How long did it take to get Your 1st DEAL???

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Stephen Dickey
Investor · Charlotte, NC · Member since 2014 · 80 posts · 45 votes
9y

Two years. Only thing that held me back was fear, doubt, and commitment. I partnered into my first deal, and how i was able to do that was by hanging around people who were already doing it. I met my partner at REI meeting. They say surround yourself with people who are doing what you want to accomplish. Guess they are right!

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  • Alexander Zurn
    Lender · PA · Member since 2016 · 214 posts · 140 votes
    9y

    Hey @Kaelyn Hearn I began on Bigger Pockets about 10 months ago and still have not found my first deal. I'm plenty happy with that however because, in that time, I have saved more and more money, learned A LOT, and have developed connections through networking at my local REI group. All of this has lead me to where I am now, literally 1 step away from getting my first house.

    If that's all you're looking for, there you have it! Good luck.

    2Reply
  • Ellis San Jose
    Specialist · Westlake Village, CA · Member since 2010 · 1k+ posts · 781 votes
    9y

    My first deal took almost a year.  It was a referral from another investor who connected me with the agent.

    1Reply
  • Kaelyn Hearn
    OP
    Real Estate Agent · Sammamish, Washington (WA) · Member since 2016 · 33 posts · 2 votes
    9y

    Nice!!

    0Reply
  • Max T.
    Investor · Philadelphia, PA · Member since 2015 · 3k+ posts · 3k+ votes
    9y
    I looked at houses for a year before purchasing the 1st one. Burned through an agent but he wasn't any good. The 2nd agent helped me find what I was looking for after maybe 2 months and a handful of showings.
    0Reply
  • Lucas Hammer
    Chicago, IL · Member since 2016 · 238 posts · 68 votes
    9y

    Mine took about 5 months total. In January of 2016, I got a note slipped under my door in my Albany Park apartment that there was new management. I know that meant rent going up and the building was going to get nicer, so I started looking for a place to buy so I wouldn't have to deal with the rising Chicago rents. We decided on a condo short sale and during the negotiations, Reddit's /r/realestate forum mentioned coming here for info on investing. I came over here, the condo fell through, and now I own a 2-flat on the Southwest side of Chicago. From the time we offered on the second one, it only took a month or two, but the short sale ate up the first few months just waiting on the bank.

    0Reply
  • Brie SchmidtBusiness Member
    Moderator
    Real Estate Broker · Chicago, IL · Member since 2013 · 6k+ posts · 5k+ votes
    9y

    We started looking in December, walked away from two properties and finally one stuck in June and we closed in August

    Podcast Guest on Show #132
    Second City Real Estate4.821 Reviews
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    0Reply
  • Alexander Ramos
    Bedford Park, IL · Member since 2016 · 103 posts · 44 votes
    9y

    I started reading, educating and podcast near june 2016, These past two months I have submitted 5 offers, 3 contracts fell through due to inspections. I have spoke to several agents burned through one and now I am meeting contractor for another property! I am altering strategies and markets to speed up process.

    1Reply
  • Nick Patterson
    Real Estate Agent · Chicago, IL · Member since 2013 · 386 posts · 218 votes
    9y
    I was a realtor in 2002. Bought first property in 04 didn't buy second property till 2012 Main reason. I had no focus. Now we focus on one type of property and one neighborhood much easier to acquire.
    1Reply
  • Stephen Dickey
    Investor · Charlotte, NC · Member since 2014 · 80 posts · 45 votes
    9y

    Two years. Only thing that held me back was fear, doubt, and commitment. I partnered into my first deal, and how i was able to do that was by hanging around people who were already doing it. I met my partner at REI meeting. They say surround yourself with people who are doing what you want to accomplish. Guess they are right!

    3Reply
  • Dean I.
    Tucson, AZ · Member since 2016 · 120 posts · 127 votes
    9y

    Because I was limited one what I could do, it took me a couple months to find my first deal. My first deal was house flipping. I probably could have found a deal sooner if I was willing to make less or if I had looked outside my city.

    1Reply
  • Peter Rowell
    Albany, NY · Member since 2016 · 32 posts · 12 votes
    9y

    Was on Bigger Pockets for about 5 months before I pulled the trigger. Would have been a bit sooner if I had not been beat out by cash offers on a few deals. If you are still waiting for the first deal, don't worry it will come. It may not necessarily be a home run, but it will at the very least teach you a lot.

    0Reply
  • Lee S.
    Northern, CA · Member since 2014 · 674 posts · 444 votes
    9y

    I can't remember how long it took me, about 1 year but that was with a few stops and starts.  Had I committted 100% from day 1 it would have been 2-3 months max.

    0Reply
  • Jeff Burdick
    Investor · Chicago, IL · Member since 2016 · 515 posts · 247 votes
    9y

    I started looking in August 2013.  Had two deals fall through in the Fall.  Finally got a contract in December and closed on Jan 30th(three years from yesterday!).  

    0Reply
  • Chris Low
    Investor · Redding, CA · Member since 2016 · 180 posts · 102 votes
    9y

    We started in March getting our financing together. That included a refi on our current home. By May we had all of our funds and started looking in earnest. We made about 7 offers, all of which we lost out on to cash buyers. Finally, the 8th one was the magic number. That was October. So we started in May, probably looked at between 30-40 places, offered on 8 and by October got our first one under contract.

    1Reply
  • Syed Lateef
    Professional · Chicago, IL · Member since 2012 · 197 posts · 131 votes
    9y

    Researched on Biggerpockets for 6 months- podcasts, forums, books etc

    Started looking seriously in September of 2015

    After maybe 9 offers finaly went under contract and closed in September 2016

    0Reply
  • Ian WalshBusiness Member
    Lender · Philadelphia, PA · Member since 2016 · 2k+ posts · 1k+ votes
    9y

    Once I learned how to comp and what a deal looked like...it took me 1 week and it was located in the condo across from mine. I posted sticky notes on all of the condos in my development that had delinquent HOA balances. I walked around and posted on the doors saying I am a cash investor. I received 3 calls and purchased the condo literally across from my balcony.

    1Reply
  • William Reid
    Investor · Philadelphia, PA · Member since 2016 · 17 posts · 17 votes
    9y

    I started looking in April 2016 and closed on a 3-unit in July 2016.  I made offers on at least 10 properties before I finally got one that was accepted.  It is not the best deal in the world but I am living for free while owner occupying after paying $1200/month in rent.  So I'm using that savings to get my next multi-unit house this year.

    0Reply
  • Christian Wathne
    Investor · San Jose, CA, Bellevue, WA · Member since 2016 · 327 posts · 257 votes
    9y

    @Ian Walsh love it!

    0Reply
  • Christian Wathne
    Investor · San Jose, CA, Bellevue, WA · Member since 2016 · 327 posts · 257 votes
    9y

    @Kaelyn Hearn My first deal was in early 2012 so much easier back then; but I've done 4 more since. The first one took about 6 months from the decision of wanting to do it; the others have each been 2-4 months from the point where I got into the "I'm ready" state of mind.  

    0Reply
  • David Hines
    Property Manager · Allen, TX · Member since 2015 · 190 posts · 160 votes
    9y

    @Christian Wathne I hear you on that! My first deal took less than a month, but that was January 2011. Part of the problem I run into now is comparing currently available deals to the memory of my first few that were so much easier and more profitable.

    0Reply
  • Julie MarquezPro Member
    Investor · Skagit County, WA · Member since 2016 · 1k+ posts · 807 votes
    9y

    @Kaelyn Hearn I spent about a year or two looking for the perfect rental house. I made some offers and back out, analyzed a ton of properties, but wasn't in a hurry until I found the perfect one (perfect location, age, size, style, price). It was a neighbor's home bought without an agent.

    0Reply
  • Account Closed
    Attorney · Skokie, IL · Member since 2016 · 270 posts · 109 votes
    9y

    As an attorney, I routinely work with investors and see them making money on transaction that I assisted them with on the buy side and then again on the Sales side. I finally began to get my beak wet late last year and started with a project in Logan Square last year. We plan on putting it up on the market this year. 1837 Monticello Avenue, Chicago. 

    0Reply
  • Corey Smith
    Real Estate Investor · Auburn, WA · Member since 2016 · 83 posts · 22 votes
    9y

    I found BP back in late April of last year, so going on 9 months now. REI was brand new to me (despite being an accidental landlord for the past 8 years ... go figure). I haven't done any deals yet, but my experience so far has been great.

    The mindset change that has come from hanging around here, listening to podcast and reading suggested books, etc. has been priceless. While I've been in the education/knowledge seeking phase, my wife and I have been able to get ourselves into much better financial positioning (which likely doesn't happen if I didn't have these shiny new goals). I've since gotten my RE License, have met & partnered up with a fellow BP'er, and we are within a couple weeks for firing up a direct mail campaign.

    So the short answer is ... I haven't done a deal yet, but the wheels are moving towards finding something off-market to jump in on.

    0Reply
  • Dennis Jones
    New York City, NY · Member since 2017 · 24 posts · 3 votes
    9y

    What a great thread! Will be following!

    0Reply
  • Ryan Dossey
    Real Estate Broker · Indianapolis, IN · Member since 2014 · 3k+ posts · 2k+ votes
    9y

    3 weeks from the day I paid @Jerry Puckett to do my mail. It was an off-market absentee property that changed my life. 

    1Reply
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