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!