How did you buy your first property?
Title says it all! What is the story behind your entrance into the industry?
[{"id": "dnm5rt8", "text": "My dad inherited a mortgaged property from his mother. There was about $300,000 in equity, but cash flow was negative due to the mortgage.\nWe sold it, did a 1031 exchange.\nAt the same time, we had several single family homes free and clear, refinanced them, and put the proceeds into the same property with the 1031 proceeds.\nWe bought a property 50% occupied for $1.26m with 50% down.\n2.5 years later it cash flows $150k after debt service. We are refinancing now, got a valuation of $2.4m and will be taking a new loan of $1.5m.\n\nI'd call that life changing! ", "replies": [], "depth": 1}, {"id": "dnofmva", "text": "I saved up for years , found a nice little 5 Store shopping center being run by a management company because the owners were out of state and wanted nothing to do with the shopping center they inherited from their dad.\nI put the squeeze on them and bought it for  $150k (half of what they were asking. )\nI net about 72k a year no mortgage .\nI\u2019m hoping to find another steal like it, but rarely doesn\u2019t lightening come in a bottle twice .\n", "replies": [{"id": "dnpmurf", "text": "You gotta put the squeeze on em ", "replies": [], "depth": 2}, {"id": "dnybu9p", "text": "gotta ask what market?", "replies": [], "depth": 2}, {"id": "do21fb8", "text": "How did you put the squeeze on them?", "replies": [], "depth": 2}, {"id": "dodqvaa", "text": "How long ago was this?\n", "replies": [{"id": "dodr099", "text": "I closed on it June 2012 ", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "dnycgwe", "text": "Cleveland ", "replies": [], "depth": 1}]