Indianapolis, IN · Member since 2017 · 63 posts · 41 votes
For me, I have been a lurker on BP for about 4 months now. I've been reading every book I can get my hands on and burning through podcasts. I knew when I first got on the site, I would be moving across the country within a few months, so that kept me from diving into my local market. This week is the first week of being settled into my new home in Lowell, IN (shout out to Northwest Indiana Investors). Having the dust and chaos of moving finally begin to settle, I realized that I have no more excuses stopping me from diving in and learning first hand. I am eager (and finally able) to get started, get active, and broaden my horizons.
Rental Property Investor · Brooklyn, NY · Member since 2014 · 722 posts · 1k+ votes
9y
@Cody L. In all the big cities, investors (and normal homeowners) are competing with foreign flight capital whose objective is not to make money, but to avoid 100% expropriation by local authorities. So even losing money is okay for some of these investors. It's all about capital preservation for them. So they will outbid any investor who's in it to make money. And this money has pushed the local money into out of state markets where it never would have gone before.
New York City, NY · Member since 2015 · 37 posts · 7 votes
9y
Struggling to find financing since I am a recently self-employed business owner.
Hoping to secure an FHA loan and owner-occupy a duplex but it's just so much easier to find financing with a W2 job unfortunately.
Any advice is much appreciated!
I honestly have no idea what I'm doing or where to get started. I'm mostly interested in multi family buy and holds but also, whole sale and flipping. No money so I'm going to have to get creative. I've been reading up and doing my homework but I have no experience in real estate unless u count countless hours watching HGTV on the couch. But nonetheless I'm determined so I'm going to keep doing my homework. I just wish I had someone to walk me through this because even after studying I feel like I have actually learned anything if that makes sense.
I have the option to use a VA loan which is amazing but I have to live in the state that I purchase the home in. So for now it is just a waiting and saving game.
Nothing wrong with waiting and saving :) And thank you for your service.
Adam I think you will get the same excuses. They don't change and we have all made them starting out.
Too New
Not Enough Money
Not enough credit or bad credit
Don't Have a team
Already work too much
What if I fail? What if I loose money?
Market is too hot?
Market is too bad no one is buying?
My spouse won't support me?
I don't have enough education?
If you take a pick all of us have made these excuses at some point or another.
For me the day of action in terms of investing was Jan 14th, 2008 in the middle of the real estate melt down. Everyone was running for the hills and I thought that was a great time. Now after 800 some transaction that seem like I am was a bloody genius to jump in at that time.
There will be no opportune time or place. Do your research in your market. Rather than keep reading to a books and keep listening to podcast spend as much time as possible to get to know the market in your back yard.
I am not saying reading and listening to all sorts of real estate info does not help. The problem is that is confuses a lot of investors because it an overload of ideas. There are a heck lot of things you can do in real estate. At some point you have to pick one thing. Shut off all the rest and focus on ONE THING. Most investors that fail they don't fail because of lack of desire they fail because of lack of single minded focus and expertise in one thing. They dabble too much in too many things.
BP is a phenomenal forum and loads and loads of info. The problem is what do you absorb and what you just pass. Who do you listen to? Personally I feel that today the problem is not lack of info. It's too much info coming in from too many directions.
There are a lot of folks out their doing some amazing things in their businesses the question is what is right for you and your given situation.
99% of info is garbage for what you want to do. The key is to find the 1% that is applicable to you today in your given situation.
The great part of real estate is that the best equalizer. If you become good at it. You can compete with the best and sky is that limit. Sounds like a cliche but it is true when it come to real estate.
They say: If you build it they will come.
In real estate: You can find them (Good Deal) they will show up in your life (People with money to invest)
Good deals I the best magnet to find money in real estate. He who control great deals has the beast by it's tail. Of course assuming he knows what to do with good deals.
Rental Property Investor · Elysburg, PA · Member since 2016 · 13 posts · 2 votes
9y
@Adam Detig this is a good conversation that you started. I first came across BP about a year ago after diving into a few other blogs (I really enjoyed www.affordanything.com, very down to earth and transparent in her RE ventures). I plan to use RE just as supplemental to my income, so I am trying to get my W-2 job settled and a little less volatile. I work as a correctional officer and my schedule along with my life in general has been crazy for the last year. I made a commitment to take on an internship, student teaching to be specific, that will allow me to change positions within the prison while completing my graduate degree (paid for via GI Bill) that will be higher in pay and with more stable hours. That will be completed in November. In the meantime, I have been trying to save a what I can and see what is out there.
I have a decent idea of where I want to invest and even a few listings I've seen that would possibly work. I am just big on not taking on a task that I wouldn't be able to devote the attention that is necessary. In a nutshell, once I'm done with student teaching I'd like to put some offers in by the end of 2017.
I honestly have no idea what I'm doing or where to get started. I'm mostly interested in multi family buy and holds but also, whole sale and flipping. No money so I'm going to have to get creative. I've been reading up and doing my homework but I have no experience in real estate unless u count countless hours watching HGTV on the couch. But nonetheless I'm determined so I'm going to keep doing my homework. I just wish I had someone to walk me through this because even after studying I feel like I have actually learned anything if that makes sense.
This is echoed quite often through the Biggerpockets, but find a mentor. Look for someone in your community that is doing real estate investing, and provide some sort of value to them. Offer to answer phones, mail flyers, or really anything.. In return, soak up as much information from them as you can. Yeah, you're giving away free labor, but the knowledge can definitely be worth it.
I am also reading everything I possibly can and listening to podcasts daily. Part of what is holding me back is my military commitment (not in a negative way). I just don't want to get myself involved in something that I can't be committed to during my service. I have about 13 months left and I am putting over $1000 a month away between my IRA, reserves, and bank roll for a down payment when I get out of the Marine Corps next June.
I am so excited to start investing in RE. Ideally I would like to move back to southern CA and acquire a multifamily, live in one unit with my girlfriend, and rent the rest out.
My goals are to buy & hold for the long term and find great deals that provide superb cash flow. Appreciation would be great, but I am searching for strong cash flow markets mainly. I am in this for the long haul (thank you BiggerPockets).
Congratulations on your new home! What's the next step in your RE investing venture?
Indianapolis, IN · Member since 2017 · 63 posts · 41 votes
9y
Thank you all for the awesome responses! Hopefully, a mixture of time and dedication will help everyone overcome their obstacles.
For the people who have commented that are currently serving in our armed forces, I want to thank you personally for your service. I hope you achieve all of your real estate and military goals! I appreciate all you do.
@Jonathan Jaime Velarde, thanks for asking. My next step in RE is to learn my local market, build some relationships, and buy a small multi family to start house hacking. A real estate agent I briefly talked to mentioned that the town I live in qualifies for USDA loans so I need to learn more about that (if anyone knows more, please inform me). If I have enough capital after the house hack, I'll look into a rental (most likely another small multi).
Rental Property Investor · Thousand Oaks, CA · Member since 2017 · 147 posts · 48 votes
9y
Stephen Watt
I'm going to be in Thousand Oaks starting next year.
Try the house hacking approach. If you can steal a good multifamily live in one unit and rent the rest out!! Good opportunity to learn the basics and possibly live for free/make some cash on the back end.
Good luck :)
Flipper · Valparaiso, IN · Member since 2011 · 46 posts · 17 votes
9y
@Adam Detig Welcome to the area! I am just getting started as well. I have done one rehab. I am now trying to wholesale a property. I have a broker license. The brokerage that I work for deals with a lot of investors. Let me know if I can help!
Long Beach, CA · Member since 2015 · 20 posts · 8 votes
9y
I am currently looking into buying property in Pittsburgh (since i went to school there for 5 years) but am hesitating since I'd be making my first investment from the other side of the country.
I'm fortunate where I have friends in the area who can help be my 'eyes' and ears' as well as an acquaintance who currently invests in Pittsburgh himself but still find myself over analyzing especially since the cash flow areas would require fixing up which feels daunting being so far away.
Investor · Pittsburgh, PA · Member since 2015 · 1k+ posts · 1k+ votes
9y
@Victor Medina I have lived in the area all my life and we property manage over 650 units. let me know if you have any questions on certain areas and what are the best and worst places to focus on.
Just replied to your other post, but I invest in Pittsburgh and am an agent here as well. Would be happy to share some information and talk about the area to see if Pittsburgh works for your strategy.
Realtor · San Jose, CA · Member since 2015 · 318 posts · 154 votes
9y
@Adam Detig Great Post. I think my biggest challenge was the fear of F***ing up. Buying the first property was like jumping off a cliff with no parachute. I cant remember the name, but in one of the BP Podcasts the speaker said, "I paid for my education." I took that to heart. After purchase a triplex in January, I definitely took some L's, but I bounced back to reference Big Sean. Using the mistakes as opportunities to do it better the next time., but keep in mind I still did research, challenges will be inevitable. Now I have a solid strategy to get the next property. I purchased in Oakland which is another expensive area, so @Stephen Watt you can definitely do it too. I like @Cody L. style, Go Big Or Go Home.