What is stopping you from making your first deal?
Hi Everyone, I am looking for obstacles that are holding investors back from accomplishing their first deal. Leave some comments below and I will do my best to offer insight. -Thanks for your input Sterling.
Other experienced investors are more than welcome to chime in as well.
Jarett Bragg start with books! And save your money every month so you can have some capital to invest when ready! BP recommends great real estate investing books that will change the way you think and will help you move forward!
-Anthony
Yes only finding retail deals through the mls,too hot of a market in nyc
@Account Closed Quit Claim is a type of Deed which is used mainly on property with title issues. Quit Claim Deed is basically transferring your interest in the property. Warranty Deed is used when title is being passed.
Joe
So if anyone has been keeping up with what is going on with me. I closed my first deal it was a subject to and assigned it out. My mentor is now going to hire me. So lets see where this is going.
A comfortable, relaxed, relatively stress free lifestyle (besides my day job). Giving that up is what's holding me back. But I know I want more and I might as well make as much money as I can while I'm young.
I have no clue what to say to homeowners when i meet them in person or if they call me. I dont have the money for lawyers and earnest deposits(what are these anyway) and there are WAY too many people trying this and I think I am doubting my ability to blow these people off and make some money.
I am reviewing a deal currently in which it will be a fix and BRRRR hopefully. Needs a lot of TLC and so I am looking at the rehab costs associated and the work, sweat equity and determining how we can get this.
My wife is ultra conservative meaning she wants a house for us first then invest and I am trying to tell her invest and have the investments pay for the house.
More to come.
I suggest you find a local mentor. They know the landscape of the market, trends, issues, good vs bad areas, BRRRR lenders, and much more!
Be sure to check out the profiles of that local mentor and ask around. You'll hear from the local successful investors who are the real mentors vs the passing Guru.
What is stopping us right now is all the money my wife and I are spending on our primary residence. We bought it last May and we did not know about real estate investing until last November when I read Rich Dad, Poor Dad and got the bug. The plan is to fix it up, sell it and house hack.
So what is really stopping me? Financing. I have found it to be very difficult to find private lenders for a newbie who has no prior experience in real estate investing. I have a solid W-2 paying job and love what I do but fixing up the current house leaves us with little money to put on the side to save up for investments.
I don't think anything will stop me once I have a better grasp of the process and some good models and the right opportunity. It's a steep learning curve!
I'm interested in starting with a duplex and I'm wondering if it's wise to go through some sort of pre-approval process so that I know what I can finance or should I have the property specs in hand before going for financing. I'm curious how to gain financing without having a bunch of dings on my credit from credit checks.
Any insight is greatly appreciated!
Finding a knowledgeable partner that i can learn from while funding half the deals.