1st post ,How long did it take you to buy your first property ?

Question

I have begun looking for an investment an opportunity in Pa.I've been reading and watching everything I can about real estate investing...its time to get serious and take action .

Marc Strickling · Answer

It doesn't matter how long it takes to buy that first investment.  keep talking with people, reading books and listening to podcasts.  You will know when you are ready.  Important thing is to keep moving forward.

Josh Norell · Answer

After I decided to get serious about pursuing real estate, it took me about a year of research, reading/listing, analyzing different strategies, markets. I just went under contract last week on my first property. Possibly strangely, I really don't feel much at all. I'm pretty confident, not terribly scared or excited. Hopefully that means I've put enough time into research to analyzing deals to not get emotional when the right one comes along.

Daniel Haberkost · Answer

@Jarrett M Friedman

Hi Jarrett, I wanted to give my input on the topic since my answer is a bit different than the others so far. In contrast to those who have “analysis paralysis” I have an extremely high tolerance for risk and tend to jump into things too quickly! I bought my first duplex within about 2 months of becoming interested in RE.

If I’d have taken a bit more time to learn I would’ve avoided quite a few mistakes I made. I don’t regret buying it as getting started is so important, I just would caution other investors who are getting started to be a bit more patient than I was. So just be sure that you have a thorough grasp of the basics before you get started!

Wade Haldeman · Answer

Hi Jarrett,

Though I have been involved in a few investments, I am beginning my journey as well.  I'm beyond excited and ready to move forward with building a future I am proud of.  There are some big ideas rolling around in this head, but I desperately want to move with my first solo deal also.  I'd love any input on what steps the experienced wholesale and flip investors suggest first, but realize each person and deal will dictate.  What is the best educational resource you have found?

I'm happy to share my experiences with you and hope you grab your first deal soon.  Love the enthusiasm and drive!

B. Wade Haldeman

Jarrett M Friedman · Answer

I 've just begun, cant wait to learn more ! Thx for the comments.I see many here are willing to help new ppl . Grateful to find this site before buying my first property.

Chris Coleman · Answer

@Jarrett M Friedman about 2 years.  Lots of reading, researching, analyzing, and basically stalling......

Salvatore Lentini · Answer

@Jarrett M Friedman - took me about 10 years.  Ha!  I had a serious case of "Analysis Paralysis".  I read tons of books, went to tons of seminars, investment group meetings, looked at properties.... I just couldn't pull the trigger.  After 10 years I wholesaled a deal, then a few more.  Then I worked up the courage to do my own flip.  Did a few more, then bought my first single family rental, then a few more, then a 14 unit multi family, then commercial properties...

The first deal is the hardest because it's all 100% new to you.  Good luck.  Keep posting questions to BP and feel free to message me directly.

Taylor Hudgins · Answer

OMG Jarrett!  Congrats on starting your investing journey!  You are going to absolutely love it!

Acquiring the first rental property is different for everyone depending on knowledge level, financing options, etc.

For us personally, we started learning about real estate investing with podcasts, meetups, and books in August 2018.  We had to take a little while to save up some money where we were then able to start putting in offers in January 2019 - Woo wee was that scary for us as a first time buyers (but our excitement definitely outweighed the fear)!

We had to put in 4 - 5 offers before we landed on our first property which closed on in March 2019.

The biggest thing is DO NOT GIVE UP.  No matter how many lenders you talk to. No matter how many deals you run numbers on.  No matter how many offers get rejected.

Keep going and you will be at your first rental in no time.

Jarrett M Friedman · Answer

Appericate the insight from everyone here on BP.

1st post ,How long did it take you to buy your first property ?

Most Popular Reply