BiggerPockets

It's been fun to be on the boards and read about everyone's trials / tribulations and success stories.

I have been successful rounding up a decent chunk of money that would support a 80% LTV loan to buy a property to rent out. I figured that would be the hard part.

I have stayed faithful to the 50% rule for renting properties and have submitted many bids, mostly to REO and HUD homes. It's been the better part of 3 months now and I've gotten close on a REO home, but no luck.

I hear that the first property is the toughest one to successfully close. I'll keep at it, but patience is wearing thin somedays. :D

Welcome to the BP site.

As for the competition also having money, not only is that true, but for REO properties the competition is offering ALL CASH (no need for financing of any kind). So, you will have it tougher in competing on REOs without CASH funding for the entire purchase price.

Jerry, I'm in the same boat as you. I've have some good deals fall through; some my fault, some not. But I just use any setbacks as a learning experience as well as a motivational tool. I believe alot of it has to to with timing and motivation. When it dosen't happen for you, just count it as not your time and know that your time will come. keep networking and bulding on what you already have. Prosperity and success is just a moment away.
Stay Focused and Good Luck!!

Thanks for the feedback.

NC Mark, I wasn't touting or bragging, but as I entered into this business I was sure that saving enough to get started would have been then difficult part, but you guys are right, finding the right property at the right price is the job.

I know 3 mo isn't that long, but here's to wishful thinking that something comes along at the right time sooner than later.

Good luck to everyone.

Congrats on the find. I am just starting out and have had a few fall through and am still looking for that first find. Seeing this definately pumps me up and I know it will just be a matter of time before the first deal comes along.