Getting over the hump - investing in my first property
Hi all,
My name is Joe and I am an aspiring real estate investor. I have wanted to get in to real estate investing for quite some time, but am actively learning to actually become an investor now. I am mainly focused on fix and flips and long-term rentals. For the past 4 or 5 months, I have been reading the books, listening to the podcasts, and recently started going to local REIA meetups to build my network and confidence. I am trying to get out of the analysis paralysis phase, but have fears around funding, analyzing deals properly to ensure it is a good deal and taking the right steps to get started.
Are there any rookies here that have recently started investing or seasoned pros that have any advice on how to get over the funding hump with minimal up front cash, finding and analyzing deals properly and the best steps to take to get my real estate investing journey started?
Thank you all for taking the time to ready my post and the BP community for all the resources. I look forward to connecting with you.
- Joe Moore
Most Popular Reply
Hi Joe, welcome to BP.
You’re actually doing the right things. Analysis paralysis is pretty common once people start taking this seriously.
A few things that help break through it: Get reps underwriting deals. Confidence comes from repetition, not more content. Keep the first deal simple and conservative. Most early mistakes come from optimistic ARVs or rehab numbers.
Funding is usually less of a barrier than it feels, especially with flips and BRRRRs. Many private/hard money lenders focus more on the deal and execution than a long track record.
One mindset shift that helps is underwriting deals the way a lender would, downside first and margin for error. It filters out a lot of bad deals early.
Your first deal just needs to be survivable, not perfect.
Good luck!