So you have discovered real estate investing. You have given it some serious thought and you think that real estate investing could be the key to a better future. It is perhaps the answer that you have been searching for. You just need to get out there and get your first deal and then the sky is the limit. But how does it take to go from 0 to 60? How long until you do your first deal?
In my case, it took me almost two years from the time I first learned about the power of real estate investing by watching a show by Robert Kiyosaki and buying my first investment property. Why so long? Well, the honest answer is that I was scared. Real estate costs a lot of money and I was heading into uncharted territory. While exciting, it was also just plain scary and being cautious by nature I was going to take my time.
Much To Learn And Do
One of the first things I found out after discovering the possibility of real estate investing was that I had a lot to learn. The learning curve was steep and I know that if I dove in head first without first learning how to swim I would end up in trouble. Big trouble.
So I took my time and studied.
I studied everything about real estate I could get my hands on. Back then, the world wide web was still sort of new with limited amounts of information. So that meant I went to my local library and checked out every book they had. Surprisingly, there was a lot to be found.
Then I networked.
I went to real estate seminars in the evenings and on the weekends. Then I discovered that there were groups called real estate investor associations, reia’s for short, in just about every major city across the United States. I found a local one and started going. It was at these seminars and reia meetings that I met successful real estate investors and made connections. I took people to lunch to pick their brains. I went to visit them as they were working on their properties. Absorbing as much as I could. I also found people like attorneys, accountants and contractors, who would help me when I was ready
At the same time I learned about my market.
Real estate investing means understanding the real estate market. Before starting to invest, one has to know what properties are selling for and the amount of income they will generate. There is no way to determine if a property will be a good buy without that knowledge. And since all real estate is local, learning your market takes specialized knowledge, knowledge that is gained only in talking with and studying local sources.
That all took about a year. After a year of studying, networking, meeting people and looking at real estate, I felt I was ready to find and purchase my first investment property.
I Had To Start Over
Then I moved halfway across the country.
Upon moving, I had to start a lot of things all over again. I had to find a new reia. I had to find new team members and I had to learn about a whole new real estate market. After another six months or so I was again ready and I bought my first investment property. It is a duplex which I still own to this day.
How long will it take you to buy your first investment property? Hard to say but I think at least six months of research, learning, networking and looking at properties is about right. Unless of course you move in the middle of your learning curve like I did.
Only you will know when you are ready. You are not in a race with anyone else so do not jump before you feel confident. But once you have a good feel for real estate investing from reading and listening, once you have found people to help and support you and once you have learned your real estate market, you will know when you are ready.
So how long did it take you to go from 0 to 60? How much time did you spend researching, learning and looking at properties before you bought your first investment property? Let me know with your comments.
