You hear all this great talk about how awesome real estate is, but how does it truly feel for a first time investor once they sign on the dotted line? We asked a local investor how his experience went when he landed his first real estate deal 6 weeks ago.
Justin Embry of Bloomington was a fresh out of college graduate who just landed a job at State Farm Insurance Company, while he was thrilled to land this great job, he was left wanting more. He did not want to climb the corporate ladder the rest of his life and was looking for other revenue streams.
We asked Justin a few questions to try and get an understanding of how he felt after he closed on his first multifamily real estate deal.
Days leading up to signing the mortgage how were you feeling?
"Honestly, I was pretty pumped the few weeks before closing. I kept running the numbers and was excited to see the cash flow and already started planning how I could save the fund and use it to fund my next real estate purchase"
After you closed and get the keys to the property what was the first thing you did?
"The first thing I did was go drive by the property (It was fully occupied) and did a walk around on the outside of the building. I then left a couple notices on the tenants doors letting them know a new company was managing the property (AKA me). I was beyond excited!"
Is there anything you wish you would have known before you bought your first property?
"The only thing I wish I would of had a better understanding of was how the trash and other utilities worked. I got stuck with a $190 garbage bill. When I called public works they informed me I had to registered for shared trash cans to get a discounted rate of $95. This is just one of things you probably wouldn't know unless you asked"
While still very young in his investment (6 weeks) Justin is well on his way to achieving his dreams of owning real estate and becoming financially free!
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America's Favorite
The Small Time Investor
How was your experience with your first purchase?
Comment below!!
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