Rental Property Investor · Los Angeles · Member since 2018 · 32 posts · 17 votes
Super green and hoped to hear some tips, advice and/or suggestions from those who were once in my shoes. I have virtually no experience but am extremely resourceful and motivated. Fearful of making a mistake that will be devastating to me and my family and I know that if I don't take risks, I may not get rewarded in this business. I'm interested in small, multi family properties, no/low money down. I've been watching and studying Brandon Turner to truly understand how to underwrite deals, funnel leads, and now ready to take the next step! Happy to be here and please review my profile and reach out to me if there's an opportunity to partner with you!
Rental Property Investor · SE Michigan · Member since 2014 · 4k+ posts · 6k+ votes
7y
Jay:
Welcome to real estate. I loved the title of your post.
I was terrified the first single family rental we bought. I was terrified the first small apartment we bought. Now we are under contract of a large apartment. Same feelings again. The key is keep pushing forward while avoiding basic mistakes.
Use your fear to your advantage. Without getting stuck in analysis paralysis, try to poke holes in all those irrational fears. If you are worried about the area, check crimes stats, read local news articles, check housing values, drive the area on Google, anything that will allay those fears. Again, don't let it derail you, just let it push you to make you smarter about the deal.
Also, it helps if you get around good people who have experience. It is invaluable to be able to have a 1:1 conversation (not written communication) if you hit a real scary point on a deal.
Rental Property Investor · SE Michigan · Member since 2014 · 4k+ posts · 6k+ votes
7y
Jay:
Welcome to real estate. I loved the title of your post.
I was terrified the first single family rental we bought. I was terrified the first small apartment we bought. Now we are under contract of a large apartment. Same feelings again. The key is keep pushing forward while avoiding basic mistakes.
Use your fear to your advantage. Without getting stuck in analysis paralysis, try to poke holes in all those irrational fears. If you are worried about the area, check crimes stats, read local news articles, check housing values, drive the area on Google, anything that will allay those fears. Again, don't let it derail you, just let it push you to make you smarter about the deal.
Also, it helps if you get around good people who have experience. It is invaluable to be able to have a 1:1 conversation (not written communication) if you hit a real scary point on a deal.
Multifamily Syndicator · Greater Los Angeles Area · Member since 2015 · 399 posts · 261 votes
7y
@Jay Williams I completely agree with @Greg Scott about surrounding yourself with good people who have experience. I would also add to just surround yourself with like minded people to start. You are the average of the 5 people you hang around the most so surround yourself with people that do what you want to do. We host several meetups in the LA and SoCal areas that focus on out of state apartment investing, let me know if you're interested. You can also go to the events page on BP and find events near you. Good luck!