So what's holding you back?
Rental Property Investor · East Providence, RI · Member since 2018 · 1k+ posts · 1k+ votes
So what's holding you back?
Most Popular Reply
Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
3yI doubt you'll see thousands of responses. The majority of people are blaming high prices, high interest rates, low inventory, and lots of competition. Those are all true. It's not a great market right now and I expect it will get worse before it gets better.
David Greene compares it to swimming against the current. You can sit on the shoreline and wait for the current to change in your favor or you can keep swimming against the current. Those that continue to swim against the current may not make much progress, and they may even go backwards, but they will continue improving their technique and getting stronger. When the currents eventually shift, the people sitting on the shore will be late to notice the shift and they'll take time to get back into a rythm. Meanwhile, those that stayed in the water will take off like rockets and blow away the competition.
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115 Replies
- Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes3y
I doubt you'll see thousands of responses. The majority of people are blaming high prices, high interest rates, low inventory, and lots of competition. Those are all true. It's not a great market right now and I expect it will get worse before it gets better.
David Greene compares it to swimming against the current. You can sit on the shoreline and wait for the current to change in your favor or you can keep swimming against the current. Those that continue to swim against the current may not make much progress, and they may even go backwards, but they will continue improving their technique and getting stronger. When the currents eventually shift, the people sitting on the shore will be late to notice the shift and they'll take time to get back into a rythm. Meanwhile, those that stayed in the water will take off like rockets and blow away the competition.
The DIY Landlord Book4.7248 Reviews - 3yJaron WallingPro MemberRental Property Investor · Indianapolis, IN · Member since 2018 · 4k+ posts · 4k+ votes
@Nathan Gesner 1000% agree. People don't get strong without swimming. We have struggled to find deals and capital but we succeeded at finding, vetting, and working with new contractors. Guys that charge realistic prices and don't rip you off.
- Rental Property Investor · East Providence, RI · Member since 2018 · 1k+ posts · 1k+ votes3yI agree that those taking action will have a higher likelihood of success.
Quote from @Nathan Gesner:
I doubt you'll see thousands of responses. The majority of people are blaming high prices, high interest rates, low inventory, and lots of competition. Those are all true. It's not a great market right now and I expect it will get worse before it gets better.
David Greene compares it to swimming against the current. You can sit on the shoreline and wait for the current to change in your favor or you can keep swimming against the current. Those that continue to swim against the current may not make much progress, and they may even go backwards, but they will continue improving their technique and getting stronger. When the currents eventually shift, the people sitting on the shore will be late to notice the shift and they'll take time to get back into a rythm. Meanwhile, those that stayed in the water will take off like rockets and blow away the competition.
I'm sure that many people will give up short term and will miss the boat. - Rental Property Investor · East Providence, RI · Member since 2018 · 1k+ posts · 1k+ votes3y
Quote from @Jaron Walling:
@Nathan Gesner 1000% agree. People don't get strong without swimming. We have struggled to find deals and capital but we succeeded at finding, vetting, and working with new contractors. Guys that charge realistic prices and don't rip you off.
When you say new contractors, are you saying newer to the business or new to you? I am trying to get a sense if contractors are slowing down and have more free time. Not a ton of free time but at one point, some contractors did not even have time to breathe.
- Rental Property Investor · East Providence, RI · Member since 2018 · 1k+ posts · 1k+ votes3y
Quote from @Nathan Gesner:
I doubt you'll see thousands of responses. The majority of people are blaming high prices, high interest rates, low inventory, and lots of competition. Those are all true. It's not a great market right now and I expect it will get worse before it gets better.
David Greene compares it to swimming against the current. You can sit on the shoreline and wait for the current to change in your favor or you can keep swimming against the current. Those that continue to swim against the current may not make much progress, and they may even go backwards, but they will continue improving their technique and getting stronger. When the currents eventually shift, the people sitting on the shore will be late to notice the shift and they'll take time to get back into a rythm. Meanwhile, those that stayed in the water will take off like rockets and blow away the competition.
I am actually very excited about the current market. Being creative is back. It's not all about top dollar at the moment in many markets.
- 3yJaron WallingPro MemberRental Property Investor · Indianapolis, IN · Member since 2018 · 4k+ posts · 4k+ votes
Quote from @Frank Patalano:
Quote from @Jaron Walling:
@Nathan Gesner 1000% agree. People don't get strong without swimming. We have struggled to find deals and capital but we succeeded at finding, vetting, and working with new contractors. Guys that charge realistic prices and don't rip you off.
When you say new contractors, are you saying newer to the business or new to you? I am trying to get a sense if contractors are slowing down and have more free time. Not a ton of free time but at one point, some contractors did not even have time to breathe.
New to us. New to our specific projects to renovate distressed properties.
- 3ySheri FluellenBusiness MemberReal Estate Agent · Cheyenne, WY · Member since 2020 · 122 posts · 64 votes
Love this question!! I'm actually a high performance coach and over half my clients are real estate investors. A lot of what I see (and work with clients on) is gaining a stronger vision and purpose. Because without that solid clarity around where the investor is headed ultimately, the actions because slow, erratic, and lack cohesiveness.
The Titan Real Estate Team, Real Broker52 Reviews - Member since 2023 · 114 posts · 36 votes3y
I pondered on this question for couple of years. My partner and I bought one property in 2016. We could not sell it quickly, rented it out and sold next year 2018 for a decent profit.
Then I wanted to flip on my own and did not happen till 2021. I had every excuse to not to make it - too far, no profit, location is not good, etc.
Finally I bought it with an intention that its okay if I am not going to make a profit but just let me gain the experience. That worked. I made a profit on that and bought another two after that. My current property is now listed on the market.
- Rental Property Investor · East Providence, RI · Member since 2018 · 1k+ posts · 1k+ votes3yIt seems that many people who don't have a strong vision or purpose often don't have strong goals either.
Quote from @Sheri Fluellen:
Love this question!! I'm actually a high performance coach and over half my clients are real estate investors. A lot of what I see (and work with clients on) is gaining a stronger vision and purpose. Because without that solid clarity around where the investor is headed ultimately, the actions because slow, erratic, and lack cohesiveness.
- Member since 2021 · 9 posts · 6 votes3y
I have been researching for years... what has been holding is funds (at least what I've been telling myself). But I am fixing that I am setting money aside to move forward.
- Rental Property Investor · East Providence, RI · Member since 2018 · 1k+ posts · 1k+ votes3y
Quote from @Pandu Chimata:
I pondered on this question for couple of years. My partner and I bought one property in 2016. We could not sell it quickly, rented it out and sold next year 2018 for a decent profit.
Then I wanted to flip on my own and did not happen till 2021. I had every excuse to not to make it - too far, no profit, location is not good, etc.
Finally I bought it with an intention that its okay if I am not going to make a profit but just let me gain the experience. That worked. I made a profit on that and bought another two after that. My current property is now listed on the market.
Nice. I hate losing money but there are risks with investing. You have great perspective. Time can heal many but not all wounds in real estate.
Is it too early to be looking for the next one? - Rental Property Investor · East Providence, RI · Member since 2018 · 1k+ posts · 1k+ votes3y
Quote from @Rusley Dufort:
I have been researching for years... what has been holding is funds (at least what I've been telling myself). But I am fixing that I am setting money aside to move forward.
Have you ever considered a partner? Sometimes 2 people reduces the risk and a team effort goes a long way.
- Rental Property Investor · East Providence, RI · Member since 2018 · 1k+ posts · 1k+ votes3y
Quote from @Rusley Dufort:
I have been researching for years... what has been holding is funds (at least what I've been telling myself). But I am fixing that I am setting money aside to move forward.
Are you looking for a purely investment property or are you going to house hack the property? If you are going to live on the property, the cash down can be much cheaper.
- Rental Property Investor · Gwinn, MI · Member since 2016 · 174 posts · 103 votes3y
I'd always planned on my first investment to be house hacking a duplex. My issue was that I wasn't sure if my job would be stable beyond more than a year. When I realized I finally was in a position that could keep me in one area long term, I made the mental switch that it was time to buy. I found a local REI group and that amped up my desire to find my first property.
Now, I'm looking for my next property, but I've discovered a new mental driving force. Over analyzing things doesn't stop after your first property, so when I realize I'm starting to think about one thing too much, my driving force is just the desire to free up mental space. Take whatever action I need to get that one thing off my mind. It's really just "taking action" like everyone talks about, but I think about it from the perspective of having a clearer mind rather than just getting my next investment. It's a helpful way to control some anxiety in life!
- Member since 2023 · 114 posts · 36 votes3y
Quote from @Frank Patalano:
Quote from @Pandu Chimata:
I pondered on this question for couple of years. My partner and I bought one property in 2016. We could not sell it quickly, rented it out and sold next year 2018 for a decent profit.
Then I wanted to flip on my own and did not happen till 2021. I had every excuse to not to make it - too far, no profit, location is not good, etc.
Finally I bought it with an intention that its okay if I am not going to make a profit but just let me gain the experience. That worked. I made a profit on that and bought another two after that. My current property is now listed on the market.
Nice. I hate losing money but there are risks with investing. You have great perspective. Time can heal many but not all wounds in real estate.
Is it too early to be looking for the next one?I am looking for another property now as well as investors to scale up.
- Rental Property Investor · East Providence, RI · Member since 2018 · 1k+ posts · 1k+ votes3y
Quote from @Michael Paling:
I'd always planned on my first investment to be house hacking a duplex. My issue was that I wasn't sure if my job would be stable beyond more than a year. When I realized I finally was in a position that could keep me in one area long term, I made the mental switch that it was time to buy. I found a local REI group and that amped up my desire to find my first property.
Now, I'm looking for my next property, but I've discovered a new mental driving force. Over analyzing things doesn't stop after your first property, so when I realize I'm starting to think about one thing too much, my driving force is just the desire to free up mental space. Take whatever action I need to get that one thing off my mind. It's really just "taking action" like everyone talks about, but I think about it from the perspective of having a clearer mind rather than just getting my next investment. It's a helpful way to control some anxiety in life!
Love it. Having like minded individuals at your REIA definitely helps as well.
Analysis is a good defense mechanism but it can also stand in your way. - Rental Property Investor · East Providence, RI · Member since 2018 · 1k+ posts · 1k+ votes3y
Quote from @Pandu Chimata:
Quote from @Frank Patalano:
Quote from @Pandu Chimata:
I pondered on this question for couple of years. My partner and I bought one property in 2016. We could not sell it quickly, rented it out and sold next year 2018 for a decent profit.
Then I wanted to flip on my own and did not happen till 2021. I had every excuse to not to make it - too far, no profit, location is not good, etc.
Finally I bought it with an intention that its okay if I am not going to make a profit but just let me gain the experience. That worked. I made a profit on that and bought another two after that. My current property is now listed on the market.
Nice. I hate losing money but there are risks with investing. You have great perspective. Time can heal many but not all wounds in real estate.
Is it too early to be looking for the next one?I am looking for another property now as well as investors to scale up.
I definitely love partnerships. Just be careful. I joke that having partners is kind of like sister wives. lol
- New to Real Estate · Salida, CA · Member since 2022 · 2 posts · 3 votes3y
I own my house. It's way too small to house hack. I would like to purchase an investment property. What is holding me back from the is the amount of debt that I have. A lot of the podcast and financial people that I hear talk, say the first thing that you should do is pay off your debt. It may take me a few years but I'm working on it.
- Rental Property Investor · East Providence, RI · Member since 2018 · 1k+ posts · 1k+ votes3y
Quote from @Jessica Mendoza:
I own my house. It's way too small to house hack. I would like to purchase an investment property. What is holding me back from the is the amount of debt that I have. A lot of the podcast and financial people that I hear talk, say the first thing that you should do is pay off your debt. It may take me a few years but I'm working on it.
Welcome to the world of Real Estate Investing...
I'm not sure who you are listening to. And I am not saying that it is bad advice. There is definitely good debt and bad debt.
One of my best friends had 6 figures in student loan debt but still bought a quad plex because he needed a place to live anyway. He did quite well with it and the CashFlow ended up helping him pay off his student loan quicker.
Have you thought about getting a partner to help with the cash outlay? It could be a friend or family member or not.
You could be the sweat equity in the project. Or maybe only own a small piece to get experience. - Member since 2023 · 114 posts · 36 votes3yYes. I had an experience with the partnership as well when we purchased the first property. It went well but there was some lack of trust in between. Hence then I went on my own. Being "I" , I don't have anyone to blame it. I am responsible for everything.
Quote from @Frank Patalano:
Quote from @Pandu Chimata:
Quote from @Frank Patalano:
Quote from @Pandu Chimata:
I pondered on this question for couple of years. My partner and I bought one property in 2016. We could not sell it quickly, rented it out and sold next year 2018 for a decent profit.
Then I wanted to flip on my own and did not happen till 2021. I had every excuse to not to make it - too far, no profit, location is not good, etc.
Finally I bought it with an intention that its okay if I am not going to make a profit but just let me gain the experience. That worked. I made a profit on that and bought another two after that. My current property is now listed on the market.
Nice. I hate losing money but there are risks with investing. You have great perspective. Time can heal many but not all wounds in real estate.
Is it too early to be looking for the next one?I am looking for another property now as well as investors to scale up.
I definitely love partnerships. Just be careful. I joke that having partners is kind of like sister wives. lol
But to scale up, more resources are needed. So I am looking for silent partners with cash. At the same time, they will get all the visibility of the cash flow and progress of the work. It's just that they don't involve in day-to-day activities. Their risk is mitigated as they will be the lien holders of the property. - Rental Property Investor · East Providence, RI · Member since 2018 · 1k+ posts · 1k+ votes3y
Quote from @Pandu Chimata:
Yes. I had an experience with the partnership as well when we purchased the first property. It went well but there was some lack of trust in between. Hence then I went on my own. Being "I" , I don't have anyone to blame it. I am responsible for everything.Quote from @Frank Patalano:
Quote from @Pandu Chimata:
Quote from @Frank Patalano:
Quote from @Pandu Chimata:
I pondered on this question for couple of years. My partner and I bought one property in 2016. We could not sell it quickly, rented it out and sold next year 2018 for a decent profit.
Then I wanted to flip on my own and did not happen till 2021. I had every excuse to not to make it - too far, no profit, location is not good, etc.
Finally I bought it with an intention that its okay if I am not going to make a profit but just let me gain the experience. That worked. I made a profit on that and bought another two after that. My current property is now listed on the market.
Nice. I hate losing money but there are risks with investing. You have great perspective. Time can heal many but not all wounds in real estate.
Is it too early to be looking for the next one?I am looking for another property now as well as investors to scale up.
I definitely love partnerships. Just be careful. I joke that having partners is kind of like sister wives. lol
But to scale up, more resources are needed. So I am looking for silent partners with cash. At the same time, they will get all the visibility of the cash flow and progress of the work. It's just that they don't involve in day-to-day activities. Their risk is mitigated as they will be the lien holders of the property.Yes. Lien holders are a great strategy.
- 3yJohn UnderwoodPro MemberInvestor · Greer, SC · Member since 2014 · 13k+ posts · 17k+ votes
@Frank Patalano
If it were easy, everyone would be doing it.
Finding a property on MLS and getting a bank mortgage so that you cash flow $300 per month won't get you out of your day job anytime soon. Not even after 10 of these.
There are opportunities out there, but you have to put the work into finding them.
Many deals can be so cheap you could pay cash or use a HELOQ to purchase.
Finding distressed properties and motivated sellers that you can help can yield fantastic deals.
- Rental Property Investor · East Providence, RI · Member since 2018 · 1k+ posts · 1k+ votes3y
Quote from @John Underwood:
@Frank Patalano
If it were easy, everyone would be doing it.
Finding a property on MLS and getting a bank mortgage so that you cash flow $300 per month won't get you out of your day job anytime soon. Not even after 10 of these.
There are opportunities out there, but you have to put the work into finding them.
Many deals can be so cheap you could pay cash or use a HELOQ to purchase.
Finding distressed properties and motivated sellers that you can help can yield fantastic deals.
If it were easy, everybody would be doing it. I love that quote.
Yes. They need to put in the work. Most people think rather it will be easy.
- 3yJohn UnderwoodPro MemberInvestor · Greer, SC · Member since 2014 · 13k+ posts · 17k+ votes
Here is another favorite quote.
People will find a way or they will find an excuse.
I tell people all the time how they can make money with Real Estate.
I hear:
I don't have time or money or when the kids graduate or some other excuse about not starting now.
- Rental Property Investor · East Providence, RI · Member since 2018 · 1k+ posts · 1k+ votes3y
Quote from @John Underwood:
Here is another favorite quote.
People will find a way or they will find an excuse.
I tell people all the time how they can make money with Real Estate.
I hear:
I don't have time or money or when the kids graduate or some other excuse about not starting now.
Yeah. I hear a lot of, "when my student loans are paid off". I tell them how one of my best friends paid off their student loans from the CashFlow on his quad.
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