Update from a newbie

[Mark Belew]

So I first posted 7 months ago.  I've learned a great deal, but am still searching for my first rehab and resell opportunity.  I've looked at a handful of houses, but a couple had far too much scope for my first deal (out of my comfort zone) or were "tire kickers" just seeing what I would offer, with no interest in taking my deal for what I could offer.  I don't mind the tire kickers as I at least get opportunity to see and analyze real life deals.

Things I have learned a great deal about: how to analyze deals, how of navigate my county tax, deed and foreclosure records, how to NOT talk the seller OUT of letting me see the property (did that on the very first call I got and kicked myself for weeks after I never heard from that seller again, ) how to organize and run and LLC, how to set up business communication (gsuite and google voice linked to personal cell,) and beginning direct mail marketing.

Things I still struggle with: Still trying to nail down how to accurately estimate repair costs, how to find the right contractors that offer a balance between quality and price, banter with possible sellers including closing the deal, how to manage costs after 7 months of spending money and not MAKING money, and how to quickly finance deals that come up in the most cost effective manner, and making sure I send out my direct mail marketing on a schedule every time.

Fortunately I do have a mentor that does help me, but he is VERY busy and I really try to keep my time requests to a minimum with him.  Also he works in a different area, and is a contractor with his own crew, so his situation is a bit different than mine.

I have read in several places that it takes up to 7 touches with direct mail before people start to respond.  So far I have two mailing lists and have only sent a couple mailings to each one (see point about sending mailings on schedule every time above.)  I was just delighted to have the handful of calls that I have had in my first few mailings, but was obviously hoping for more.

Things I am considering: expanding my property search radius, once the snow clears doing some bandit signs, finding a couple more target groups for mailings.

I also have to cut myself a little slack as I am still working full time, with two busy teenagers at home, while trying to get started in REI. A couple of hours a day isn't much time, but it's what I can do.

I guess the one question I can put out there is for those who work full time and still invest in real estate, how long did it take for your first deal?  I look forward to following the replies.

I am frustrated but remain hopeful and committed that I can make this happen.

Here's hoping 2019 brings big things!