How long until your first deal? - Posted by Chris -CO

Posted by Tim Fierro (Tacoma, WA) on January 31, 2002 at 18:43:06:

Almost 6 months to the day. Hardly any marketing as I knew I was going to move to a new city. Took about 10 offers before I got one accepted and closed. 1 other offer was accepted, I didn’t like the inspection, and we didn’t close. 2 of them were negotiated back and forth but never to where I wanted the dollar figure to be and the correct terms. A few were offers verbally and never went no where, and the rest were contracts drawn and were not accepted.

I believe you have to do the deal if it makes sense to you. You are not in the rush to buy the property that you have to buy one right now. The deal will happen when it happens.

I actually purchased it for my personal residence as I want to set up here. I have the office in the home all set up and new cell phone for the area, while keeping the others, and have 3 phones in the house. My first mailing went out last week to owners of duplexes as that is what I am looking for. My next mailing will go to SFR’s where the owners have lived there for at least 4 years and the purchase price was under $50k. Now is when my marketing begins. Market for what you are after and network with others in your area so that deals you don’t want can be passed on; and deals that meet your criteria will be passed to you.

Just set your goals of what you want and work towards it, but dont’ worry if a deal has not happened yet on your terms. Just keep reviewing your offers to see why it was turned down and you will see a pattern eventually. But you will have to market in some fashion to let people know you want to buy their property.

How long until your first deal? - Posted by Chris -CO

Posted by Chris -CO on January 31, 2002 at 18:24:14:

How long did it take you from the minute you decided that you wanted to be a creative realestate investor to closing your first deal? How long did you market until your first response?

Re: 9 years! - Posted by GregNY

Posted by GregNY on January 31, 2002 at 18:54:43:

That’s 9 years from the minute I decided I wanted to
be a creative investor. I got Carlton Sheets tape set,
went through it, and never thought of it again until
early 2001. Starting reading this site in Feb. had my
first flip in June. 2 family FSBO: contracted for $30K,
flipped to a landlord for $49.9 (FMV: $65K, needed the doe)
marketed in the pennysaver for about two weeks when
I got the call. Played on the phone (negotiated) for a
week or so. Not bad for the first time.

Once you get the taste, you can kiss the diet goodbye!