It took me approximately _______________ (# months, years) to acquire on my first investment property

24 Replies

I've been curious. I'd like to get an idea of how long, on average, it takes BP users to acquire first investment properties from the time they get serious about making it happen. Yes, the time frame is different for everyone, and "serious" looks different for different people. So...you provide the information and I'll provide the outcomes:

1. How long until you closed on your first property.

2. Were you working full time or part time on REI when you acquired your property?

3. My first property came from ________ (MLS, Driving for Dollars, Yellow letters/postcards, another wholesaler found it for me, other)

4. My first property was located __________ (near my home, out of state, abroad, other)

5. I have been involved in REI for ________ months/years and I now have closed on roughly __________ properties.

6. I currently work at REI ______________ (full time or part time)

1. How long until you closed on your first property.  about 2 years

2. Were you working full time or part time on REI when you acquired your property? I worked in banking, and read about REI in sparetime

3. My first property came from MLS (MLS, Driving for Dollars, Yellow letters/postcards, another wholesaler found it for me, other)

4. My first property was located near my home (near my home, out of state, abroad, other)

5. I have been involved in REI for 3 years and I now have closed on roughly 3 properties.

6. I currently work at REI very part time unfortunately.

Wholesaled or Purchases, Fixed and flipped or kept?

1. about 5 months

2.Part time

3.MLS

4. near home

5.approx.9 months, closed 2 about to close a third

6.Part time

1. about 2 months

2. Part time

3. MLS

4. near home

5. approx 10 years, 8 SFH

6. 2 hours a week

1. How long until you closed on your first property. - 2 Months

2. Were you working full time or part time on REI when you acquired your property? Not at all.  We did it on a whim.

3. My first property came from MLS

4. My first property was located near the university I attend for my MBA

5. I have been involved in REI for 10 years and I now have closed on roughly 5 properties.

6. I currently work at REI part time

1. 2 Months

2. Yes

3. Realtor Email (not sure it was on MLS at that time although I doubt it strongly)

4. A block from home

5. 7 years 4 SFH's

6. Part time

1. How long until you closed on your first property. 

8 months till closing but the lead came in about two months into my mail campaign....seller was a slow mover!

2. Were you working full time or part time on REI when you acquired your property?

Part time

3. My first property came from 

yellow letters

4. My first property was located about 

6 miles from my house

5. I have been involved in REI for 10 months and I now have bought one rental property and wholesaled another

6. I currently work at REI part time.

1. About 3 years.

2. No more than a few hours a week.

3. An acquaintance was a tired landlord, so I took over his payments.

4. Neighboring city.

5. On and off for 14 years. Way over 100.

6. Not really active now.

1. How long until you closed on your first property.

It took me ONE NANO SECOND!  Or rather the length of time it took for wedding vows to seal the deal.  :-)  I married into the business, but I was already primed for real estate investing from earlier endeavors.

2. Were you working full time or part time on REI when you acquired your property?

Not working at REI at the time. Now, I'm working in my career full time and owning/managing residential rental units with my husband.

3. My first property came from ________ (MLS, Driving for Dollars, Yellow letters/postcards, another wholesaler found it for me, other)

Family holdings.  Others by word of mouth, realtor, researching a vacant property.

4. My first property was located __________ (near my home, out of state, abroad, other)

Near my home.  All of our properties are near our home (within a 2 mile radius).

5. I have been involved in REI for ________ months/years and I now have closed on roughly __________ properties.

19 years owning/managing.  8 years (prior) renting/managing a house share & subletting rooms.  We own 15 rental units.  I personally have closed on two houses and one 8-plex (which was on two tax lots.)  So that is a total of 4 sets of real estate purchase paperwork.  My husband closed on one house and two duplexes prior to our marriage.

6. I currently work at REI ______________ (full time or part time)

Part time.  Mostly on Mondays and Tuesdays.

This is such great information!  I hope others weigh in on this too. 

So far it's interesting to me that "2 months" is the most common response to how long it took to close on the first property; 

Clearly it's pretty common for newbies to start with the MLS. (For those who are still in the process of acquiring the first investment property, what do you think is the easiest course for shifting focus away from MLS? Do you think focus should be shifted away from MLS as early as possible? Or, is MLS the safest way to go for newbies?)

100% acquired properties near home (or near university they were attending, in one case).

Why is this helpful? It's good to measure commonalities in success.  It's keeps us from reinventing the wheel when we don't have to. Especially, I think, as we start contemplating moves and risks involved in moves into different arenas, locales, and areas of focus. I think also, it can be a helpful networking tool (if I see that someone had success early on and their variables were very similar to mine, it can be so much easier to initiate the relationship and to decide which questions and thoughts to offer first).

Thank you for your input! Keep 'em coming, and YES, PLEASE DO ADD THE NATURE OF THAT FIRST PURCHASE (THANK YOU @JC Gauthier !)

(obviously it's a small sample size, but it's a start)

1. How long until you closed on your first property.

I joined BP in Nov '12, sent my first mailing in January '13 and didn't close on my first property until April '14. I had some savings but nowhere near enough money to buy off the MLS in the Bay Area.

2. Were you working full time or part time on REI when you acquired your property?

I was full-time in REI when I got my first property because I was laid off (unintentionally full-time).

3. My first property came from ________ (MLS, Driving for Dollars, Yellow letters/postcards, another wholesaler found it for me, other)

PPC Campaign

4. My first property was located __________ (near my home, out of state, abroad, other)

About 30 minutes away in Oakland, in the hood.

5. I have been involved in REI for ________ months/years and I now have closed on roughly __________ properties.

19 months or so. 4 total properties thus far (all since April '14).

6. I currently work at REI ______________ (full time or part time)

Full-time and I love every second of it.

1. How long until you closed on your first property.

45 days

2. Were you working full time or part time on REI when you acquired your property?

Part time

3. My first property came from ________ (MLS, Driving for Dollars, Yellow letters/postcards, another wholesaler found it for me, other)

  A private owner

4. My first property was located __________ (near my home, out of state, abroad, other)

Near my home

5. I have been involved in REI for ________ months/years and I now have closed on roughly __________ properties.

I have been involved in REI for 22 year and I have closed on roughly 1000+ properties. I've never kept track exactly so this is a very rough estimate.

6. I currently work at REI ______________ (full time or part time)

I currently work on REI full time.

1. How long until you closed on your first property.

8 months from when we started looking, about 1.5 years after we started budgeting for it

2. Were you working full time or part time on REI when you acquired your property?

working full time

3. My first property came from ________ (MLS, Driving for Dollars, Yellow letters/postcards, another wholesaler found it for me, other)

MLS

4. My first property was located __________ (near my home, out of state, abroad, other)

Near my home

5. I have been involved in REI for ________ months/years and I now have closed on roughly __________ properties.

3 years next week!  We now own 11 properties, 27 units

6. I currently work at REI ______________ (full time or part time)

Full time!

@Sydney Chase @Brie Schmidt From the time of your first REI purchase, how long was it until you were able to consider yourself full time?

Originally posted by @Stacey Olson:

@Sydney Chase @Brie Schmidt From the time of your first REI purchase, how long was it until you were able to consider yourself full time?

 I was full time by that spring so 9 mths Retired in 5 years with 46 units, came out of retirement after 1 year. 

Originally posted by @Stacey Olson:

I've been curious. I'd like to get an idea of how long, on average, it takes BP users to acquire first investment properties from the time they get serious about making it happen. Yes, the time frame is different for everyone, and "serious" looks different for different people. So...you provide the information and I'll provide the outcomes:

1. How long until you closed on your first property.

2. Were you working full time or part time on REI when you acquired your property?

3. My first property came from ________ (MLS, Driving for Dollars, Yellow letters/postcards, another wholesaler found it for me, other)

4. My first property was located __________ (near my home, out of state, abroad, other)

5. I have been involved in REI for ________ months/years and I now have closed on roughly __________ properties.

6. I currently work at REI ______________ (full time or part time)


Sorry messed up the first attempt at quoting:

Originally posted by @Stacey Olson:

I've been curious. I'd like to get an idea of how long, on average, it takes BP users to acquire first investment properties from the time they get serious about making it happen. Yes, the time frame is different for everyone, and "serious" looks different for different people. So...you provide the information and I'll provide the outcomes:

1. How long until you closed on your first property.

2. Were you working full time or part time on REI when you acquired your property?

3. My first property came from ________ (MLS, Driving for Dollars, Yellow letters/postcards, another wholesaler found it for me, other)

4. My first property was located __________ (near my home, out of state, abroad, other)

5. I have been involved in REI for ________ months/years and I now have closed on roughly __________ properties.

6. I currently work at REI ______________ (full time or part time)

 Answers

1.  About 1 month.

2. Not working in real estate at all.

3. Distressed Seller.  A guy I met told me and a new real estate agent that he had to get rid of his mom's house it had an IRS lien on it, and he would sell it to get rid of the lien.  Neither of the 2 of us had the money to buy it, so we went in together and bought it.  We bought a company from a joint friend who had sold all of his real estate and he still had the company open.

4. The property was about 8 or 9 blocks from my house. (In my town you are within about 15 blocks of anywhere in town.)

5. Approximately 20 years, and have no idea, maybe have closed on 30 to 50 properties.

6. I currently do real estate part time.  My partner went on to build a real estate company, actually 2, and I bought him out of the residential company a little over 1 and 1/2 years ago.

1. About 60 days.

2. Part Time

3. MLS

4. 2 miles form my home.

5. About 9 years, 24 Properties. Holding 23.

6. Part Time.

1. How long until you closed on your first property.

About 2-3 years after I first got interested. First purchase in Dec '12 after several properties in contract, then canceled..

2. Were you working full time or part time on REI when you acquired your property?

Full time w2 job. Part time REI then and now

3. My first property came from ________ (MLS, Driving for Dollars, Yellow letters/postcards, another wholesaler found it for me, other)

MLS. Homepath (foreclosure), vacant, owner-occupied 4plex w/ FHA loan

4. My first property was located __________ (near my home, out of state, abroad, other)

About 30 minutes from my home in Sunset in San Francisco, all the way up in Richmond, which is a totally different area and demographic. Turned out to be a chill neighborhood.

5. I have been involved in REI for ________ months/years and I now have closed on roughly __________ properties.

Since first purchase, working on 4th transaction in under 2 years. 11th & 12th units in Bay Area.

6. I currently work at REI ______________ (full time or part time)

Part-time. Keeping w2 job for loan qualifications..

@Stacey Olson  Wow!  This is a great post!  All you guys should be more generous with your upvotes  :)   This is the kind of information I'm always looking for.  

You guys are like the the stars that help me navigate my boat.  Without you I am like a sailor under cloudy skies reckoning the best I can and hoping I am going in the right direction.

Here are my answers:

1.  Probably 30 years, haha!  Thought about it forever.  When I finally got serious it took about six months.

2. Part time.

3. Driving for dollars, kind of. Just happened to drive by and there was a FSBO sign posted in front.

4. Near my home (in the city).

5. Six years.  21 properties (10 rentals, 8 flips, 3 flops).  Plus 2 wholesales.

6. Part time still.

Interesting, my post disappeared.  I'll try again.

1.  30yrs!!!! And then about six months when I got serious.

2. Part time.

3. Drive by FSBO.

4. About 5 miles from home.

5. Sxi years, 21 properties, 10 of which were flips.

6. Part time still.

Loving the responses! Thank you. @Larry T. I'm with you, this kind of information, these kind of discussions, this type of input is definitely a part of what keeps me going, especially in these early days as we work at getting our REI life going.

So, here's the sum of the input so far (thoughts?):

1. HOW LONG UNTIL YOU CLOSED YOUR FIRST PROPERTY (FROM WHEN YOU FIRST GOT SERIOUS)?

73% say <1 year

20% say approx 2 years

6% say approximately 3 years.

2. WERE YOU WORKING FULL TIME OR PART TIME ON REI WHEN YOU ACQUIRED YOUR PROPERTY?

87% say PT

13% say FT

3. MY FIRST PROPERTY CAME FROM _____ (MLS, DRIVING FOR DOLLARS, YELLOW LETTERS/POST CARDS, ETC.)

47% say MLS

13% say Marketing Campaign

20% say Direct Contact with Seller (FSBO, etc.)

20% Other (Word of mouth, Take over payments, etc.)

4. MY FIRST PROPERTY WAS LOCATED ______ (NEAR MY HOME, OUT OF STATE, ETC.)

100% say Near Home

5. I HAVE BEEN INVOLVED IN REI FOR _____ (MONTS/YEARS) AND I NOW HAVE CLOSED ON ROUGHLY ______ PROPERTIES.

13% say <1 year; 2-4 properties

7% say 1-2 years; 4 properties

13% say 3 years; 3-11 properties (3-27 units)

13% say 6-7 years; 4-21 properties

20% say 9-10 years; 5-24 properties

13% say 11-19 years; 3 (15 units)-100 properties

13% say 20+ years; 50-1000 properties 

6. I CURRENTLY WORK AT REI _________ (FT/PT)

20% say FT; 80% say PT

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