All Forum Posts by: Stacey Olson

(obviously it's a small sample size, but it's a start)

This is such great information!  I hope others weigh in on this too. 

So far it's interesting to me that "2 months" is the most common response to how long it took to close on the first property; 

Clearly it's pretty common for newbies to start with the MLS. (For those who are still in the process of acquiring the first investment property, what do you think is the easiest course for shifting focus away from MLS? Do you think focus should be shifted away from MLS as early as possible? Or, is MLS the safest way to go for newbies?)

100% acquired properties near home (or near university they were attending, in one case).

Why is this helpful? It's good to measure commonalities in success.  It's keeps us from reinventing the wheel when we don't have to. Especially, I think, as we start contemplating moves and risks involved in moves into different arenas, locales, and areas of focus. I think also, it can be a helpful networking tool (if I see that someone had success early on and their variables were very similar to mine, it can be so much easier to initiate the relationship and to decide which questions and thoughts to offer first).

Thank you for your input! Keep 'em coming, and YES, PLEASE DO ADD THE NATURE OF THAT FIRST PURCHASE (THANK YOU @JC Gauthier !)

I've been curious. I'd like to get an idea of how long, on average, it takes BP users to acquire first investment properties from the time they get serious about making it happen. Yes, the time frame is different for everyone, and "serious" looks different for different people. So...you provide the information and I'll provide the outcomes:

1. How long until you closed on your first property.

2. Were you working full time or part time on REI when you acquired your property?

3. My first property came from ________ (MLS, Driving for Dollars, Yellow letters/postcards, another wholesaler found it for me, other)

4. My first property was located __________ (near my home, out of state, abroad, other)

5. I have been involved in REI for ________ months/years and I now have closed on roughly __________ properties.

6. I currently work at REI ______________ (full time or part time)

thank you @Brandon Turner !

right on :-) Happy to help.

So, in terms of blogs and categories, are individual blogs categorized at all or it's just a matter of searching to see if there is one on your topic?

Thank you!

@Brandon Turner: Home>blog>blog categories

and then when you click on blog categories (in a drop down menu along with "view my blog," "write a post," etc.) you get the option to create new categories.  I'm just not sure what happens with the categories once you have created them.

Hope that helps clarify.

Thanks for your help!

@Spenser Harding ! Congratulations! What neighborhood is the property in?  Look forward to connecting one of these days.  We're on the hunt, but still don't have anything under contract. How long do they anticipate the bank review will take? We keep seeing short sales and haven't decided how much hassle we're willing to endure (i.e. waiting a year to get an answer might not be for us, if that makes sense).

Okay, so I entered a number of different categories when I first set up my blog.  At that point I guess I was assuming that I would be applying one or more of those to each of individual posts, however that clearly is not the case. Okay, so now I'm wondering what exactly happens when you select multiple categories like that.

Thanks for your help! @Joshua Dorkin , maybe this is a question for you?

@Ed Lee: the owner bought just before the bottom dropped out of the market here. The house needed some help even then. The demoed down to the studs, then left the house standing long enough for people to break in, have parties, squat and wreak general havoc. 

@Spenser Harding   We're digging into most neighborhoods in Tacoma.  Currently working on leads in McKinnley, Proctor, Central, Lincoln and Hilltop. Been listening to PC#77...Good Stuff! Thank you!

@Jay Hinrichs: You're right, that is totally the competition, except I will say that with this particular owner, general contractors/rehabbers are a huge turn off for her, so my true advantage is the mom-with-heart-and-pure-motive standing :)

@Joe Gore: there was a GC there right before me who broke the rehab costs down for her. He had the same estimated cost. 

Okay @Matt C., thank you for asking! So, here is what happened (I learned so much through this process.  Obviously I will do things differently next time from the moment I start vetting the property owner, but live and learn, right?):

Ultimately, the owner decided that "if someone is just going to come in and flip this property, I may as well just do it myself." She owns the house outright (paid 205k cash back in 2006) and despite the condition of the property and the stress she is feeling in relation to the property, she is not able to connect to the low numbers that I and others are suggesting (in it's current condition, we're looking at 40-50k with about 90k in repairs to get to an AVR of 180k-200k). Her daughter came with her, and as we discussed the options after touring the property together, her daughter said, "Mom, I'll die before letting you take only $40k. I will come in and do all the work myself if it means that you get more money out of the property."

So, obviously, there's some emotion ruling the roost here. As it stands, we left on great terms with the intention to check in periodically and revisit the options if the project and stress prove to be more than she wants to deal with.

Thanks all for your continued feedback!