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!
