How Much Pressure Should I Put on Myself for Deal #1?

[Daniel Whitmore]

How important is it for my first deal to be a good deal?

I’m new to real estate. My network is small. I don’t have muscles to flex, I don’t have past experience to guide me. I’ve read books, listened to podcasts and webinars but that can only help me so much, right? I have a lender and an agent but I don’t have a contractor, attorney, CPA, or inspector I trust.

To make matters even more difficult, the markets I’m looking to invest in are hot. Good deals go fast. Starter homes are more expensive than I anticipated. Everyone is paying asking price or higher. Most deals are gone before I ever hear about them. I’m competing with investors who have been doing this for 20 years. They know the market far better than me. They have teams in place. They have systems I don’t have.

I have little hope that my first deal is going to be a home run. I’ll be lucky if I break even in terms of cash flow. In reality, it seems a lot harder than all the books make it out to be.

Here is my question: how important is it that my first deal is a good deal? How much pressure should I be putting on myself? This stuff is stressful and it sometimes consumes me. Should I spend the next 2 years reading every real estate book, vetting/ interviewing every potential team member, studying the market daily, finding a mentor I trust and can learn from, BEFORE I do my first deal??

Or... Should I work with my investor friendly agent and just buy an OK deal found on the MLS just to get it out of the way?