How much research/time did you spend learning the ropes?

Question

Hey guys I was wondering how much time some of you spent learning the industry before closing your first deal?

Ive been reading quite a bit, and have a long list of books lined up. I don’t want to paralyze myself from closing a deal, but at the same time I don’t want to  make a mistake.

when do you know you’ve acquired enough information?

Any advice is appreciated thank you!

Shamus Wheeler · Answer

Hi @Parth Patel!

I started my RE education in March 2016 (BP Podcast Ep. 164 was the first episode I listened to). I closed my first deal on April 1, 2019. This length of time was more about getting my finances in order than aquiring more knowledge. I spent 3 years learning from podcasts, books, and analyzing deals. I still wasn't "ready" to do my first deal. First deals just have to be DONE!

I would suggest:

• Share the details of prospective deals with people that have experience (or get feedback in forums)
• Find a deal that is "easy". No major rehabs, nothing too big, nothing requiring major repositioning.
• Make this deal as small a part of your total financial position as possible. This deal is to learn. Save capital for once you have confidence and a strategy.

Rob Massopust · Answer

You never know enough.

Define your objectives and capabilities first.

Define your area

How much income and down payment do you have. What can you qualify for.

But first deal make sure you go based on fundamentals, you can handle the mortgage, you have an exit strategy if it does not go the way you think. ie: rent out, flip, live in the property

Joe Villeneuve · Answer

How much time it took isn't important.  It's irrelevant. Don't worry about it.

It's all about what you know, not about a timeline to start.

How much research/time did you spend learning the ropes?

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