How Long To Find Your First Deal?

[Josh Quinn]

I am currently feeling pretty discouraged. I feel like I have a strong strategy set (one 2-4 plex per year as buy and holds plus a few vacation rental cabins in a nearby town for stronger cashflow) but after looking for almost a year on the MLS, Loopnet and various auction sites I am starting to not believe these deals are out there. I'm halfway through Brandon Turner's "Book On Rental Property Investing" and the examples in there really have me scratching my head.

I will admit I am a bit skittish, at least for my first couple of deals, at buying in a different market. Here (Columbus, OH) I'd say the average for a 4-plex one could get $600 per unit per month for is $400,000-$500,000 in any decent neighborhood. So, additionally, who is buying these properties?! How is anyone making these numbers work? 

How long did you hunt for your first deal? I really just want to get the first deal done. I know I'll learn a ton and subsequent deals will go better. I think I could even stretch a little bit on the 1% rule or any other viable metric but I can't go that far.