Los Angeles, CA · Member since 2016 · 30 posts · 11 votes
Just getting started, and I had a question for people who have done multiple deals. How long did it take you to close on your first deal from the time you started actively looking for deals? Wholesalers, Flippers, Buy & Hold investors, and anyone in between is welcome to answer.
Investor · Fayetteville, NC · Member since 2016 · 64 posts · 36 votes
10y
Hey there.
I wouldn't say that I am extremely experienced, but I have don't a few deals, and since you are only looking for the first deal, I think I can shed enough light for you.
From the time I decided that I was going to be a REI, to the time I was signing a contract with a seller was about 4-5 months. Most of that time was spent educating myself by reading books, talking to other investors, and watching youtube videos. I then found a seller through word of mouth. The process from the initial contact to signing was about 2 months. I currently live in Germany, and my seller was in North Carolina. A deal was struck up soon after the initial contact, but the time difference added more time to getting the contracts arranged properly, sending and receiving, to the final signature.
Everyone is different in how they do things. My business partner had a deal within 2 weeks of deciding to be a REI, and learned on the fly, whereas I am the type to read, ask questions, and ease into it by knowing everything I possibly can first. The biggest thing though is like what the BiggerPockets community says a lot: "just pull the trigger." I learned more from that first deal, than all the reading I had done previously.
Cleburne, TX · Member since 2016 · 9 posts · 2 votes
10y
I am about to meet with my first seller in wholesaling next week. The home is very distressed from what I can tell on the outside. Does anyone have any advice for a first timer?
full-time CPA & part-time RE Investor · Colorado Springs, CO · Member since 2016 · 102 posts · 46 votes
10y
It was way back in the 1990s, so my memory is a bit vague. But, I would say my first closing occurred about 3-4 months after making the decision to start out as a REI part-time. I also spent the time between my decision and the first closing, learning as much as I could. Luckily, my first deal was a great one and I was hooked!
Flipper/Rehabber · High Point, NC · Member since 2016 · 276 posts · 183 votes
10y
I sent my first set of yellow letters the last week of July. I got my first deal the second week of August. I was totally shocked how fast it happened after having read and heard multiple times that it would take 6 months!
@Michael McDevitt sounds like the normal timeline, and that's exactly what I plan on doing in between deciding and actually landing my first deal. Did you do a mailer or find your deal elsewhere?
@Brian Howeth Good luck, and out of curiosity how did you find them?
@Zane McLaughlin Wow that sounds difficult to invest from abroad, but it's awesome to hear that you were successful, congrats!
Flipper/Rehabber · High Point, NC · Member since 2016 · 276 posts · 183 votes
10y
@Brian Howeth Good luck! As far as advice... Know your numbers, get to know your seller, try not to let emotion affect your negotiation, and go in with confidence.
full-time CPA & part-time RE Investor · Colorado Springs, CO · Member since 2016 · 102 posts · 46 votes
10y
@Rotimi Lademo - my first came by driving for dollars. There was a two family home in the neighborhood where I lived, with an old For Sale by Owner sign. I called the number but never an answer. After a month of calling, I finally got a call back from the owner. He was a frustrated landlord and wanted out quick. I made an offer I never thought he would accept, but he did. I actually hand wrote the contract on his kitchen table. We then had my attorney draft the final version, which superseded the hand written one. I made about $60k on that deal, after finding good tenants and minimal repairs.
Rental Property Investor · Washington Township, NJ · Member since 2015 · 1k+ posts · 976 votes
10y
The first deal I actively closed took me about 7 months after I decided to start getting serious about becoming an REI. That included getting a team in place, educating myself here on BP and other books, actively looking at the market to identify where I wanted to invest, determining my strategy, realizing there was a flaw in my plan, finding a private investor, and finding a deal that met my criteria.
I'm like some other folks...where I needed to feel comfortable and ready and try not to learn too much along the way...if only I had spent more time doing due diligence on my first property I would have bought it better...or not at all given all the extra work it needed!