West Palm Beach, FL · Member since 2017 · 91 posts · 19 votes
We all know that once you decide to start in real estate and start looking for your first deal you just don’t trip and land on one. As I’ve come to realize while searching for my first deal. I stick to my numbers and what makes sense. After visiting potential prospects and running dozens of number it gets discourging and maybe a bit impatient to land that first one and get your feet wet.
Wondering if some of y’all can shed some light on their story on how long it took them to land there first one (I know it varies)? Also thoughts while in the process?
Thank you in advance. I look forward to reading your stories/comments
Mine took about the same, maybe 3 to 4 months. The first house my wife and I were seriously considering fell through and we ended up getting a place that we thought we couldn't even get in our first round of searching.
It took us about 3 months. Competition is fierce. We had to go with a house in really bad shape that no one else wanted. We have been working on it for 3 months now. Should be ready to go on the market in a few weeks.
Mine took about the same, maybe 3 to 4 months. The first house my wife and I were seriously considering fell through and we ended up getting a place that we thought we couldn't even get in our first round of searching.
All good things comes to those who wait.
Yeah, I’ve had a few of those. The seller says one thing then the inspection comes and it’s another story.
It took us about 3 months. Competition is fierce. We had to go with a house in really bad shape that no one else wanted. We have been working on it for 3 months now. Should be ready to go on the market in a few weeks.
There are a few of those in my area available but since I'm going with an FHA I don't think it will fly with them.
The first home employer paid for closing cost, bit it took 4 months. Second just looked at 3 homes.
These days as a professional realtor I can make an offer very much not needing to view inside. I do it to confirm the photos and locations are what I thought. Latest 2 afternoons.
Once I got serious and decided I was going to buy a property it took just over a month from the time I sat down with my business partner (he is an agent) to discuss criteria until we closed on our first property.
My first purchase was from an estate and it was on the market for less than 24 hours before we had it under contract.
Once I got serious and decided I was going to buy a property it took just over a month from the time I sat down with my business partner (he is an agent) to discuss criteria until we closed on our first property.
My first purchase was from an estate and it was on the market for less than 24 hours before we had it under contract.
24hrs.. you really got a jump on that one. Hope I have the same luck.
The first home employer paid for closing cost, bit it took 4 months. Second just looked at 3 homes.
These days as a professional realtor I can make an offer very much not needing to view inside. I do it to confirm the photos and locations are what I thought. Latest 2 afternoons.
Hope to be at that stage in the near future. Thanks!
Gilbert Lugo Since my business partner is an agent he goes to look at new properties immediately when they come on the market if they fit our criteria. If he likes the property I may not step foot in it before we make the offer. Our strategy is buy and hold but we try to buy like a flipper. We want to make a cash offer with a two week close that will be low enough that we end up between 70-75% after we rehab the property.
Took me a year. Plenty of education time. Spent 3 months just researching our landlord tenant regulations.
Most new investors don't bother to learn the regulations and usually end up on here after backing themselves into a corner. The time it takes to find your first deal should be put to use learning how to manage your new business.
Took me a year. Plenty of education time. Spent 3 months just researching our landlord tenant regulations.
Most new investors don't bother to learn the regulations and usually end up on here after backing themselves into a corner. The time it takes to find your first deal should be put to use learning how to manage your new business.
You’re absolutly right. I’ve been trying to stay focused in that aspect also.
Same day i went to look at the house, first one, i had it under contract that day. My Daughter was going away for college and i started with a Student rental. went out there to see the college saw this house for sale stopped at the realtor, went to see it and then put an offer on it, later on the seller signed the papers. that was 4 1/2 years ago. my daughter left there 2 years ago, but i still own it, plus others.
@Gilbert Lugo, the old saying that patience is a virtue is truly tested while being a new investor in the REI world. I remember thinking how I always felt like I was always a day late on all of the houses that I originally started looking at when I began. However, much like you I knew based off of my education (THANKS BP NATION!) that the #'s don't lie and eventually my timing would be a day earlier as opposed to a day late. And then it happened!
I spent the better part of 4 to 5 months on educating myself as to what a good deal looked like and how to go about finding one. So if you want to count my total time to include education (which I looked at properties every day but didn't offer) then it took me 6 months before I purchased my first investment property. And I must say it has been quite the journey since. I am in the final phases of finishing up my rehab on it and should be getting it ready to hit the market within the next month or so (timing isn't the best but hey it's my first and believe me when I say I have made plenty of mistakes, but I am still putting in the work!)
So in closing don't get discouraged Gilbert it truly is just a matter of time before your time has arrived and you will be sharing with all of us how you found and purchased your 1st investment property. Keep on Keeping on, you will eventually find what you are looking for. Here is to wishing you nothing but GR8 success in your 2017 (and beyond) REI ventures! Thanks for allowing me to share. GR8 forum post thanks for asking the question!
After studying Carlton Sheets in the late 90's I became obsessed with buying houses "No money down". After 6 months of trying that I got frustrated and ran out of patience. Everyone was saying it can't be done and that the ONLY way was to have a down payment and use a bank. I gave in. I sold both of my motorcycles and used the money as a down payment on my first ever property that I acquired with a traditional bank loan.
I then realized that Mr. Sheets was right! You actually CAN buy houses with none of your own money. I just grew impatient and jumped the gun. I am glad I learned some of his techniques because I didn't have anything else to sell!
@Michael Knaus, holy blast from the past, Carlton Sheets! LOL, I too bought that system but was not in the right mind set or place in my life to make it work at the time. However, I do have to agree that whether you put his techniques to use or not he introduced a lot of future successful investors to the world of REI! Thanks for the trip back in time. Here is to wishing you nothing but success in your 2017 REI ventures!
@Tony Wooldridge, Yeah he was one of the first! I would watch his infomercial late at night on cable TV. I do still use some of his techniques but for the most part I can honestly say, he is the one that got me motivated to even start. Without those cassettes I am not sure I would even be typing this message in this BP forum. Not sure if he is still around but I would love to personally thank him. I do still have those cassettes ! LOL. Best of luck (even though we make our own luck) in your futures RE investing as well!
It took me about a year. I turned down a lot of opportunities, because the numbers were not aligning perfectly. Analysis paralysis ? Is that what is is called?
I had read tons of books. Too many books I think. I wasn't sure how to negotiate. I was all over the place with my numbers. I had a real estate agent, but I had picked him randomly from the yellow pages. I didn't know how to clearly explain what I wanted. One day, I just decided to take the plunge, as long as there was nothing massively wrong with the asset I was buying. The location was excellent. The deal wasn't "perfect", but I have not looked back. I think it is ok to give yourself a little margin of error. The lessons I learned were invaluable.
It took me about 4 months but those dream deals do sometimes fall out of the sky. The reason I decided to get into real estate was that I stumbled on one of those deals. I wasn't able to secure the necessary funds in time to close but it got me started in real estate.
@Gilbert Lugo, the old saying that patience is a virtue is truly tested while being a new investor in the REI world. I remember thinking how I always felt like I was always a day late on all of the houses that I originally started looking at when I began. However, much like you I knew based off of my education (THANKS BP NATION!) that the #'s don't lie and eventually my timing would be a day earlier as opposed to a day late. And then it happened!
I spent the better part of 4 to 5 months on educating myself as to what a good deal looked like and how to go about finding one. So if you want to count my total time to include education (which I looked at properties every day but didn't offer) then it took me 6 months before I purchased my first investment property. And I must say it has been quite the journey since. I am in the final phases of finishing up my rehab on it and should be getting it ready to hit the market within the next month or so (timing isn't the best but hey it's my first and believe me when I say I have made plenty of mistakes, but I am still putting in the work!)
So in closing don't get discouraged Gilbert it truly is just a matter of time before your time has arrived and you will be sharing with all of us how you found and purchased your 1st investment property. Keep on Keeping on, you will eventually find what you are looking for. Here is to wishing you nothing but GR8 success in your 2017 (and beyond) REI ventures! Thanks for allowing me to share. GR8 forum post thanks for asking the question!
Tony, first off thank you for the encouragement and for taking the time to write on my post.
Patience is actually the hardest part but like you said the numbers don’t lie and it will come! Good luck and nothing but successs on finishing up the rehab make sure to show it off with some pics on here!