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
- New to Real Estate · Detroit, MI · Member since 2023 · 5 posts · 3 votes3y
Before this point, to be honest, it was fear. I am a woman entering into real estate without a solid relationship with a contractor who I can trust to help me with projects so I was always worried about that.
Also the fact that I’m going at it alone so that worried me. Now I feel more confident because I have the education and capital to feel comfortable getting my foot in the door. - Rental Property Investor · East Providence, RI · Member since 2018 · 1k+ posts · 1k+ votes3y
Quote from @Bud Gaffney:
Nothing is holding me back. BUT there's only 1 word to answer this question.
F E A R!!!!!!!!
Fear for some maybe? Excuses for others?
Are you finding many deals in Boston? I have a number of properties in Providence but Worcester and Fall River have skyrocketed in my eyes. - Rental Property Investor · East Providence, RI · Member since 2018 · 1k+ posts · 1k+ votes3y
Quote from @Quenton Runge:
@Frank Patalano
Completely agree, im well knowledged with renovating and would be very helpful with keeping costs down, maximizing profits. Connecting with cash investors is a priority at the moment and is the main reason for my stagnation. That would be greatly appreciated if you have locals that would be looking to financially invest locally around the Chicago suburbs.
I would never want and exchage to be 1 way, is there anything I could do that you would benefit from?
I have been looking for local groups but haven't had too much luck.
Private message me I will get you some names and will see if they are going to a local REIA.
- Rental Property Investor · East Providence, RI · Member since 2018 · 1k+ posts · 1k+ votes3yI understand.
Quote from @DaNisha Gary:
Before this point, to be honest, it was fear. I am a woman entering into real estate without a solid relationship with a contractor who I can trust to help me with projects so I was always worried about that.
Also the fact that I’m going at it alone so that worried me. Now I feel more confident because I have the education and capital to feel comfortable getting my foot in the door.
For me investing has always been a team sport.
We actually have a local Women's investor group that one of my friends started.
You could possibly start one in your area.
We did a podcast with one woman who struggled to get that first deal done but finished it no matter what. - New to Real Estate · Detroit, MI · Member since 2023 · 5 posts · 3 votes3y
Quote from @Frank Patalano:
I understand.Quote from @DaNisha Gary:
Before this point, to be honest, it was fear. I am a woman entering into real estate without a solid relationship with a contractor who I can trust to help me with projects so I was always worried about that.
Also the fact that I’m going at it alone so that worried me. Now I feel more confident because I have the education and capital to feel comfortable getting my foot in the door.
For me investing has always been a team sport.
We actually have a local Women's investor group that one of my friends started.
You could possibly start one in your area.
We did a podcast with one woman who struggled to get that first deal done but finished it no matter what.I’d love to learn more about this. I feel like it’s a bit different as a woman. I’m going to start looking for more connections on this website as well.
- Rental Property Investor · East Providence, RI · Member since 2018 · 1k+ posts · 1k+ votes3y
Quote from @DaNisha Gary:
Quote from @Frank Patalano:
I understand.Quote from @DaNisha Gary:
Before this point, to be honest, it was fear. I am a woman entering into real estate without a solid relationship with a contractor who I can trust to help me with projects so I was always worried about that.
Also the fact that I’m going at it alone so that worried me. Now I feel more confident because I have the education and capital to feel comfortable getting my foot in the door.
For me investing has always been a team sport.
We actually have a local Women's investor group that one of my friends started.
You could possibly start one in your area.
We did a podcast with one woman who struggled to get that first deal done but finished it no matter what.I’d love to learn more about this. I feel like it’s a bit different as a woman. I’m going to start looking for more connections on this website as well.
Our local group is just an offshoot of the REIA. Officially a separate group but many women attend both.
I also sent you a PM with more details about that podcast that I mentioned. - New to Real Estate · Detroit, MI · Member since 2023 · 5 posts · 3 votes3y
Quote from @Frank Patalano:
Quote from @DaNisha Gary:
Quote from @Frank Patalano:
I understand.Quote from @DaNisha Gary:
Before this point, to be honest, it was fear. I am a woman entering into real estate without a solid relationship with a contractor who I can trust to help me with projects so I was always worried about that.
Also the fact that I’m going at it alone so that worried me. Now I feel more confident because I have the education and capital to feel comfortable getting my foot in the door.
For me investing has always been a team sport.
We actually have a local Women's investor group that one of my friends started.
You could possibly start one in your area.
We did a podcast with one woman who struggled to get that first deal done but finished it no matter what.I’d love to learn more about this. I feel like it’s a bit different as a woman. I’m going to start looking for more connections on this website as well.
Our local group is just an offshoot of the REIA. Officially a separate group but many women attend both.
I also sent you a PM with more details about that podcast that I mentioned.Thanks Frank!
- New to Real Estate · North Riverside, IL · Member since 2023 · 6 posts · 4 votes3y
For me what's holding me back is fear, feeling like I don't know enough to move forward along with over-analyzing everything, not having enough in savings to afford covering expenses and wanting to move fast and take action. A lot of things going on and knowing I need to work on my mindset, set goals and get clear about what I want.
I am currently in a suburb of Chicago and have never owned a property. I do not rent and am learning about house hacking. I would like to get into a multifamily 4 unit and stay in one of the units.
- Rental Property Investor · East Providence, RI · Member since 2018 · 1k+ posts · 1k+ votes3y
Quote from @Nkeonye Nkemdi:
For me what's holding me back is fear, feeling like I don't know enough to move forward along with over-analyzing everything, not having enough in savings to afford covering expenses and wanting to move fast and take action. A lot of things going on and knowing I need to work on my mindset, set goals and get clear about what I want.
I am currently in a suburb of Chicago and have never owned a property. I do not rent and am learning about house hacking. I would like to get into a multifamily 4 unit and stay in one of the units.
Thanks for sharing. House Hacking is one of the safer ways to get into real estate. You need a place to live anyway. I would find a realtor who specializes in Multifamilies and start looking at properties. It is free to look.
Over analyzing can be a headache. Also talk to a lender. See what you can afford and lower that number to something that you are comfortable with.
Taking action daily or weekly will be the only way to get through this.
Some people will never lose that fear but knowledge can help you deal with it. - Investor · Lancaster, PA · Member since 2016 · 94 posts · 356 votes3y
@Frank Patalano I’m not being held back, I’m just in a different phase of my plan. We purchased 45 units last year. We are hitting the pause button In acquisitions long enough to get these units renovated and stabilized and up to market rents. We will hop back into the acquisition phase early 2024.
- Rental Property Investor · East Providence, RI · Member since 2018 · 1k+ posts · 1k+ votes3y
Quote from @Carlos M.:
@Frank Patalano I’m not being held back, I’m just in a different phase of my plan. We purchased 45 units last year. We are hitting the pause button In acquisitions long enough to get these units renovated and stabilized and up to market rents. We will hop back into the acquisition phase early 2024.
45 units That's awesome. I agree that you will want to stabilize your new acquisition first. Congrats
- New to Real Estate · Detroit, MI · Member since 2023 · 5 posts · 3 votes3y
Quote from @Carlos M.:
@Frank Patalano I’m not being held back, I’m just in a different phase of my plan. We purchased 45 units last year. We are hitting the pause button In acquisitions long enough to get these units renovated and stabilized and up to market rents. We will hop back into the acquisition phase early 2024.
That’s amazing. Congrats.
- Real Estate Agent · Chicago, IL · Member since 2018 · 1k+ posts · 1k+ votes3y
Quote from @Nkeonye Nkemdi:
For me what's holding me back is fear, feeling like I don't know enough to move forward along with over-analyzing everything, not having enough in savings to afford covering expenses and wanting to move fast and take action. A lot of things going on and knowing I need to work on my mindset, set goals and get clear about what I want.
I am currently in a suburb of Chicago and have never owned a property. I do not rent and am learning about house hacking. I would like to get into a multifamily 4 unit and stay in one of the units.
A good first step would be to connect with a lender to explore your financing options and talk with an agent about your strategy.
- Member since 2022 · 58 posts · 62 votes3y
I have been scouring Greater Boston and Providence for transactions that fit the right profile. I went down and toured about 70 units in Providence (multiple buildings) and the rent vs price + Capex was just not ideal. Plus taxes in Providence went haywire.
I have gone down to Fall River as well, enjoyed the food, but haven't liked it enough to spread myself out more. I manage about 60 units in the Boston area and efficiency wise its best to buy nearby there.
I am confident cap rates will evantually reflect current rates (a 1% to 2% spread over interest rates), or 6.5% to 7.5% cap rates. And when that happens I will be an aggressive buyer.
- Rental Property Investor · Boston, MA · Member since 2019 · 2k+ posts · 1k+ votes3y
Hi Frank! Definitely. I like New Bedford a lot too! How many units do you have?
- Rental Property Investor · East Providence, RI · Member since 2018 · 1k+ posts · 1k+ votes3y
Quote from @Colin Kelly-Rand:
I have been scouring Greater Boston and Providence for transactions that fit the right profile. I went down and toured about 70 units in Providence (multiple buildings) and the rent vs price + Capex was just not ideal. Plus taxes in Providence went haywire.
I have gone down to Fall River as well, enjoyed the food, but haven't liked it enough to spread myself out more. I manage about 60 units in the Boston area and efficiency wise its best to buy nearby there.
I am confident cap rates will evantually reflect current rates (a 1% to 2% spread over interest rates), or 6.5% to 7.5% cap rates. And when that happens I will be an aggressive buyer.
Wow. A 70 unit package in Providence and I didn't hear about it? I wanna kick myself now.
I like the idea of you investing more local to you. I've seen a couple properties in Everett but the numbers, ooof.
Have you thought of looking further out? I've seen better opportunities outside of New England.Boston has such a large housing shortage that things are scooped up at above asking very quickly.
I have only found local success with off market deals lately. - Rental Property Investor · East Providence, RI · Member since 2018 · 1k+ posts · 1k+ votes3y
Quote from @Bud Gaffney:
Hi Frank! Definitely. I like New Bedford a lot too! How many units do you have?
In Rhode Island? Just over 40 but most of my money is focused outside of New England lately.
- New to Real Estate · Atlanta, GA · Member since 2022 · 4 posts · 3 votes3y
I am SO new to this and to be completely honest there's been a lot of paralysis by analysis over the past 4 years. I'm now looking back and shaking my head at where I could have been and I've decided to not let that happen again. I've just put in an offer on a 3/2 SFH that I plan to house hack with a finished basement and an FHA loan. It's also got a pool which I hope will give it more appeal for renters. My biggest challenge is figuring out which calculator to use (or maybe there isn't one) to determine whether this pencils out. I'm only hoping to offset some of the mortgage cost with the rental income for the first year then I'll be looking to do as David Greene preaches and buy another one next year. I'm definitely a late starter but I'm so excited to get things rolling and can't tell you how much the bigger pockets podcasts and website have inspired me. Look forward to sharing my experiences over the next year.
- Rental Property Investor · East Providence, RI · Member since 2018 · 1k+ posts · 1k+ votes3y
Quote from @Simon Holt:
I am SO new to this and to be completely honest there's been a lot of paralysis by analysis over the past 4 years. I'm now looking back and shaking my head at where I could have been and I've decided to not let that happen again. I've just put in an offer on a 3/2 SFH that I plan to house hack with a finished basement and an FHA loan. It's also got a pool which I hope will give it more appeal for renters. My biggest challenge is figuring out which calculator to use (or maybe there isn't one) to determine whether this pencils out. I'm only hoping to offset some of the mortgage cost with the rental income for the first year then I'll be looking to do as David Greene preaches and buy another one next year. I'm definitely a late starter but I'm so excited to get things rolling and can't tell you how much the bigger pockets podcasts and website have inspired me. Look forward to sharing my experiences over the next year.
Hey Simon. For a calculator, let's just go with with basics.
What can you charge for rent?
What would you personally be paying for rent elsewhere?
What are the total expenses including mortgage, taxes, insurance, and utilities.
Do you make money? - Member since 2019 · 72 posts · 53 votes3y
@Frank Patalano - have you thought of lending instead of buying?
I haven't been able to find a steady supply of good rental investments in Boston (or anywhere else to be fair) that I focused on the lending side. We earn a better cash on cash with less hassle. Don't have the same upside potential however also don't have the issue of falling values and rising costs either.
- Investor · North Kingstown, RI · Member since 2015 · 65 posts · 33 votes3y
Target area has slim to no deals. Everything up here in Rhode Island is a bit pricey unless you're bringing in capital. I have yet to get a deal in the works from doing some driving for dollars.
Also getting some blowback from the town on a development project and don't know the next steps to take.
Currently at a standstill and learning as much as I can till a deal comes across the table.
- Rental Property Investor · East Providence, RI · Member since 2018 · 1k+ posts · 1k+ votes3y
Quote from @Sean Kelly-Rand:
@Frank Patalano - have you thought of lending instead of buying?
I haven't been able to find a steady supply of good rental investments in Boston (or anywhere else to be fair) that I focused on the lending side. We earn a better cash on cash with less hassle. Don't have the same upside potential however also don't have the issue of falling values and rising costs either.
I have done lending before. I like it but don't love it. I have a number of friends that do it. When I lend, I basically lock in my max potential profit. I like doing flips, syndications, and long term holds because I like the equity profit potential. But lending is nice because there is little work involved.
- Investor · North Kingstown, RI · Member since 2015 · 65 posts · 33 votes3y
Quote from @Nkeonye Nkemdi:
For me what's holding me back is fear, feeling like I don't know enough to move forward along with over-analyzing everything, not having enough in savings to afford covering expenses and wanting to move fast and take action. A lot of things going on and knowing I need to work on my mindset, set goals and get clear about what I want.
I am currently in a suburb of Chicago and have never owned a property. I do not rent and am learning about house hacking. I would like to get into a multifamily 4 unit and stay in one of the units.
This was the first step that my wife and I did. Bought a duplex, house hacked it for a year. As soon as that year was up, bought a 4 unit utilized a FHA 203k, once construction was complete we moved in and worked on each unit, and filled each one at a time. After the year was up we bought a SFH for ourselves. All properties are within 7 minutes of the house. It is possible!
- Rental Property Investor · East Providence, RI · Member since 2018 · 1k+ posts · 1k+ votes3y
Quote from @Bradley Scruggs:
Target area has slim to no deals. Everything up here in Rhode Island is a bit pricey unless you're bringing in capital. I have yet to get a deal in the works from doing some driving for dollars.
Also getting some blowback from the town on a development project and don't know the next steps to take.
Currently at a standstill and learning as much as I can till a deal comes across the table.
Hey Brad. I'm not sure if we have met at the REIA meetings yet.
Yes most Rhode Island towns are anti-development. Some municipalities, Newport, Pawtucket, Providence, etc. I have personally dealt with. If you are considering developing something, find out the main attorney that speaks in front of zoning, and use them. That attorney can find out quickly if a deal is dead on arrival.
Driving for dollars is a great idea near you. Also building relationships with the local wholesalers. Even going to town halls to research housing violations.
- New to Real Estate · North Riverside, IL · Member since 2023 · 6 posts · 4 votes3y
Quote from @Frank Patalano:
Quote from @Nkeonye Nkemdi:
For me what's holding me back is fear, feeling like I don't know enough to move forward along with over-analyzing everything, not having enough in savings to afford covering expenses and wanting to move fast and take action. A lot of things going on and knowing I need to work on my mindset, set goals and get clear about what I want.
I am currently in a suburb of Chicago and have never owned a property. I do not rent and am learning about house hacking. I would like to get into a multifamily 4 unit and stay in one of the units.
Thanks for sharing. House Hacking is one of the safer ways to get into real estate. You need a place to live anyway. I would find a realtor who specializes in Multifamilies and start looking at properties. It is free to look.
Over analyzing can be a headache. Also talk to a lender. See what you can afford and lower that number to something that you are comfortable with.
Taking action daily or weekly will be the only way to get through this.
Some people will never lose that fear but knowledge can help you deal with it.Thanks for your response. I have been feeling like I should try to get pre-qualified but I will definately take your advice and speak with a lender and realtor. I just really need to take some action and first steps to figure out what I would be able to do.
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