Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
Starting Out
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 7 years ago on . Most recent reply

User Stats

67
Posts
30
Votes
Alex T.
  • Flipper/Rehabber
  • Houston, TX
30
Votes |
67
Posts

How Long Did It Take To Acquire First Property & How?

Alex T.
  • Flipper/Rehabber
  • Houston, TX
Posted

I've been wholesaling for a solid year now. Learned a lot, and lost a lot of money in the process. I'm still trying to build up reserves for acquiring my first property, whether it's a fix and flip, or a buy-and-hold (taking the owner financing route as the lender). I genuinely feel like I could be using private money to increase my marketing, but is tough to find a private money lender who will structure a long 8-12 month marketing finance deal to increase reserves. I could be digging myself into a deeper hole....

All the people I meet at networking events want to work together by being my cash buyer since I'm already partnering with 50% wholesale fees (me being in the acquisition and my partner to find the buyers and close). This really doesn't help out my progress much when they're only wanting to be cash buyers.

I know I can use private money once acquired. The only issue is the time that it takes to build up the reserves. Not even sure exactly how much reserves I would need other than enough for a down payment (35-40K). I've already been reducing my personal monthly expenses.

My question is, how long did it take you to acquire your first property and how did you do it? I'm definitely going to be using the BRRRR strategy as well. I still feel like I'm lost. All opinions are welcome

Loading replies...