Investor 路 Atlanta, GA 路 Member since 2018 路 21 posts 路 3 votes
Hi Everyone! I know investing in real estate doesn't come with overnight success. But I am curious how long you were at it before you closed your first deal.
Hi Everyone! I know investing in real estate doesn't come with overnight success. But I am curious how long you were at it before you closed your first deal.
1 month but the RE agent was a long time friend who cut me a deal.
If you aren't buying something super expensive, it shouldn't take you more than a few months (provided the #s make sense and you can afford it).
Investor 路 Atlanta, GA 路 Member since 2018 路 21 posts 路 3 votes
8y
@Omar Khan That was amazing of them! Building connections with the right people is so hard sometimes. Finding someone to help you when you have nothing to offer but time is challenging to say the least. But I'll keep at it. There are only so many "nos" before a "yes" comes around. Thank you!
@Charles M. Wow. That had to take so much determination and sheer will not to give up when most people would have. What kept you going?
My daughter will eventually grow up and reflect back. And I have no doubt she'll say "Its okay Dad, I understand why you missed my birthday party... Thanks for the Bently!" 馃槀
Altadena, CA 路 Member since 2015 路 66 posts 路 58 votes
8y
6 months for me! It took a ton of hardwork, consistent marketing, and daily chit chat with my emotions to keep my self balanced and not crazy. Its not easy, but your one deal away from the beginning of your new life.
Rental Property Investor 路 Tampa, FL 路 Member since 2015 路 1k+ posts 路 969 votes
8y
I'm sure this isn't common, but I had my first deal under contract within 48 hours of becoming aware of the fact that normal everyday people can invest in real estate.
On a Tuesday night, my friend mentioned that he owned a duplex and said "I sometimes forget I own a rental property until I receive a check at the beginning of the month." I was in! He did a house-hack before the term was even coined, and I was committed to do the same.
He gave me the contact info of the agent he used and I went to see her the next day. Told her what I was looking for (i.e. I told her what my friend told me I should be looking for). She set me up on the MLS and I received my first email that night with a property that met my (i.e. my friends) investment criteria. I visited the property the next day, submitted an offer, and it was accepted later that night.
The purchase price was $170,000. I did an owner-occupied FHA loan with 3.5% down and closed 30 day later!
But, after that, I didn't buy another deal for two years.