Survey: Your first property?

kreezo

New Forum Member
Registered
Hi All,

I was just curious as what was the first property that you bought like?

1. Age - how old were you then?
2. Price/down payment
3. Location (City, Province)
4. Personal use/rental
5. What mistakes did you make then and what did you learn from it? From that, what did you do differently with your next purchase?

Chris
 

dlynes

New Forum Member
Registered
Hello.

1. I was 38, and my wife was 34.
2. $23,500 - final purchase price...price was so low, didn`t need a mortgage
3. Indianapolis, IN
4. Rental
5. Mistakes:
  • bought way outside our local area (we were still living in Vancouver)
  • bought in an area where we weren`t familiar with local problems (termites)
  • saw termite damage, and it looked minor, but didn`t seek advice of a competent professional on something unfamiliar to us
  • didn`t meet contractor at property so that he`d better understand what our wants and needs were
  • didn`t meet inspector at property so that he`d better understand what our wants and needs were
  • got desperate in picking out a property manager
  • pushed up ARV to highest sale price in the neighborhood, rather than getting an average or lowest price
  • bought in a bad neighborhood; it was close to the Children`s Museum, but not close enough...had to be within a block, and we were three blocks
  • didn`t get the property manager in soon enough...the property was overimproved...it was improved to the point of it being a good property for us to move into, not rental grade
  • we were lax with the terms of our contract with the general contractor6. Things we did right:
    • analyzed the market, determining that it was a strong rental marketwhen things went south with the property manager, we showed up in person, and told him to hit the roadwhen things seemed to be dragging on too long with the rehab, we showed up in person and hired some people from the local church to help us with cleaning and painting (perfect timing too...a few days before Christmas, so it was extra money in their pockets for Christmas for their family)
    7. What would we do differently with our next purchase?
    we moved to Ontario so we could buy cash flow properties, and live in the area where we want to investpurchase multiunit properties so that we can minimize our risk per unitpurchase multiunit properties so that our opportunities for multiple revenue streams are increasedinvest in an area where we`re familiar with the problems....Brantford and Hamilton (I grew up in Haldimand County)oversee the rehab with ourselves as the project manager (we would still hire a general contractor)get the property manager in and approved before we hire the contractors; in a lot of cases, the property manager would be our general contractorenforce the terms of our contract with the general contractors
QUOTE (kreezo @ Apr 21 2009, 04:37 PM) Hi All,

I was just curious as what was the first property that you bought like?

1. Age - how old were you then?
2. Price/down payment
3. Location (City, Province)
4. Personal use/rental
5. What mistakes did you make then and what did you learn from it? From that, what did you do differently with your next purchase?

Chris
 
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