Struggling on the First REI

[Jerry Rode]

It's been fun to be on the boards and read about everyone's trials / tribulations and success stories.

I have been successful rounding up a decent chunk of money that would support a 80% LTV loan to buy a property to rent out. I figured that would be the hard part.

I have stayed faithful to the 50% rule for renting properties and have submitted many bids, mostly to REO and HUD homes. It's been the better part of 3 months now and I've gotten close on a REO home, but no luck.

I hear that the first property is the toughest one to successfully close. I'll keep at it, but patience is wearing thin somedays. :D