What is your biggest challenge right now?

Head of Product at BiggerPockets · Saratoga Springs, UT · Member since 2022 · 22 posts · 23 votes

Hello new investors! My name is Trevor Riley, I'm Head of Product at BiggerPockets. I have a very simple question I would love to hear from as many of you as possible:

What is your biggest challenge right now?

Whether you recently closed on your first investment property, are just thinking about getting into it, or are anywhere between, let me know what the largest challenge or problem you are facing right now that must be resolved for you to keep moving towards achieving your long term financial goals.

[email protected]

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Joe Acot

Chicagoland Area · Member since 2021 · 4 posts · 13 votes

biggest challenge is getting in the game already. Im a full time registered nurse, was inspired by rich dad poor dad, found bigger pockets, read BT's book and BRRRR book, and now looking to get out of healthcare for more feedom and time for myself family friends and other people.

The books taught me the things i need to do to get ready like get bigger pockets PRO, analyze deals, get pre approved, be active in BP forums etc etc but i just dont do it. too busy too tired or whatever.

I have my "WHY" but i guess im just terrified of getting out of my comfort zone and take on the challenge. Plus im an introvert kinda person so its hard for me to reach out to other people.

Any of you guys are introverts too and founf success in real estate? how did you overcome YOU and finallt did it?

You guys have a great day!

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Trevor RileyPro Member
OP
Head of Product at BiggerPockets · Saratoga Springs, UT · Member since 2022 · 22 posts · 23 votes
4y
Quote from @Cody Morrell:

Quote from @Trevor Riley:

Quote from @Cody Morrell:

Coming up with criteria that make deals work - COCROI, NOI, whether to cash flow or go with appreciation.
Also, getting my head out of my backside and starting to take the steps to get my first rental.

Thanks for sharing, Cody! It looks like you have an idea of what criteria to use. What would give you the confidence to know that you have the right criteria for you? Is that the only thing holding you back from starting to take the steps to get your first rental? You got this!
I appreciate the encouragement, Trevor!

Repetition in analyzing deals would give me confidence and also going through the whole process of getting pre-approved, getting the right leads, making sure the numbers work, putting in offers and succeeding. Pretty much doing the whole LAPS process.

So far I am one step in with getting pre-approved and I already have a local investor/agent I’m going to meet up with to help me with leads!

Nice! It's hard to replace experience with anything other than experience :). My product team is very interested in helping solve the deal analyzing problem.
[email protected]
0 Reply
Trevor RileyPro Member
OP
Head of Product at BiggerPockets · Saratoga Springs, UT · Member since 2022 · 22 posts · 23 votes
4y
Quote from @Aaron Cox:

Trying to pick a market and build a team to help the out of town investor

Hey Aaron, thanks for sharing! How are you going about evaluating markets and narrowing them down today?
[email protected]
0 Reply
Trevor RileyPro Member
OP
Head of Product at BiggerPockets · Saratoga Springs, UT · Member since 2022 · 22 posts · 23 votes
4y
Quote from @Joe Acot:

biggest challenge is getting in the game already. Im a full time registered nurse, was inspired by rich dad poor dad, found bigger pockets, read BT's book and BRRRR book, and now looking to get out of healthcare for more feedom and time for myself family friends and other people.
The books taught me the things i need to do to get ready like get bigger pockets PRO, analyze deals, get pre approved, be active in BP forums etc etc but i just dont do it. too busy too tired or whatever.
I have my "WHY" but i guess im just terrified of getting out of my comfort zone and take on the challenge. Plus im an introvert kinda person so its hard for me to reach out to other people.
Any of you guys are introverts too and founf success in real estate? how did you overcome YOU and finallt did it?
You guys have a great day!

Joe, thanks for sharing! I am definitely more of an introvert so I can relate. I sense there are a lot of folks in your position who are the edge of transitioning from learning to doing, but haven't quite made the leap yet. I'd love to know if there is anything that ends up being the catalyst that gets you in the game. It sounds like you are well educated and know your "why" so that is a great start. You've got this!
[email protected]
0 Reply
Noah Kellar
Rental Property Investor · Asheville, NC · Member since 2021 · 46 posts · 14 votes
4y
@Trevor Riley
Finding good deals in such a limited market. I live in an area where the price of homes have increased by 10% or more annually, even before the spike. Finding multifamily to FHA. 3.5% down don't cash flow on any of the properties I've visited/ran #s on.
3 Reply
Carlos Ptriawan
Member since 2019 · 7k+ posts · 4k+ votes
4y
Quote from @Trevor Riley:

Hello new investors! My name is Trevor Riley, I'm Head of Product at BiggerPockets. I have a very simple question I would love to hear from as many of you as possible:
What is your biggest challenge right now?
Whether you recently closed on your first investment property, are just thinking about getting into it, or are anywhere between, let me know what the largest challenge or problem you are facing right now that must be resolved for you to keep moving towards achieving your long term financial goals.

My biggest problem is, if not the tenant, it's the city that creates issues for repair. And that's after doing everything is right.
3 Reply
Corey Martin
Real Estate Agent · Nashville, TN · Member since 2022 · 54 posts · 36 votes
4y
Need Buyers in Nashville. Mostly cash buyers. But Ill take buyers cause I have sellers!
1 Reply
Makuba Acha
Member since 2020 · 3 posts · 2 votes
4y
@Trevor Riley looking for cash buyer in Wisconsin for a duplex and a private money lender that works with first time fix and flips I have a deal on an assigned contract first while I am excited
2 Reply
Jackson Mertes
Realtor · Minneapolis, MN · Member since 2020 · 50 posts · 22 votes
4y
@Trevor Riley right now, without a doubt, my biggest obstacle to investing is interest rates. Rising interest rates have diminished my buying power considerably, making buying my first property much more difficult.
2 Reply
Joshua MessingerBusiness Member
Property Manager · Poconos, PA · Member since 2020 · 443 posts · 264 votes
4y
This is a good one!
I have noticed over the past couple of weeks one of the biggest challenges I've faced is with organizing and making sure I'm using time efficiently.
When you waste time and aren't moving in a direction with meaning/purpose it can do damage to you emotionally and physically. I recommend making sure that you are taking care of yourself on all levels whether it be business-wise, health-wise, or financially. Don't let yourself forget why you get started and take every day with a grain of salt.
Keep crushing everyone!!
All the best,
Josh

[email protected]484-986-5012
5 Reply
Leslie L Meneus
Rental Property Investor · Miami, FL · Member since 2019 · 81 posts · 23 votes
4y
@Trevor Riley
Everything, i need a mentor, investors & a system that can carry the load all its own. Any advice,( anyone)?
1 Reply
Mari Puga
Investor · Member since 2021 · 54 posts · 15 votes
4y
Finding a good mastermind group to keep the momentum and knowledge going. It is difficult to get I might start my own.
3 Reply
Vicky L.
Investor · Simi Valley, CA · Member since 2019 · 46 posts · 35 votes
4y
@Trevor Riley finding a deal where the numbers work. Prices are high, interest rates have gone up, sellers are expecting a high sell price and regular buyers think they have to offer over asking. I'm looking for an off-market deal but being a beginner investor I'm just learning as I go.
2 Reply
Steve Redd
Rental Property Investor · Kansas City, MO · Member since 2018 · 23 posts · 21 votes
4y
The biggest challenge at the moment is finding patience. We just finished the rehab on our first deal (STR). I underestimated rehab expenses, so we are cash-poor at the moment. We are so excited to see that first investment working for us over the last 4 weeks that we can't help but look for the next deal, and it has been hard have the discipline to wait until my finances are right again!
4 Reply
Carlos Gonzalez
Investor · Phoenix, AZ · Member since 2015 · 346 posts · 170 votes
4y
@Trevor Riley
Biggest challenge is getting up from the bed everyday
1 Reply
Jeff Miller
Member since 2022 · 12 posts · 6 votes
4y
My biggest challenge right now is to decide whether I should keep the investment property I bought or sell it. The property I bought has polybutylene pipes and I have not been able to find someone in South Florida who can get everything done (repipe, permits, repatching) in a reasonable period of time and cost. Horror stories in Google Reviews indicate that a combination of bad contractors and slow permits can make this process over 18 months (!!) long.
3 Reply
Americas Miller
Real Estate Agent · York, PA · Member since 2021 · 1 post · 2 votes
4y
@Trevor Riley
I am trying to gain experience in the real estate world. Building connections, meeting people, and understanding all the moving parts in a real estate transaction.
2 Reply
Jordan MoorheadBusiness Member
Real Estate Agent · Austin, TX · Member since 2015 · 5k+ posts · 3k+ votes
4y
@Trevor Riley finding good people that want to work!
[email protected]512-888-9122
The Moorhead Team5140 Reviews
Website View Page
0 Reply
Andrew Kennedy
Member since 2022 · 20 posts · 39 votes
4y
Biggest challenge: I have capital to purchase a few properties outright. I understand the BRRRR method, but when it comes to turnkey, rent ready properties (maybe the have minor cosmetic fixes like paint/carpet/landscaping) I'm at a loss. If I purchase the property outright, learning about refinancing or using a HELOC to reclaim some of my investment capital to move on to the next deal is a bit concerning. My concern is ensuring I get the best opportunity to reclaim my capital without busting my cash flow. So for me, talking to lenders about all of the possible options is a little intimidating at my point in my real estate career, but it is something I need to do.
What I would like is getting education without actually doing the actual refinance so when I actually go to do it, I understand all of the ins and outs. But, learn by doing is best so I just need to get over that.
1 Reply
Cody Morrell
Bismarck, ND · Member since 2022 · 10 posts · 8 votes
4y
Quote from @Andrew Kennedy:

Biggest challenge: I have capital to purchase a few properties outright. I understand the BRRRR method, but when it comes to turnkey, rent ready properties (maybe the have minor cosmetic fixes like paint/carpet/landscaping) I'm at a loss. If I purchase the property outright, learning about refinancing or using a HELOC to reclaim some of my investment capital to move on to the next deal is a bit concerning. My concern is ensuring I get the best opportunity to reclaim my capital without busting my cash flow. So for me, talking to lenders about all of the possible options is a little intimidating at my point in my real estate career, but it is something I need to do.
What I would like is getting education without actually doing the actual refinance so when I actually go to do it, I understand all of the ins and outs. But, learn by doing is best so I just need to get over that.
Your last sentence says it all. It’s a “just do it” game right now. What’s it hurt to go see what the numbers look like and go from there? All it would cost you is time - Free education
2 Reply
Carlos Ptriawan
Member since 2019 · 7k+ posts · 4k+ votes
4y
Quote from @Joshua Messinger:

This is a good one!
I have noticed over the past couple of weeks one of the biggest challenges I've faced is with organizing and making sure I'm using time efficiently.
When you waste time and aren't moving in a direction with meaning/purpose it can do damage to you emotionally and physically. I recommend making sure that you are taking care of yourself on all levels whether it be business-wise, health-wise, or financially. Don't let yourself forget why you get started and take every day with a grain of salt.
Keep crushing everyone!!
All the best,
Josh

Use google sheets as for decision-making tools and also for what-if scenario. I run my number every few months and the sheets are extremely useful.
1 Reply
Eric Coats
Member since 2022 · 23 posts · 21 votes
4y
My biggest struggle right now is finding a deal that works. I have one rental that I've had for years that was a house hack, things are fine there. I have the available capital, but everything I come across in the Puget Sound Area of Washington, just won't cash flow properly taking into consideration vacancies, and reserves for capital improvements.
1 Reply
Trent Reeve
Atlanta · Member since 2022 · 710 posts · 640 votes
4y
Quote from @Tom Dempsey:

Working on building capital and getting enough in the bank to be able to buy my first investment. I don't want to rush anything as I have seen a bunch of other people my age and a little older get out of the gate too quickly and its only hurt them. It is rough waiting as the excitement levels climb but I am in it for the long haul!

this is where im at. finalizing my money so that i can move on a property. but i agree, not looking to buy just to buy, finding a property near me in NW Atlanta, where purchase price and rental price work so that i can feel comfortable and not take a loss.
1 Reply
Tom Dempsey
Home Stager · Poconos, PA · Member since 2022 · 45 posts · 30 votes
4y
Quote from @Trevor Riley:

Quote from @Tom Dempsey:

Working on building capital and getting enough in the bank to be able to buy my first investment. I don't want to rush anything as I have seen a bunch of other people my age and a little older get out of the gate too quickly and its only hurt them. It is rough waiting as the excitement levels climb but I am in it for the long haul!

Tom, thanks for sharing! It sounds like you and Preston are in the same boat. What does it look like to get out of the gate too quickly to you? Being over leveraged? Not waiting for the best deal to come along?
Waiting for the best deal to come along and making sure I have enough cash on hand to ensure I can make the property cash flow what it should be. I recently watched somebody jump in too early with not enough cash on a rehab and now he has been sitting on it for a couple months with no improvement.
2 Reply
Boydie Maraj
Investor · Washington, D.C. · Member since 2019 · 3 posts · 7 votes
4y
@Trevor Riley - After doing my first deal a few months ago, I caught the real estate bug and want to do more! Right now, I'm looking to find a multi-family house hack, but I don't have enough capital to do another deal and I am having to look out of state because I'm not able to afford anything in my current area.
1 Reply
Account Closed
Member since 2022 · 16 posts · 9 votes
4y
Quote from @Trevor Riley:

Hello new investors! My name is Trevor Riley, I'm Head of Product at BiggerPockets. I have a very simple question I would love to hear from as many of you as possible:
What is your biggest challenge right now?
Whether you recently closed on your first investment property, are just thinking about getting into it, or are anywhere between, let me know what the largest challenge or problem you are facing right now that must be resolved for you to keep moving towards achieving your long term financial goals.

My biggest challenge right now would be getting enough capital to meet the liquidity requirements to qualify for my HML. That number is $15k and as a college student that is hard to have saved in my bank account at once. I am considering using a private individual and paying them 10% on that when I sell the flip.
1 Reply

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