Curious about average time frame going from just thinking about RE to first purchase

[Account Closed]

Just wondering how long it took for you you purchase your first property 

   For me  it started while flipping channels on dish one night and a guru make a zillion bucks overnight Infomercial was on (I didn't buy the zillionaire program)but I thought couldn't be to hard so I looked  online at property's  on land watch and afew other places .

Next day  talked about it with my wife  then drove and checked out property's and had lots of phone conversations  (found that many realtors don't bother to return calls)

and many of the FSBO must have gold nuggets and lots of valuable gems scattered barely under the surface of their lots going by prices.

   I had a vague idea of actual property values. Lol     72 days later paid cash 

[Bill Gulley]

Well, I took on a mentee/student who lives close by, the only way I'd consider it.

Not an accountant or finance type, no prior RE experience but had been good at stock analysis that got noticed by a couple potential investors.

I think we have met 3 times, I sent him off with a RE text book with some phone calls and PMs, learning assignments.

He's sharp and a quick study (another requirement I have). I think he was up to speed in a month as to the basics. In the mean time, he lost an investor and another has backed off the $ amount......but, we move forward.

Within 2 weeks (more like 10 days) we have 4 properties that may be available to him. One we are waiting on a seller financed deal that I located by a guy dropping off a washer/dryer, it's in an estate and when that is over, he'll contact me. Not advertised, the lead was from walking a talking.

My student located two more, by walking and talking, off market opportunities, one a failed rehab, another a move-in ready with clean up, the rehab on a sub-to maybe, the other we'll see tonight when I hit the guy up with seller financing, maybe a combination of hard money and SF, we will see.

The other property is one I knew of that was going to the market, has been sitting, a tri-plex that can probably be another combination of hard money and seller financing.

It will take 30 days without jumping through our tails to close one.

When we began, at the end of November/ first of December I think, I told him that he could probably be a landlord by May, that was considering his investor's backing. I haven't pre qualified him really so I don't know his ability to buy, with his situation I wasn't concerned at the time.

I believe I still need to knock off the rough edges, he's not 100% on his own, but he's doing very well at locating potential deals, my walking and talking approach, moving through the market with stealth and quietly moving in on the prey (LOL).

We could contract tonight I guess, I'll probably hold it off until we get a better inspection, put some comps together to present to the seller and contract. So he could move in by April, It won't take but a couple weeks I guess to lease it up, so he can be ahead of my initial guess. Then again, don't count on anything until after settlement!!!!

Anyway, starting at the very beginning learning the basics or RE, market, principles, beating the bushes for off market properties and having the ability to buy (or having me, LOL) a newbie can be off and running in 6 months. A local mentor can make the difference, one familiar with the area and market.

It will take about a week to learn the local landlord responsibilities, IMO.

The next deal could happen in a couple more months, depending how the market shakes out, but I suspect the market will be good this summer.

Your mileage may vary. :)