid of the property because they were getting married and had 2 houses. I captured about $7K to $10K in equity and lived there for 11 years until my family out grew the house. Good Luck, my advice… take massive action!!

Joe Dube