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Justin Dziedzic
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Complete newbie - Seeking help

Justin Dziedzic
Posted Dec 21 2022, 15:59

Hi everyone. So, I'm seeking to gain my first property in the next few months to buy and hold. I'm certain I know how to analyze a deal, etc. but I am very confused when it comes to finding deals, funding them, and estimating the ARV. I joined a few wholesaler lists but am still lost when it comes to how to fund a deal if I find one. My mortgage lender stated that they do not lend on distressed properties, which I believe is the case everywhere so if it's difficult to find turnkey properties right now (which is what I'm finding), how do y'all fund a property plus the rehab? Say I have 30k cash to work with, how would I go about getting a, say 70k property plus the rehab. Is anyone a lender that I can bend their ear for a bit? Sorry for the elementary question, I feel that this is the only thing I am still not clear on that may be my final piece of the puzzle.

Looking for any and all mentorship/help I can find and very much appreciative of you all. 

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Taylor L.
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Taylor L.
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Replied Dec 21 2022, 16:19

You'll need to find a private money lender or money partner to fund the deal. Local real estate meetups are the best places to meet those people.

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Joseph Crunkilton
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Joseph Crunkilton
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Replied Dec 22 2022, 20:09

Hi Justin, 

Talk to a lender and get pre approved. It can feel overwhelming, have you ever considered turnkey rentals?

@Zach Lemaster runs a team that puts together profitable deals for investors. They help you through the process to make sure everything goes smoothly. I've bought a few deals from them and it has gone a long way to give me experience. 

Go check them out 

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Replied Dec 22 2022, 22:17

Hi Joseph,

I haven't seen a company like what you commented before. I read about them in a Bigger Pockets book but how do you go about finding them? I was looking to find a property in my area but didn't see any in their inventory.

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Justin Dziedzic
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Justin Dziedzic
Replied Dec 23 2022, 04:22
Quote from @Joseph Crunkilton:

Hi Justin, 

Talk to a lender and get pre approved. It can feel overwhelming, have you ever considered turnkey rentals?

@Zach Lemaster runs a team that puts together profitable deals for investors. They help you through the process to make sure everything goes smoothly. I've bought a few deals from them and it has gone a long way to give me experience. 

Go check them out 


 Thanks Josephe! I connected with Zach. I am currently looking at turnkey - problem is they seem to be difficult to come by in my market in the Lehigh Valley. I also admittedly may be suffering from some analysis paralysis! I have found a good lender that I am getting pre-qualified with who also offers a "fix and flip" loan which seems intriguing, so I'll look into that as well. Just have to be patient for now I suppose...

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Joseph Crunkilton
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Joseph Crunkilton
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  • Oregon City, OR
Replied Dec 23 2022, 07:26
Quote from @Justin Dziedzic:
Quote from @Joseph Crunkilton:

Hi Justin, 

Talk to a lender and get pre approved. It can feel overwhelming, have you ever considered turnkey rentals?

@Zach Lemaster runs a team that puts together profitable deals for investors. They help you through the process to make sure everything goes smoothly. I've bought a few deals from them and it has gone a long way to give me experience. 

Go check them out 


 Thanks Josephe! I connected with Zach. I am currently looking at turnkey - problem is they seem to be difficult to come by in my market in the Lehigh Valley. I also admittedly may be suffering from some analysis paralysis! I have found a good lender that I am getting pre-qualified with who also offers a "fix and flip" loan which seems intriguing, so I'll look into that as well. Just have to be patient for now I suppose...

 Just buy a turnkey that cash flows with conventional financing. Boom. Problem solved. 

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Justin Dziedzic
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Justin Dziedzic
Replied Dec 23 2022, 07:27
Quote from @Joseph Crunkilton:
Quote from @Justin Dziedzic:
Quote from @Joseph Crunkilton:

Hi Justin, 

Talk to a lender and get pre approved. It can feel overwhelming, have you ever considered turnkey rentals?

@Zach Lemaster runs a team that puts together profitable deals for investors. They help you through the process to make sure everything goes smoothly. I've bought a few deals from them and it has gone a long way to give me experience. 

Go check them out 


 Thanks Josephe! I connected with Zach. I am currently looking at turnkey - problem is they seem to be difficult to come by in my market in the Lehigh Valley. I also admittedly may be suffering from some analysis paralysis! I have found a good lender that I am getting pre-qualified with who also offers a "fix and flip" loan which seems intriguing, so I'll look into that as well. Just have to be patient for now I suppose...

 Just buy a turnkey that cash flows with conventional financing. Boom. Problem solved. 


 Maybe I’m overthinking lol. Will continue the search!

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Jack Nazarian
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Jack Nazarian
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Replied Dec 23 2022, 09:32

@Justin Dziedzic

When I was dealing with analysis paralysis I did the following(please try to humor me):

I treated the process of acquiring a property similarly to finding out that my wife was pregnant😅

Once the process started there was no going back and i just got myself as knowledgeable and prepared as possible before the big day(closing).

I spoke with an REI focused realtor, who referred me to her awesome lender, who got me pre-approved for the excellent investment leads that the realtor had been sending me.

Eventually the process felt like autopilot because I was working with these people that knew way more than I. Coupled with the foundation of knowledge built from the books and podcasts I have been digesting for the past years, I knew that the numbers worked and I just needed to trust my eyes.

Eventually the big day came and I was reborn a real estate investor.

I will admit, Negative Nancy was in the back of my skull kicking and screaming the entire time.

I guess the point to this rambling is to say you know what you know. Trust yourself or the professionals around you. If the deal is good, go get it. If it is not, walk away.

Take this with a grain of salt from a newbie with crippling self doubt 😀

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Steve Donovan
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Steve Donovan
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Replied Dec 23 2022, 09:36

Hello @Justin Dziedzic...Advance congrats on pulling the trigger on your first investment property!  I agree with Joseph above; turnkey is the most hands-off and safest approach so long as you do your diligence.  I've stated the following many times in these forums, but it's worth repeating:  

Many new investors look to turnkey to get started, as it provides an entry point that requires less hands-on and allows an investor to participate in markets that offer higher returns. If you go this route, it is important to realize that there is no common definition of turnkey. In terms of rehabbing the property, the workflow can range from throwing a coat of paint on a wall or two, to an entire gut of the mechanicals, windows, siding, and flooring. Some providers take the approach that a furnace or water heater with several years of expected life shouldn't be replaced in the rehab, but that the final product should be priced accordingly. That furnace will need to be replaced in the next few years, but just not yet... Some turnkey companies sell the property to investors at the point where the rehab work is identified and quoted, but not yet completed. The investor then waits for completion and tenant selection prior to earning any income. Other providers sell the units only after the rehab is completed and the tenant in place.

Any turnkey investor should ask very probing questions of the turnkey provider regarding the condition of all mechanicals, roof and windows prior to entering a deal. As you will soon find, there is no common definition of a turnkey property, and it can be very risky (and expensive) to make any assumptions.

The ongoing management of the property is another area of vastly different approaches to turnkey investments. Some providers simply sell the property, and the investor is left to find a management company, maintenance personnel, snow and lawn care providers, etc. Other providers offer up recommendations for these services, and still other turnkey companies offer these services as part of their overall package. The range of offerings is great, and no assumptions should be made; you need to ask very specific questions regarding who is to do what.  And remember that the property manager is the one that keeps the promises made by the turnkey provider - rent values, maintenance to maintain value, etc.

All the best to on your investment journey!

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Alex Evans
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Alex Evans
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Replied Dec 23 2022, 11:50

Hey Justin you could also look at turnkey properties that way it may be a little less overwhelming without having to do the rehab on the property. 

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Tyler Fontaine
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Tyler Fontaine
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Replied Dec 23 2022, 11:59

Glad you're jumping into it. Buying my first multi was one of the best decisions i've ever made. 

Respectfully if you can get the accurate ARV then your deal analysis isn't as bullet proof as it seems. A good place to get accurate ones is through a relator with the MLS, using propstream to check comps, or something like that. Once you have a good understanding of how to attain ARV you will be in much better shape.

Always be looking for comps with properties that are the same style house, similar bed count, within -10%/+10% of total sqrft age, and then ensure the quality of the property is taken into account.

Also, when analyzing deals be sure to include holding costs, money costs, taxes, selling costs, and so forth.

For finding deals - definitely go out to all the showings you can for off market deals. You can also hand write letters to addresses you drive by that seem distressed. You can find the owners contact info through public record then get their contact through propstream or batch leads.

Funding deals. Your best bet will be to go to you local real estate meet ups and ask around who the hard$/private money lenders. Also, google hard money lenders, start calling and see what they can take.

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Darius Ogloza
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Darius Ogloza
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Replied Dec 24 2022, 06:47

@Justin Dziedzic If you are looking to purchase and profit from a distressed property that you fix up over time, turnkey is not what you need.  Finding money is often the hardest part of getting started in real estate.  There are private and hard money lenders out there gushing with cash; however, trying to convince institutional lenders to put their faith in you when you have no experience to show is very tough.  Have you considered friends and family? Co-workers? My advise is work hard, save money look into the relationships you do have and look into fostering relationships with people who have the capacity to lend.  Good luck.  

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Justin Dziedzic
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Justin Dziedzic
Replied Dec 25 2022, 11:59
Quote from @Darius Ogloza:

@Justin Dziedzic If you are looking to purchase and profit from a distressed property that you fix up over time, turnkey is not what you need.  Finding money is often the hardest part of getting started in real estate.  There are private and hard money lenders out there gushing with cash; however, trying to convince institutional lenders to put their faith in you when you have no experience to show is very tough.  Have you considered friends and family? Co-workers? My advise is work hard, save money look into the relationships you do have and look into fostering relationships with people who have the capacity to lend.  Good luck.  

I appreciate this. And yes, thank you I have 30k that I’ve saved for this. So a decent conventional down payment on a turn key or a “fix and flip” loan my lender offers as well. Just working through how to find the best deal right now I guess. 
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Darrion Phelps
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Darrion Phelps
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Replied Dec 25 2022, 12:34

Justin, 

We've all been thru this stage. It really boils down to knowledge and experience. You'll get there. Keep pushing. You ask a few questions: How to Find Deals - the answer is simple. they are everywhere. Realtor.com, an investor-friendly agent, driving for dollars (pick an area/any area) or yes you can even send the ol'fashioned "hey I want to buy your property" letter. Funding Deals - the path you've chosen is likely a hard money/private equity lender path. When it comes to funding/financing many will do 80% purchase and 100% rehab cost. Trick is you'll need capital to start the rehab, keep your receipts/invoices, the lender/hard money will reimburse you. Again, the rehab process is wash, rinse, repeat. You start it, complete it, and they reimburse you. Estimating ARV - don't over think it. ARV is simply based on like properties that have sold in the area. If you're remodeling a 2-family flat, w/grantie counter tops, hardwood flrs, and 12ft ceilings, find one that is active (currently listed) or recently sold in the area that is similar to yours. There's your ARV.

A GOOD investor-friendly agent can make all this really easy. Sounds like that would be beneficial to you.

Hope that helps.

Darrion 

VantageReal.estate

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Justin Dziedzic
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Justin Dziedzic
Replied Dec 25 2022, 12:48
Quote from @Darrion Phelps:

Justin, 

We've all been thru this stage. It really boils down to knowledge and experience. You'll get there. Keep pushing. You ask a few questions: How to Find Deals - the answer is simple. they are everywhere. Realtor.com, an investor-friendly agent, driving for dollars (pick an area/any area) or yes you can even send the ol'fashioned "hey I want to buy your property" letter. Funding Deals - the path you've chosen is likely a hard money/private equity lender path. When it comes to funding/financing many will do 80% purchase and 100% rehab cost. Trick is you'll need capital to start the rehab, keep your receipts/invoices, the lender/hard money will reimburse you. Again, the rehab process is wash, rinse, repeat. You start it, complete it, and they reimburse you. Estimating ARV - don't over think it. ARV is simply based on like properties that have sold in the area. If you're remodeling a 2-family flat, w/grantie counter tops, hardwood flrs, and 12ft ceilings, find one that is active (currently listed) or recently sold in the area that is similar to yours. There's your ARV.

A GOOD investor-friendly agent can make all this really easy. Sounds like that would be beneficial to you.

Hope that helps.

Darrion 

VantageReal.estate

Agreed! I’m going to hunt for a good agent as my next step. 

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Zach Lemaster#3 Ask About A Real Estate Company Contributor
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Zach Lemaster#3 Ask About A Real Estate Company Contributor
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Replied Dec 26 2022, 10:43

@Joseph Crunkilton Thanks for the mention.

@Justin Dziedzic I just responded back to your message.  The RTR team looks forward to speaking with you.  We are here to assist however we can.  We have an outstanding reputation on BP for almost a decade.  Please feel free to read some reviews and threads that may help:

https://www.biggerpockets.com/users/ZacharyCole/references

https://www.biggerpockets.com/forums/92/topics/765347-rent-to-retirement-review

https://www.biggerpockets.com/forums/44/topics/1058814-first-time-with-new-construction-cape-coral-fl?highlight_post=6055029&page=1

https://www.biggerpockets.com/forums/850/topics/895660-my-first-investment-property-an-out-of-state-deal

https://www.biggerpockets.com/forums/88/topics/1047543-big-profits-from-new-construction-sfr-build-in-cape-coral-fl

https://www.biggerpockets.com/forums/92/topics/983659-first-investment-property-with-rent-to-retirement?highlight_post=5677176&page=1#p5677176

https://www.biggerpockets.com/co/RentToRetirement

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David Ribardo
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David Ribardo
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Replied Dec 28 2022, 05:07

Hey Justin! I see a lot of folks giving you advice here, but much of it seems to be based upon promoting their self-interest.

What are your goals with your investing? If you are looking to retire in 5 years, that will be very different than someone looking to build a generational wealth and pay for their kids college. What is your risk tolerance? Do you want to be hands-on, or hands off? Are you looking at local markets where you can work in person, or are you willing to trust a remote team?

The Lehigh Valley is very different in terms of the wholesaling market. Yes, there are folks that you can buy deals from here. However, it's not quite like Philly, where there are tons to be had. Be wary of using one for your first deal, as most of them leave you exposed to risk in one way or another compared to an on-market deal.

My biggest bit of advice, is to seek guidance from somebody who specializes in helping new investors like yourself get up and running. You should never have to be someone's guinea pig. When I got started years ago down in Louisiana, I had not one but two agents, property management company, and a contractor that I thought were going to be a great fit. Unfortunately, they sold me three properties that turned out to be on the lower end of the market, needing tons of rehab. Ultimately those became a great lesson learned and what not to do. If you're seed money is $30,000, something like that could set you back years. Make sure your first one is profitable, don't try and swing for the fences, but find something that's going to generate you a consistent and positive return. If you ever want to talk more, let me know, it looks like we're local!

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Lauren Ruppert
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Lauren Ruppert
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Replied Dec 29 2022, 16:48

Hi Justin, 

  You might be overthinking it. Just get a property that you can rent out with very little rehab/renovation.  I have 12 doors in Reading, PA and Temple, PA.  I thought about your area, but the prices were a wee bit too high. I like a GOOD return.  Anywho, there are some great deals on turn-key in my area. I'm under contract right now for one, but the appraisal came in 12k lower than asking and I'm thinking they will back out before they lower the price. However, it's a good house 4+2 (125K price).  

About Reading, PA... don't believe the negative hype. There are a lot of positive things happening, big things. I don't know how old you are, but Harlem, NY Inglewood, CA,  Colfax district of Colorado....are examples of areas that people said were, "so bad" and now you need $500K to buy a shack in those places.Do some research on the Penn St revitalization, Alvernia University downtown campus, and the train to Philly.   

FYI, we bought our first property in December 2019...we now have 12 doors.  None of our mortgages exceed $630 and we rent for no less than $1100 (except for one unit in a multi that's rented for $750 ).

So, what you want to do is possible, but you might be trying to do too much at one time.  Just get a property and get the cash flowing...the others will come.

Good luck! Feel free to inbox me if you have questions... I'm a retired teacher,  so I have time...lol! 

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Drew Sygit#2 Managing Your Property Contributor
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Drew Sygit#2 Managing Your Property Contributor
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Replied Jan 2 2023, 16:46

Look for DSR lenders

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James Wise#3 All Forums Contributor
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James Wise#3 All Forums Contributor
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Replied Jan 4 2023, 14:09
Quote from @Justin Dziedzic:

Hi everyone. So, I'm seeking to gain my first property in the next few months to buy and hold. I'm certain I know how to analyze a deal, etc. but I am very confused when it comes to finding deals, funding them, and estimating the ARV. I joined a few wholesaler lists but am still lost when it comes to how to fund a deal if I find one. My mortgage lender stated that they do not lend on distressed properties, which I believe is the case everywhere so if it's difficult to find turnkey properties right now (which is what I'm finding), how do y'all fund a property plus the rehab? Say I have 30k cash to work with, how would I go about getting a, say 70k property plus the rehab. Is anyone a lender that I can bend their ear for a bit? Sorry for the elementary question, I feel that this is the only thing I am still not clear on that may be my final piece of the puzzle.

Looking for any and all mentorship/help I can find and very much appreciative of you all. 

You'd probably be best to just buy a house off the MLS that needs minimal cosmetic repairs and slap a tenant in there after you get them done.

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Justin Dziedzic
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Justin Dziedzic
Replied Jan 5 2023, 14:30
Quote from @Jack Nazarian:

@Justin Dziedzic

When I was dealing with analysis paralysis I did the following(please try to humor me):

I treated the process of acquiring a property similarly to finding out that my wife was pregnant😅

Once the process started there was no going back and i just got myself as knowledgeable and prepared as possible before the big day(closing).

I spoke with an REI focused realtor, who referred me to her awesome lender, who got me pre-approved for the excellent investment leads that the realtor had been sending me.

Eventually the process felt like autopilot because I was working with these people that knew way more than I. Coupled with the foundation of knowledge built from the books and podcasts I have been digesting for the past years, I knew that the numbers worked and I just needed to trust my eyes.

Eventually the big day came and I was reborn a real estate investor.

I will admit, Negative Nancy was in the back of my skull kicking and screaming the entire time.

I guess the point to this rambling is to say you know what you know. Trust yourself or the professionals around you. If the deal is good, go get it. If it is not, walk away.

Take this with a grain of salt from a newbie with crippling self doubt 😀


 Thanks for this. Did you find that an investment friendly realtor made a big difference? I feel as though that may be a factor in my issue as well as my current realtor is brand new to being an agent, let alone knowledgeable in investments. 

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Jack Nazarian
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Jack Nazarian
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Replied Jan 5 2023, 16:43
Quote from @Justin Dziedzic:
Quote from @Jack Nazarian:

@Justin Dziedzic

When I was dealing with analysis paralysis I did the following(please try to humor me):

I treated the process of acquiring a property similarly to finding out that my wife was pregnant😅

Once the process started there was no going back and i just got myself as knowledgeable and prepared as possible before the big day(closing).

I spoke with an REI focused realtor, who referred me to her awesome lender, who got me pre-approved for the excellent investment leads that the realtor had been sending me.

Eventually the process felt like autopilot because I was working with these people that knew way more than I. Coupled with the foundation of knowledge built from the books and podcasts I have been digesting for the past years, I knew that the numbers worked and I just needed to trust my eyes.

Eventually the big day came and I was reborn a real estate investor.

I will admit, Negative Nancy was in the back of my skull kicking and screaming the entire time.

I guess the point to this rambling is to say you know what you know. Trust yourself or the professionals around you. If the deal is good, go get it. If it is not, walk away.

Take this with a grain of salt from a newbie with crippling self doubt 😀


 Thanks for this. Did you find that an investment friendly realtor made a big difference? I feel as though that may be a factor in my issue as well as my current realtor is brand new to being an agent, let alone knowledgeable in investments. 

For me personally it made all of the difference in the world.

My realtor has her own portfolio of rentals in the same market. She sent me a spreadsheet showing how her numbers pencil out for the property. Of course I took these numbers with a grain of salt, but when I re-ran them and got similar answers it did wonders for my self confidence.

it makes a huge difference. If I did not have that hand holding I would not have a property today.

once your lender gets you a monthly payment number it will help you get a clearer picture of what your return will be.

sorry for more rambling

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Justin Dziedzic
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Justin Dziedzic
Replied Jan 5 2023, 16:46
Quote from @Jack Nazarian:
Quote from @Justin Dziedzic:
Quote from @Jack Nazarian:

@Justin Dziedzic

When I was dealing with analysis paralysis I did the following(please try to humor me):

I treated the process of acquiring a property similarly to finding out that my wife was pregnant😅

Once the process started there was no going back and i just got myself as knowledgeable and prepared as possible before the big day(closing).

I spoke with an REI focused realtor, who referred me to her awesome lender, who got me pre-approved for the excellent investment leads that the realtor had been sending me.

Eventually the process felt like autopilot because I was working with these people that knew way more than I. Coupled with the foundation of knowledge built from the books and podcasts I have been digesting for the past years, I knew that the numbers worked and I just needed to trust my eyes.

Eventually the big day came and I was reborn a real estate investor.

I will admit, Negative Nancy was in the back of my skull kicking and screaming the entire time.

I guess the point to this rambling is to say you know what you know. Trust yourself or the professionals around you. If the deal is good, go get it. If it is not, walk away.

Take this with a grain of salt from a newbie with crippling self doubt 😀


 Thanks for this. Did you find that an investment friendly realtor made a big difference? I feel as though that may be a factor in my issue as well as my current realtor is brand new to being an agent, let alone knowledgeable in investments. 

For me personally it made all of the difference in the world.

My realtor has her own portfolio of rentals in the same market. She sent me a spreadsheet showing how her numbers pencil out for the property. Of course I took these numbers with a grain of salt, but when I re-ran them and got similar answers it did wonders for my self confidence.

it makes a huge difference. If I did not have that hand holding I would not have a property today.

once your lender gets you a monthly payment number it will help you get a clearer picture of what your return will be.

sorry for more rambling

 Thanks man. I have all my approvals etc from the lender and have some prospects on realtors. Thanks!