Posted by Brent_IL on July 04, 2003 at 17:58:52:
First offer - two weeks from Robert Allen 3-day seminar
First offer that made sense - 14 weeks
First deal -21 weeks
First non-losing deal - 11.5 months
First deal that made a cash profit instead of a paper gain - 2.5 years
Number of times starting out with zero assets, or less over a 27-year period - 3
If you search the archives for “mentor*” or “mentoring” you’ll probably have several weeks of reading.
How long before your 1st deal? - Posted by Ray M.
Posted by Ray M. on July 04, 2003 at 15:34:17:
I’ve been browsing the site for a few months now off and on this is really interesting to me. I was wondering how long did it take from the time you started reading up on Creative Real Estate Investing till the time you actually made your 1st deal? Also since I’m new here I wanted to know if anybody could suggest where I might be able to find a good mentor to help me out as I get started.
Re: How long before your 1st deal? - Posted by Mike G
Posted by Mike G on July 05, 2003 at 18:09:30:
Read my first book on real estate in Sept 01. Started reading up on creative real estate investing in May 02. Began attending seminars and REI clubs on a weekly basis. Secured a mentor and began actively searching for deals in Sept 02 (by this I mean running continuous ads, calling on ads, FSBO signs, etc.). Took over my first property sub 2 in Dec 02 (got the deed for $100 bucks and had 30 days to evict tenant before house was to be sold at FC sale…my mentor and I couldn’t successfully save it, but lost nothing more than $100 and seller thanked me for at least trying). Am in the middle of my first profitable deal now. Bought in June 03 using hard money. Currently have under contract for sale July 03 and expect to net over $20k. All in all, excluding the unsuccessful sub 2 deal, (keeping my fingers crossed) will end up being about 22 months since I first began reading about real estate before I complete my first profitable transaction.
However, I should point out that I am still in my mid-20’s and haven’t purchased my own personal residence yet, so I started w/ a knowledge base of literally zero. I think that anybody who has purchased their own place has a major advantage over those who haven’t. However, life isn’t fair and anything can be overcome w/ a little more time and effort. I’d say that over the past 14 months, I’ve dedicated no less than an hour or two a day to my REI education, w/ boatloads of all-day seminars on the weekends.
Hope this helps. Good luck.
Re: How long before your 1st deal? - Posted by Craig-SoMD
Posted by Craig-SoMD on July 04, 2003 at 23:02:36:
There is the issue of how you define getting started. Some people think they are getting started when they attend their first seminar or are listening to their first course. I got started in the last week of August last year, when I actually ran an ad in the paper(continuously since then) and started getting calls. Within two months I had my first deal(locked up a house on a lease option, great terms), a week later had a tenant-buyer and money in my pocket. Was full time in January, after getting laid off as an engineering project manager at a nuclear power plant. Bought four houses last month(got the deed on all four) with not a dime invested into any of them. I have lots more deals happening. I know now that it doesn’t need to take as long as it did for me to start getting some moneymaking opportunities in this business. Go for it.
Craig
Re: How long before your 1st deal? - Posted by guesswho
Posted by guesswho on July 04, 2003 at 22:37:35:
I started learning about real estate in June 2002. I read about putting a team together first then go looking for your deal.
I had a mortgage broker, real estate agent, property inspector, and mentor, and had my 1st deal in 3 months. I have a few houses now. And looking for more.
Re: How long before your 1st deal? - Posted by dell-ohio
Posted by dell-ohio on July 04, 2003 at 19:07:39:
The first book I remember reading was Robert Allen The Challenge. I read the entire thing in two nights.I was so excited I was sure I could walk on water.
The day after I finished the book, I was talking to a neighbor, because I had read the book I decided to ask him about his house he had for sale.
Said he has someone who was buying it but the buyer kept chewing him down, chewing him down and wasnt closing when he had agreed to.
I asked how much he was getting for it. I knew it was a really good deal. I told him if the buyer doesnt come through. That I would pay him $5,000 more, his original asking price.
The next morning the seller comes back and asks me how I slept the night before. Apparently he had not slept well.
Long story short, He maneuvered himself out of the contract. Offered it to me. I did not have any money and really bad credit, but had creative ideas after reading Allen. I talked to a friend and asked if I found a deal that we could make 20,000 on in thirty days would he put up the money to fund it and we split the profits. After he agreed I told him about the deal. We bought it, did a little rehab. “partner” decided he wanted to keep the house for himself and live in it.
He paid me $3,000 and a motorcycle valued at about $ 4,000. Then I did the Robert Allen three day seminar and bought and sold three more more properties during the next 15 years. Selling my "real business now, just started in real-estate almost full time in Jan. Purchased eleven properties since then.
I am having more fun than I imagined possible, and the profits are amazing for the amoiunt of time spend. I LUV IT !
good luck
dell-ohio