Hey BP! Out of curiosity...
How long, from when you first started educating yourself about real estate, did it take you to complete your first deal?
I was incidentally learning about real estate investing for a year before I purchased my first fix-and-flip, and then another 2 months of intentional study (listening to BP, reading books, asking savvy investors questions, etc) before I closed on my first rental.
How about you?
@Spencer William Quesenberry , I started learning about investing in real estate (via publicly traded REITs) in Dec 2018. I discovered BP in the spring, maybe March 2019. I closed on my first duplex in August 2019.
Sparked an interest in 2012, watched a lot of Home Network shows and thought it was an interesting industry... tried to learn on my own but couldn't find a proper structure or resource pool to pull from... enrolled in school 2013, completed 4 years of Business ... got my degree with major in Real Estate, convinced my wife that owning was better than renting, purchased first home in 2018 and bought some land this summer! Looking at a 3rd before end of the year.
Almost exactly a year. I listened to every podcast I could get my hands on and read probably a dozen or so books before I felt like I understood enough to buy the first property.
@Spencer William Quesenberry 10 months
@Spencer William Quesenberry I started educating myself on real estate in August 2018 and closed on my first rental in March 2019. I just pulled equity out of my primary home via cash out refi and am currently working on acquiring property number 2.
I joined BP in June 2019 and am in the middle of my first out of state deal. I did own a couple rentals before then, but bought them years ago before knowing anything about investing (did not buy them well....)
My first income property came before I starting educating myself on rental properties.
Bought first condo at 26 yrs old
Second at 27.5
House at 29
Took about 10 yrs to 15 yrs to be an accredited investor
20 yrs latter...
Wanted to move into multi family out of state
Bought first 7plex in 90 days
14 plex in month 5
6 plex month 6
27 plex month 14
30 plex month 18
Working on 50+ next
1 month for first wholesale deal, 5 months for first flip
4 months!! I started learning in Feb 2017, had a contract in April and closed in June.
Just closed on 9 units in June and 9 this week.
My wife and I took one full year of reading and going to networking events every single weekend before taking the plunge into our first deal. At the end of the day it's about respecting this business prior to doing ANY deal. Take the time to "learn the ropes" and speak to people in the industry. Basically be a knowledge sponge absorbing everything real estate.
It's fantastic to see fellow BPers say their stories. Best of luck to you and great thread!
About 2 years. I did a lot reading/ listening to the BP podcast, researched my market, and looked for deals outside the over-priced neighborhoods.
Once I made the decision to invest in real estate, it took less than two months to get my first property under contract.
Deciding to take action is the hard part. Taking action is easy.
@Spencer William Quesenberry when I finally decided to be serious, I wanted to fix and flip
I spent about a year educating myself. Reading and attending network events. Once I felt I had my ducks in a row, it took me almost a year, analyzing probably 200 or more potentials, and about 24 offers before I could dial everything in to land to land my first deal. I felt there was never enough money or too much rehab for the price.
I am on my second deal, which was found inside of 2 months after closing the first.
I found biggerpockets in February of this year. I happened to listen to the episode that featured Brandon's "Buy your first or next property in 90 days" webinar and I couldn't quit listening from there. My wife and I closed on our first rental and had it leased in June. We went a little over the 90 days, but it still felt great considering we didn't know anything about REI. We have plans to purchase more and it absolutely wouldn't have happened if it weren't for the podcast and website.
2 in 2017
3 in 2018
4 so far in 2019
Started listening to BP in 2015 or so, wish I could remember which podcast was my first but after listening to the 1st G.C. episode and 1st Jake and Gino episode I knew I had finally figured out what I wanted to do with my life.
I had the chance to be around RE a little bit growing up, some friends and fam had properties. With that exposure early on, right out of college I did a handful of wholesale or lease option deals after maybe 2-3 months of serious effort. Reading J Scott's book on rehab costs helped tremendously on being realistic with your numbers.
Stayed frugal with lifestyle costs, kept wholesaling for around 2 years before buying a fix and flip, then rolled my profits from that into my first two rentals which were conveniently on two side by side lots and sold in one transaction. Bought another duplex one year later and the quest goes on!
I found BP halfway through my first flip
Spent a few years reading and learning but connecting with others in the game. Then I personally started investing and have not stopped since. Timeline in everyone's case is different but took me a few years because I wanted to understand if I could truly understand the stock market where majority of my capital already was. Once, I realized I was spending too much time trying to learn something instead of focusing on something that I truly understood with real estate... That was the shift. The trick from there was to get out of my own head and go for it. Had the support behind me as I mentioned, I network well my whole life and was able to ask questions and get feedback from those doing it around me.