Property Manager · Lansdale, PA · Member since 2021 · 826 posts · 1k+ votes
We all know it takes time to close on your first property. Before you lose patience or get discouraged, do not give up!
Personally, it took me over 4 months of analyzing the right location and finding the right type of property for my long term buy and hold strategy. After submitting over 15 offers and walking away from 2 separate appraisals/inspections for properties that were not mine had me feeling extremely discouraged that I would never find my first deal.
The place I ended up closing on, I never thought I would've been able to get into from my initial search, but without having numerous experiences being under contract and eventually falling through another door opened up. (Literally!)
There is no shame missing on a few opportunities to secure a deal. Stay patient and leave no stone unturned.
Investor · Miami, FL · Member since 2023 · 5 posts · 2 votes
3y
As a wholesaler, it took around 3 weeks for me to find and lock my first property under contract. I've been in sales for over 20 years and I absolutely HATE COLD CALLING, so I got started on Zillow listings.
Initially, I wasn't getting any traction because I was duplicating what thousands of newbie wholesalers were taught to do by a "Real Estate Guru", which I later found out that he doesn't actually do what he teaches. Once I educated myself and got out of the "analysis paralysis" phase, I started getting offers accepted and landed my first wholesale deal within 3 weeks.
Real Estate Agent · Waxahachie, TX · Member since 2022 · 40 posts · 32 votes
3y
My first property took me about 5 months to find. As most people say, finding an agent that you can trust is key. I'm from a small town and knew I wanted to purchase a small multi-family and house-hack, however these rarely come up on the market so I knew I needed to act fast. My agent was able to notify me of a duplex a week before listing on MLS. I got a showing the day it listed, and made an offer the next day.
With that being said, I'm glad I stuck with my overall direction of buying a small multifamily. I was tempted a couple of times to put an offer in on a Single-Family due to impatience, but had to stick to my gut.
I agree w/ Noah, no shame in missing a few opportunities to find the right one.
Investor · Miami, FL · Member since 2023 · 5 posts · 2 votes
3y
As a wholesaler, it took around 3 weeks for me to find and lock my first property under contract. I've been in sales for over 20 years and I absolutely HATE COLD CALLING, so I got started on Zillow listings.
Initially, I wasn't getting any traction because I was duplicating what thousands of newbie wholesalers were taught to do by a "Real Estate Guru", which I later found out that he doesn't actually do what he teaches. Once I educated myself and got out of the "analysis paralysis" phase, I started getting offers accepted and landed my first wholesale deal within 3 weeks.
How did you go about searching on Zillow? I've been searching but of course I'm still looking for the "right" market. I'm currently in New York, NY so I was thinking I'm better off with virtual wholesale, but now I'm stuck on what market to look into and how to go about searching in the market.
How did you go about searching on Zillow? I've been searching but of course I'm still looking for the "right" market. I'm currently in New York, NY so I was thinking I'm better off with virtual wholesale, but now I'm stuck on what market to look into and how to go about searching in the market.
I presented my offers to the agents who listed the properties that I had an interest in. They would receive a commission if my offer turned into a closed deal.
It’s not about “the right market”, it’s about THE RIGHT DEAL. Don’t overthink it, just choose a market and get to work. I live in Florida, but I mostly house hunt in Kentucky because of my family and childhood memories there, I’m more passionate about it.
Thank You for that information. I never thought about reaching out to the Real Estate agent. I thought it had to be through the owner itself. When I was searching on zillow, I was strictly looking for "by owner" "distressed", etc. Thank you again!
@Noah Bacon I've bought all my properties except for one from 23 years ago through my trusted real estate agent. My first one this time around, almost 4 years ago, I kind of fell into. I'd been kind of sort of looking through the MLS for a few months and saw the deal and jumped on it.
The second one took months of looking and I found it by searching a couple towns outside of the area my agent and I had been looking in.
Most of my properties have been bought during the winter, I think the investors from outside my local area tend to stay away then due to our snowy weather and cold temperatures making it easier to land the deals.
Also there’s just not so many buyers that are willing to buy at as high of a purchase price as I’m usually willing to go. Most want a bigger percentage knocked off for their margins.
The key is to stay patient, keep looking and not get discouraged. The right deals come to you at the right time. If you force them you will regret if down the line.