First Real Estate Failure

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Real Estate Agent with Heisler and Mattson 9556777

Buying Real Estate, can be stressful! It took me longer than expected to close on my first property. It was a learning experience that will help me buy my next multifamily property. 

How did I fail my first rental property? I was making many offers and seeing properties weekly. I saw about 12 multifamily properties, and made 8 offers. I learned making offers is part of the process in real estate.

I had a deal under contract in November 2016. It was a 4 plex that needed work. I later learned FHA loans have very specific requirements. The property needed a good 20-40k in work that I did not find out until the inspection. I was devistated since it took me months to get a deal under contract. I know from many local investors that the first Real Estate deal is difficult! It was my most difficult deal, since there are many unknowns. And I fell into analysis paralysis... At times I felt I accomplished nothing, since all I was doing was educating myself with nothing to show for it. 

Two months later in January 2017, I had another deal under contract. This was a 3 family in pretty good shape! I had to expand my areas of interest and become more agressive with my offers. It is critical to know using FHA offers, my offer was less enticing then a conventional or even cash offer. I was due to close late March 2017, but there was a bump in the road. I ended up not closing to mid August 2017. Now I am looking to Refinance soon and begin looking for a second deal. It is very exciting and I am enjoying the process of buying rental properties! 

 

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Steve Bracero is a Real Estate Agent in Worcester County, Massachusetts and Real Estate Investor. Blog Topics include: Investing in Real Estate, Helpful Tips on House Hunting and Selling Homes. Areas of service include: Ashland, Blackstone, Douglas, Franklin, Grafton, Hopkinton, Hopedale, Medway, Milford, Millbury, Northboro, Northbridge, Shrewsbury, Southboro, Sutton, Westboro, Whitinsville, Worcester, Upton and Uxbridge.

 

   
Steve Bracero
Real Estate Agent, Heisler & Mattson
774-232-2526 | steve.bracero@heislerandmattson.com | www.stevebracerorealestate.com | 182 Turnpike Rd #209, Westborough, MA 01581

 



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Rainer
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Sham Reddy CRS
H E R Realty, Dayton, OH - Dayton, OH
CRS

Coming from someone who has been breahing, walking and talking investment properties, here my advice all new investors:

Go and join the local real estate investors group (Google it) and you will have ton of people to talk to and network.  Also find a mentor who could be a real estate agent with investor experience and have them guide you through!

Feb 20, 2018 03:50 AM #1
Rainer
65,072
Steve Bracero
Heisler and Mattson - Shrewsbury, MA
First Time Homebuyer and Investor Specialist

Sham Reddy 

Yes, that is fantastic advice! Local REIA's are great to learn the process and network with other investors. 

Feb 20, 2018 03:58 AM #2
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Brian England
Arizona Focus Realty - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

People think it is a lot easier than it actually is when looking for a great investment property.

Feb 20, 2018 09:49 AM #3
Rainer
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Doug MacFaddin
Corcoran Group - New York, NY
Doug MacFaddin is Director of the Meier Team

It's important to share these stories, as they help us grow and learn from our mistakes. Thanks so much for sharing.

Feb 20, 2018 11:45 AM #4
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Debb Janes EcoBroker and Bernie Stea JD
ViewHomes of Clark County - Nature As Neighbors - Camas, WA
REALTORS® in Clark County, WA

Hi Steve, hope you've been selling up a storm this summer. D 

Aug 18, 2018 03:44 PM #5
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Steve Bracero

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