I need help…I’m wasting my opportunity

Real Estate Agent · Fort Lauderdale, FL · Member since 2016 · 61 posts · 19 votes

Guys, I’m a relatively successful realtor here in Fort Lauderdale FL. My whole life (I’m 26) I knew I wanted to buy real estate to rent out etc… well I’m at a point in my life where I have some money put away to do something but I’m literally lost…I’m ready for action, I just need help with the plan, numbers, etc. what should I do or where should I start?

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Mike Dymski

Investor · Greenville, SC · Member since 2016 · 5k+ posts · 13k+ votes

Read books, listen to podcasts, and, most importantly, analyze real opportunities (you'll learn the market that way and establish your criteria). You're an insider...buy undervalued properties and re-sell or rent them.

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Mike Dymski
Investor · Greenville, SC · Member since 2016 · 5k+ posts · 13k+ votes
3y
Read books, listen to podcasts, and, most importantly, analyze real opportunities (you'll learn the market that way and establish your criteria). You're an insider...buy undervalued properties and re-sell or rent them.
5 Reply
Tyler Piciullo
OP
Real Estate Agent · Fort Lauderdale, FL · Member since 2016 · 61 posts · 19 votes
3y
Quote from @Mike Dymski:

Read books, listen to podcasts, and, most importantly, analyze real opportunities (you'll learn the market that way and establish your criteria). You're an insider...buy undervalued properties and re-sell or rent them.

What are the best books or podcasts with real solid advice that’s applicable, not “idea advice”

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Jason Sousa
Real Estate Agent · Austin, TX · Member since 2022 · 95 posts · 39 votes
3y
There is no substitution for knowledge. Then get advice from other investors in your area by joining a meet up on facebook or the meetups app. Then take action with all that knowledge. There will always be opportunities for a good investment, just try to not make a bad one by not "knowing" what you are getting into. If at any point you feel you're uneasy about an investment, get advice here.
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DJ Thomas
Member since 2023 · 5 posts · 0 votes
3y
Would you be interested in an opportunity in Los Angeles? Or is that too far away?
0 Reply
Elisa Zhang
Investor · Seattle, WA · Member since 2015 · 43 posts · 19 votes
3y
Hey Tyler, is your goal replacing your current income? Capital growth? If you are a busy realtor have you looked into passive investment strategies? I have over 3,000 apartment units and now dedicate time to help others get started with complementary trainings. Feel free to ping me if interested
1 Reply
DJ Thomas
Member since 2023 · 5 posts · 0 votes
3y
I have a great investment opportunity if you would be open to purchasing and holding a rental property for two or three years. It’s currently vacant but I am willing to help place a tenant.

It would cost $525K (all-in, including closing costs), and you'd immediately step into significant equity. The tenant would have a lease option (rent-to-own), and would pay a deposit/option fee of $5-10K to move in. And they would pay for any and all maintenance costs while they live there, and their contract would state that they either have to purchase at $625K (or at the appraised value if it’s higher). If they don’t purchase within the allotted time, then they have to move.

This way, you can either walk away with the extra $100K, without having to pay realtor and traditional escrow fees because your buyer is already in the house, or you can have the tenant move out - because they've agreed to either buy or leave per the contract. You could then collect all of your money back in addition to the equity it’s earned. Or, you could choose to do something else - flip it, or even do a lease option with a higher-paying tenant.

This would be BEST if you can purchase WITHOUT A LOAN. Your cash would earn 5% annually. And upon exiting, it will have earned an additional six figures.

Zip code: 90043

Single Family Residence

2 bd, 1 ba

1,104 sqft

Average condition
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Taylor DaschBusiness Member
Real Estate Agent · Temple, TX · Member since 2022 · 1k+ posts · 700 votes
3y
Lol this became a sales thread real quick. Man to be honest, I feel like I was in the same boat a few years ago.
Here is kind of my story: I sold my "nice" house a year after buying it after reading rich dad poor dad. Moved into a much smaller property and then refinanced my very first property which gave me about 70k. I used that to purchase a deal on the market and then fix it up as well ( literally the worst way to do it). - My initial idea was to fix it up myself, I took about 4 months and realized I am not good at that kind of stuff. I had contractors finish it and pretty much considered my 70k a wash ( I still made out pretty well though in the end)
Well now I have maybe 10k left over and am door knocking for Real Estate Agent purposes. I come across a vacant home and contact the owner, he just wants to sell it. I was going to list it at 175k and ended up offering him 140k. But I was out of money and had no way to buy the deal, I knew of hard money but figured there was something that I would need or that I would need to put something down. I reached out to a few and then came across a great one in my area, I had to pay 5k for the property. We are just now refinancing, it should appraise for 250-260k and I'll have just about no money in the deal when I refinance.
After I purchased that one in Hard Money, I got another deal that I used hard money on. This is after about 1.5 years of trying to find deals. I truly believe that once I understood HML and PML, It opened my world up to buying anything that was an actual deal.
The reason I say all of this is because for me, I just needed to take action. Had I not jumped on that first deal I would probably still be sitting at home with 70k in my bank account, now Im sitting here with nothing in my bank account but about 330k in equity lol! I hope you get the knowledge you need and then the motivation to act on it, good luck!
[email protected]254-718-4249
Taylor Dasch | EG Realty560 Reviews
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Danny Polanski
Chicago, IL · Member since 2020 · 184 posts · 182 votes
3y
I say house hack with a 3-4+ unit building. You live in one unit and rent the others.
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Eliott Elias
Investor · Austin, TX · Member since 2021 · 9k+ posts · 5k+ votes
3y
How have you been a realtor this long and lost when it comes to you finding a deal. Time to get entrepreneurial, get creative and let it rub off on your clients. A lot of people who overpaid for their property a few years ago are selling subto with no money in their pocket.
1 Reply
Nathan GesnerBusiness Member
Moderator
Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
3y
Quote from @Tyler Piciullo:

Guys, I’m a relatively successful realtor here in Fort Lauderdale FL. My whole life (I’m 26) I knew I wanted to buy real estate to rent out etc… well I’m at a point in my life where I have some money put away to do something but I’m literally lost…I’m ready for action, I just need help with the plan, numbers, etc. what should I do or where should I start?

1. Start with BiggerPockets Ultimate Beginners Guide (free). It will familiarize you with the basic terminology and benefits. Then you can read a more in-depth book like The Book On Rental Property Investing by Brandon Turner or The Unofficial Guide to Real Estate Investing by Spencer Strauss.

2. Get your finances in order. Get rid of debt, build a budget, and save. The idea that you can build wealth without putting any money into it is a recipe for disaster and the sales pitch of gurus trying to steal your money. A wise investor will not try to get rich quick with shortcuts. If you can't keep control of your personal finances, you are highly unlikely to succeed in real estate investing. Check out my personal favorite, Set For Life by Scott Trench , or The Total Money Makeover by Dave Ramsey.

3. As you read these books, watch the BiggerPockets podcasts. This will clarify and reinforce what you are reading. You can hear real-world examples of how others have built their investment portfolio and (hopefully) learn to avoid their mistakes.

4. Now you need to figure out how to find deals and pay for them. Again, the BiggerPockets store has some books for this or you can learn by watching podcasts, reading blogs, and interacting on the forum. There is a handy search bar in the upper right that makes it easy to find previous discussions, blogs, podcasts, and other resources. BiggerPockets also has a calculator you can use to analyze deals and I highly recommend you start this as soon as possible, even if you are not ready to buy. If you consistently analyze properties, it will be much easier to recognize a good deal when it shows up. Find Brandon's videos on YouTube for the "four square" method of analyzing homes and practice. It doesn't take long to learn how to spot a good deal.

5. Study the market. You can learn to do this on your own or get a rockstar REALTOR to lead the way. I highly recommend a well-qualified REALTOR that works with investors and knows how to best help you.

6. Jump in! Far too many get stuck in the "paralysis by analysis" stage, thinking they just don't know enough to get started. The truth is, you could read 100 books and still not know enough because certain things need to be learned through trial-and-error. You don't need to know everything to get started; you just need a foundation to build on and the rest will come through experience and then refining your education.

You can build a basic understanding of investing in 3-6 months. How long it takes to be financially ready is different for everyone. Once you're ready, create a goal (e.g. "I will buy at least one single-family home, duplex, triplex, or fourplex before the end of 2019") and then do it. Real estate investing is a pretty forgiving world and the average person can still make money even with some pretty big mistakes.

The DIY Landlord Book4.7248 Reviews
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Tyler Piciullo
OP
Real Estate Agent · Fort Lauderdale, FL · Member since 2016 · 61 posts · 19 votes
3y
Quote from @Eliott Elias:

How have you been a realtor this long and lost when it comes to you finding a deal. Time to get entrepreneurial, get creative and let it rub off on your clients. A lot of people who overpaid for their property a few years ago are selling subto with no money in their pocket.
Because when you don’t know anything about construction, don’t have enough money to finance, and nobody in your life owns a piece of property, and you and only you are responsible for supporting yourself, it’s pretty easy to just lose focus of other things around you
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Tyler Piciullo
OP
Real Estate Agent · Fort Lauderdale, FL · Member since 2016 · 61 posts · 19 votes
3y
Quote from @Eliott Elias:

How have you been a realtor this long and lost when it comes to you finding a deal. Time to get entrepreneurial, get creative and let it rub off on your clients. A lot of people who overpaid for their property a few years ago are selling subto with no money in their pocket.
Also, when you lived in expensive markets your whole life, it’s very intimidating
0 Reply
Jaron WallingPro Member
Rental Property Investor · Indianapolis, IN · Member since 2018 · 4k+ posts · 4k+ votes
3y
Quote from @Tyler Piciullo:

Quote from @Eliott Elias:

How have you been a realtor this long and lost when it comes to you finding a deal. Time to get entrepreneurial, get creative and let it rub off on your clients. A lot of people who overpaid for their property a few years ago are selling subto with no money in their pocket.
Because when you don’t know anything about construction, don’t have enough money to finance, and nobody in your life owns a piece of property, and you and only you are responsible for supporting yourself, it’s pretty easy to just lose focus of other things around you

Tyler, the harsh reality is you need to get around NEW PEOPLE. Just based on your response it's probably time for some sacrifices in your life. Only you know what those are. You can learn basic construction and rehab skills for free online. You can side hustle and earn more $$$. You can sell something and earn more $$$. You can meet experienced people and have bigger conversations. That solves 75% of your investing road blocks and it takes 1-2 years. No sugar coating it.
1 Reply
Tyler Piciullo
OP
Real Estate Agent · Fort Lauderdale, FL · Member since 2016 · 61 posts · 19 votes
3y
Quote from @Jaron Walling:

Quote from @Tyler Piciullo:

Quote from @Eliott Elias:

How have you been a realtor this long and lost when it comes to you finding a deal. Time to get entrepreneurial, get creative and let it rub off on your clients. A lot of people who overpaid for their property a few years ago are selling subto with no money in their pocket.
Because when you don’t know anything about construction, don’t have enough money to finance, and nobody in your life owns a piece of property, and you and only you are responsible for supporting yourself, it’s pretty easy to just lose focus of other things around you

Tyler, it's hard to read that statement but the harsh reality is you NEW PEOPLE around you. Just based on your response it's probably time for some major sacrifices in your life. Only you know what that is. You can learn basic construction and rehab skills for free online. You can side hustle and earn more $$$. You can sell something and earn more $$$. You can meet experienced people and bigger conversations. That solves 75% of your road blocks and it takes 1-2 years. No

Jaron, what should be my first 3 steps? I will do these immediately, I used to network with a guy who flipped 100 houses a year and owns 400+ units,. he said go to my local REI group etc.. for my county or town
1 Reply
Jacob SloopBusiness Member
Rental Property Investor · Virginia Beach, VA · Member since 2020 · 274 posts · 111 votes
3y
Start small.
Get the first property. It doesn't have to be perfect. No big construction projects. Real estate is forgiving, and the longer you own something the better it looks.
[email protected]757-235-0369
Jacob Sloop538 Reviews
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Kerry Noble JrPro Member
Investor · Indianapolis, IN · Member since 2018 · 2k+ posts · 1k+ votes
3y
Start with your end goal in mind........then work backwards
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Jaron WallingPro Member
Rental Property Investor · Indianapolis, IN · Member since 2018 · 4k+ posts · 4k+ votes
3y
@Tyler Piciullo If you can touch base with an investor that owns 400+ units I would 100% try to ADD VALUE to them. That's a big connection. His professional network is probably insane. Find something they need or want and double down on it. If an investment property is a book with 10 chapters selling property is the last chapter. Its the least of my concern because I'm a buy/hold investor. There's 9 other chapters you could "attack" and add value.
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Tyler Piciullo
OP
Real Estate Agent · Fort Lauderdale, FL · Member since 2016 · 61 posts · 19 votes
3y
Quote from @Jaron Walling:

@Tyler Piciullo If you can touch base with an investor that owns 400+ units I would 100% try to ADD VALUE to them. That's a big connection. His professional network is probably insane. Find something they need or want and double down on it. If an investment property is a book with 10 chapters selling property is the last chapter. Its the least of my concern because I'm a buy/hold investor. There's 9 other chapters you could "attack" and add value.

He always told me to attended my local REIA, that's what he did to learn, my first class is tomorrow
0 Reply
Jaron WallingPro Member
Rental Property Investor · Indianapolis, IN · Member since 2018 · 4k+ posts · 4k+ votes
3y
Quote from @Tyler Piciullo:

Quote from @Jaron Walling:

@Tyler Piciullo If you can touch base with an investor that owns 400+ units I would 100% try to ADD VALUE to them. That's a big connection. His professional network is probably insane. Find something they need or want and double down on it. If an investment property is a book with 10 chapters selling property is the last chapter. Its the least of my concern because I'm a buy/hold investor. There's 9 other chapters you could "attack" and add value.

He always told me to attended my local REIA, that's what he did to learn, my first class is tomorrow

That's great. Just keep and open mind and shake some hands. That's the best thing you can do those meetings.
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Nicholas L.Pro Member
Flipper/Rehabber · Pittsburgh · Member since 2018 · 6k+ posts · 5k+ votes
3y
@Tyler Piciullo
house hack.
0 Reply
Brett Voorhees
Real Estate Agent · South Florida · Member since 2022 · 85 posts · 42 votes
3y
Just like @Mike Dymski said... Educate, educate, educate. There is no perfect strategy.. depends what your goal is and how you would like to get there. So many ways to go about it. I am a realtor in South, FL myself, if you are out of state and need some boots on the ground here shoot me a message. Best of luck!
1 Reply
Jay ThomasPro Member
Real Estate Agent · Houston, TX · Member since 2021 · 1k+ posts · 715 votes
3y
With knowledge, comes power. But it doesn't end there - you need to take action in order to reap the rewards of your investment. You can get valuable advice on investments by joining a local meet up group or attending events that are organized through social media platforms like Facebook and Meetups. Don't be afraid to ask questions or seek out help when it comes to investing - this is key to avoiding bad investments. If at any point, you feel uneasy about an investment, make sure you reach out for advice - it's always better to be safe than sorry! Investing wisely is all about making informed decisions and being aware of any potential risks before taking the plunge - but with the right knowledge and guidance, you can ensure that your money goes the right way. Investing can be a great opportunity to make your money work for you - so get informed, and get out there! Good luck!
[email protected]832-889-5607
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Jose EstradaPro Member
Flipper/Rehabber · Chicago, IL · Member since 2021 · 15 posts · 4 votes
3y
@Nathan Gesner by far the best response on this string.
1 Reply
Olivia Grabka
Property Manager · Leominster, MA · Member since 2022 · 103 posts · 50 votes
3y
@Tyler Piciullo. Buy a 4 family & owner occupy one of the units, this will allow you to buy with 3 to 5 down. Live in it for 2 years, then buy a 3 & repeat. Then buy a 2, after 2 years buy a single for yourself. Target properties that have been on market for 60+ days & try to buy around 85% of market value (you're an Agent so trust your analysis).
At the end of the 6 year run, you will own 9 units. You will have paid down the mortgages and you'll have some appreciation in value. Most importantly you will have cash flow to either (1) provide you income or (2) fund more purchases.
Act.
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Chris Levarek
Real Estate Syndicator · Phoenix, AZ · Member since 2018 · 903 posts · 1k+ votes
3y
I mean @Nathan Gesner gave you the guidebook in that post. Follow it.
Most will not take action even when the guidebook is given, so be different. Take action!
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