All Forum Posts by: Gilbert Lugo

Sounds like they might know of some obstacles that the home has which may make it impossible to go for FHA financing. Maybe there are some larger issues that you haven't been made aware of yet. Of course this is just a guess.
All agents want to sell - regardless of
How it’s funded. It seems fishy.

Hey Lugo, you should contact the seller yourself and advise the seller also that his agent will make him or her lose opportunity to sell the property.

It took me about a year. I turned down a lot of opportunities, because the numbers were not aligning perfectly. Analysis paralysis ? Is that what is is called? 

I had read tons of books. Too many books I think. I wasn't sure how to negotiate. I was all over the place with my numbers. I had a real estate agent, but I had picked him randomly from the yellow pages. I didn't know how to clearly explain what I wanted. One day, I just decided to take the plunge, as long as there was nothing massively wrong with the asset I was buying. The location was excellent. The deal wasn't "perfect", but I have not looked back. I think it is ok to give yourself a little margin of error. The lessons I learned were invaluable. 

@Gilbert Lugo, the old saying that patience is a virtue is truly tested while being a new investor in the REI world. I remember thinking how I always felt like I was always a day late on all of the houses that I originally started looking at when I began. However, much like you I knew based off of my education (THANKS BP NATION!) that the #'s don't lie and eventually my timing would be a day earlier as opposed to a day late. And then it happened!

I spent the better part of 4 to 5 months on educating myself as to what a good deal looked like and how to go about finding one.  So if you want to count my total time to include education (which I looked at properties every day but didn't offer) then it took me  6 months before I purchased my first investment property.  And I must say it has been quite the journey since.  I am in the final phases of finishing up my rehab on it and should be getting it ready to hit the market within the next month or so (timing isn't the best but hey it's my first and believe me when I say I have made plenty of mistakes, but I am still putting in the work!)

So in closing don't get discouraged Gilbert it truly is just a matter of time before your time has arrived and you will be sharing with all of us how you found and purchased your 1st investment property.  Keep on Keeping on, you will eventually find what you are looking for.  Here is to wishing you nothing but GR8 success in your 2017  (and beyond) REI ventures!  Thanks for allowing me to share.  GR8 forum post thanks for asking the question!

Took me a year. Plenty of education time. Spent 3 months just researching our landlord tenant regulations.

Most new investors don't bother to learn the regulations and usually end up on here after backing themselves into a corner. The time it takes to find your first deal should be put to use learning how to manage your new business.

The first home employer paid for closing cost, bit it took 4 months. Second just looked at 3 homes.

These days as a professional realtor I can make an offer very much not needing to view inside. I do it to confirm the photos and locations are what I thought.  Latest 2 afternoons.

Once I got serious and decided I was going to buy a property it took just over a month from the time I sat down with my business partner (he is an agent) to discuss criteria until we closed on our first property.

My first purchase was from an estate and it was on the market for less than 24 hours before we had it under contract.

It took us about 3 months. Competition is fierce. We had to go with a house in really bad shape that no one else wanted. We have been working on it for 3 months now. Should be ready to go on the market in a few weeks.