How long did it take you to close your first deal?

[Account Closed]

From the time you started seriously looking and making offers, how long did it take you to buy your first property (excluding house hacks)? I'm also interested to know how many offers got rejected before the first one got accepted if anyone wants to share that.

[Frank Wong]

Hi Steve,

In today's market, a new investor should spend  3-8 months learning and educating themselves before even looking. This is so important I can't stress this enough.  Once ready in today's market if you are looking for solid market deals (Not house hack) it should be 60-120 days depending on the market.  Some areas are more difficult than others. 

It also depends on the investor if they are realistic or not. This part is key. An investor needs to understand that the market dictates the price not them.  So you need to structure your offer so it's competitive to get the property.  This usually means paying a little more than what you want.  Its human nature to try to get the best deal but this sometimes causes you to miss out on good solid properties.  My area you probably get rejected 5-8x before an offer is accepted.  Just how the numbers work out.  These numbers could be lower depending on the property, the strength of the buyer, and if I'm repping you =).