Experts: how long before your first deal?

Question

hey guys, just looking for encouraging words, wisdom, and opinions. I have been educating myself on the investing market and involving in real estate training and group meetings. I feel like I'm ,playing jump rope", meaning the rope is turning and I am looking for the right time to jump in. Anyone reading, can you tell me how long it took before you did your first deal, fix and flip, or rental property, and how did you prepare for it? How did you know you were ready?

Sharad M. · Answer

I joined BP in Feb 2010 and bought my first deal 6 months later in Aug 2010 and second couple of weeks later in Sep 2010.

I didn't take any guru courses, learned everything on BP.

Rolanda Eldridge · Answer

Started n 2005 when  banks were throwing money at investors, so I bought 3 within 4 months...then came the learning..at some point you have to take the leap, but mitigate risk..

Account Closed · Answer

@Danielle Jones There is no one set answer. Each person is different in their position in life. The first thing you must have is a LOVE, not a want, but true love and passion for real estate. Not because you want to make money, but because you truly love real estate.

Once you have that, then you have to educate yourself to find the niche you want. Real Estate has many avenues. Flips, Rentals, Turnkey, Notes, Tax Liens, HML, Private Lender, etc... I could go on and on. Which meets your passion for it.

Once you have that, you need to learn about that niche, as you learn you will either see your passion grow or fade. If it fades, is it because of the niche, or because of real estate.

Either way, if you choose a path, stay with it. As @Bryan L. stated, he was making offers but took two years. What if he had given up after 10 months? I see that happen to many times to people. They get frustrated that they didn't make the "infomercial" deal immediately. It doesn't happen like that.

With that being said, no deals come to the person that sits at home all day behind a computer hoping a deal comes to them. You have to go out, network, discuss, learn, study, visit properties, and yes, MAKE OFFERS.

You can't even with the lottery unless you go buy a ticket.

It could take you 3 months prior to your first deal, it could take 3 years. Either way, if you have a passion for this, it will happen. I have stated to many people many times, that the "Biggest" deal a person does is their first deal. It shakes off the fear and gives you the confidence you need. Also that is the reason many businesses have their first dollar framed somewhere.

Good luck to you and happy investing! It has been rewarding on so many levels for me. I hope you find that reward as well!

J Scott · Answer

I spent a year studying and figuring out my plan, and then spent 6 months looking at houses and making offers before I got my first deal.  Once I bought that first one, I had two more under contract within 2 weeks.

Paul Timmins · Answer

@Danielle Jones

There is a learning phase for me it was 4-6 months. Then there was the action phase I said to three buddies hey we can do this.

Formed an LLC every Saturday looked at 15 properties after couple weeks started putting in up to 5 offers each week we figured it out and had 1 accepted each week.

Paul

Account Closed · Answer

No such luck of getting my true calling right away. The first thing I did was a flip. I did several actually. Then I did turnkey rentals. I tried notes, HML and tax liens. In the end I found fix and hold to be my sweet spot. been doing it so long I have people copying me.

Danielle Jones · Answer

great story Jerry W.

Ryan Steele thank you for the fortune cookie....;0)

Did anyone know there niche right away, or did it come after doing a couple of deals?

Jerry W. · Answer

@Danielle Jones , The first house I bought specifically for a rental was just chance.  I had not read a book on real estate, I had never done a cash flow, etc.  I had looked a lot for a house to buy to live in.  Only one realtor helped me, the market was so bad some just had a home phone number and their kids answered and called mom when she learned it was about real estate.  After I bought my house a few years later me and that realtor, a former construction company owner stumbled on a guy who could not sell a house his mother left him because there was a federal lien on it.  He was willing to sell the house for the lien.  I figured out how to get the lien released when we paid it off, he got financing and for about $1,200 down payment each we owned a house.  I didn't learn the 2% rule, the 50% rule etc. until over 20 years later.  We knew the house was very cheap for the market, that the rent would pay for the taxes, insurance and mortgage payments with money left over.  it turned into a great business.  This is not hard, buy a house under current market value, that will rent for more than taxes, insurance, mortgage payments and have some left for repairs and profit.  Bang you are a real estate investor.

Account Closed · Answer

While I can see people are not representing the truth on this thread.. YIKES..

Let me post this for you @Danielle Jones

Experts: how long before your first deal?

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