How to calm (or channel) Newbie Investor excitement? (Oklahoma)

[Wesley Mullen]

Hi Everyone!

I got into REI at the beginning of the year, partnering with my brother and his wife. Our initial goal was to purchase one property by the end of the year. However, after 2-3 months of researching/self-educating, an opportunity presented itself in that a friend from the gym bought a new house, but it was contingent on them selling their current. After running the numbers, we determined it to be a suitable first property that would cashflow ~$300/month --if we got the rent we wanted. We signed the contract in February, closed in March, and after minimal rehab, had a tenant in place with Lease beginning May 1.

During this time, I've spent time listening to the BP podcasts, reading books (Rich Dad is phenomenal), and we've been networking some too! However, now I have REI fever. I feel like if I'm not spending time searching for the next deal, I'm not working hard enough. However, I also think it's important to continue to save capital. I'd like to find a deal using creative financing, but also don't want to be stuck holding a property if we don't have the capital or reserves to properly work it. Basically, I'm so excited and intrigued by REI, I want to grow as fast as possible. But obviously cash (and deals) tend to limit the speed of this growth.

What do others do during their time in-between deals to be productive? What's a reasonable time between deals for a beginner? Or is it simply just continuing to look for deals and be creative with financing?

I should mention we are located in Norman, OK and pursuing buy & hold properties. Interested in what other newbies have to say!