How long did it take to make your first deal?

[Aaron Beavers]

I am a new investor in a new market (I moved the Phoenix metroplex a year ago) and have been thinking about real estate for some time. I have recently gotten very focused on making my first investment, so I have been analyzing deals, I joined the local REIA chapter, met with a local real estate agent, met with a local wholesaler, and so forth to build a network. All of this has occurred in approximately the last three weeks.

I know three weeks isn't long compared to my long-term financial goals, but I have to admit I am getting a bit antsy wanting to pull a trigger on a first investment property.  I was listening to Gary Keller's "The Millionaire Real Estate Investor" on audiobook, and he mentioned that buying a property doesn't make you an investor, buying the right property makes you investor.  That was definitely something I needed to hear to build patience until I find the right deal.  I have put off beginning investing for a few years as I developed in other professional areas (which has paid off in higher income), but I can't help but feel the time-value of money slip month by month.

How long was it between when you got serious about purchasing a property and when you closed your first deal?  Did you rigidly stick to your criteria to make sure it was a good deal?  How did it turn out?  Thanks for sharing!

[Jerad Casto]

It took me 6 months to get an offer accepted. Looking back, I'm glad that my first offer ever made was not accepted. They mentioned a quote by Trump on the last podcast: "sometimes your best investments are the ones you don't make." Don't fall in love with your first deal. Take your time and analyze. My first deal was a 2 bedroom 1 bath single family. Cosmetic rehab. Cash flows around $325/month. Screen your tenants well and you'll be fine.