How long does it usually take to find a first deal

[Account Closed]

I've been reading, and listening to podcasts about REI for months now. I'm suffering Analysis Paralysis. So I've decided to create a deadline/goal date for my first deal so I don't put it off any longer. My question is how long does it usually take to find a decent deal. a month? weeks? days?

[Mindy Jensen]

Well, @Account Closed that is a difficult question. Good deals happen when they happen, they don't operate on any particular timeline. You could find a great deal tomorrow, you could go a month without finding anything even worth analyzing. Once you find a deal, 9 more could come knocking on your door. I wouldn't put a deadline on finding a deal. 

Finding the deal is only the first part. You still have to pay for it - do you have financing lined up? If you are thinking about a mortgage, what does your credit look like? 

Since you are a newer investor, I would strongly suggest any property you buy should have a home inspection so you know the state of the property. Do you have a great home inspector? Start looking for one. In my area, 9 agents all recommended the same guy - that's who I go with.

How are you finding these deals? Do you have an agent? Have you driven around your target area to scope out houses? Write an awesome yellow letter to send out to houses that look like something you want to buy.

Are you looking for something to rent out? Do you have the systems in place to handle the rentals? PM or self-managed? Are you handy or do you have a handyman at the ready? 

Are you looking more toward flipping? If you aren't planning on doing all the work yourself, start the long process of finding a contractor. 

Attend a meetup to network with local investors. 

Having deadlines and goals is awesome. Somehow, having it in writing makes it more real.