From the time I got interested in real estate to the time I bought my first investment property it was about 6 years! The first 2 years I did not have a job, but what was my excuse for the 4 years after that? I read more books than I can remember, I studied markets across the country and I looked at thousands of deals.
At some point I started to realize that I just needed to take action. If we wait for that “perfect deal” to come around then while we are waiting we will miss many other good deals. Know that you will make some mistakes, but that is just part of the game.
Here is an article I found that will help you get past some of the obstacles of getting your first deal done.
“What really stops first time investors from getting started? How do you get past those hurdles and limiting beliefs?
In my previous article, I revealed the 10 reasons investors say they are held back from getting started. Now let’s look at 3 solutions to each excuse, so that you can get started on your way to that first deal.
How to Overcome the 10 Biggest Obstacles Between You & Your First Deal
1. Time it Takes to Get Paid
Invest in rentals that are already throwing off cash flow.
Begin part-time while keeping your day job.
If your family doesn’t support you, find a group of people who do (via a local real estate club, BiggerPockets, etc.).
If your spouse doesn’t support you, practice some “togetherness” exercises surrounding real estate, and explain to them how you plan to invest wisely, showing them numbers, spreadsheets, etc. to give them more confidence.
Let the results speak for themselves.
Find investment options that fit your current available capital.
Partner up with other investors (know what you bring to the table — time, money, or deals).
Tap into your inner circle, i.e. family, friends, former work associates (treat their capital as if it was your own in the event you go this route).
4. Saving Up Enough
Invest first, then save a percentage of your returns.
Pay yourself first out of every paycheck and invest that money.
Leverage your savings with financing.
5. Finding Inventory Close By
Check out new, upcoming neighborhoods that others might be overlooking.
Look for deals in other cities.
Look for out-of-state deals…”
See the other 5 by reading more @