Having just recently bought my first property, I know for myself what was holding me back was the fear that I would overpay, especially in this type of a market. I would get analysis paralysis and basically talk myself out of every property I looked at.
@Frank Patalano finding the right people to work with I know I can do it by myself but it’s kinda stressful, and just having a few cash buyers handy I had a few houses I looked at and talk a good deal with the seller but I didn’t have any cash on hand.
Join your local REIA.
If you find a great deal, you will have a bunch of buyers. I buy most of my deals from wholesalers at my local REIA.
@Frank Patalano I guess the biggest thing for me is feeling confident in my knowledge. I don't have the money but I don't know how to structure a deal with a partner. I'm pretty handy and I've spent time building houses. But doing that for someone else didn't make me the desired income.
Poor credit (being taken care of), doesn't help when all of my income goes to paying off mine and my wife's bad debt, even though I make pretty good money as far as blue collar goes. I make right around 80k as a truck driver. So on top of it all I would either take a pay cut to do this full time for the short run. Or only be able to work thing s on the weekends and rely on contractors to do things while I'm out of state. I have a few that I know and trust so that helps.
So if you want to break it all down I guess not having a mentor. I'm still looking for something new. I'm getting all my information from podcasts and YouTube. Like I said I'm a trucker so I listen to pods and audiobooks about 15 hrs a day. Now I just need action.
I look forward to hearing what you have today on this.
Fear of failing and going bankrupt. I'm pretty happy with my rental now and the cashflow I'm getting on top of my full time job, but I really want to invest in more properties and make it a full time thing but there are many things holding me back. I would almost like a partner to go in on this me to help make that first step.
Currently right now I’m a little over 7K. Credit score in bad shape as well. I’ve just started to get working after being out of work for almost 10 months. I currently have 2 jobs right now, and been working for a month. probably making a little over 3K. Crashing with my mom tbh so no rent payments which I’m Grateful for. But would love to know what you would do if you were in my position...
I just used up my 5 calculator runs. Nothing I ran came close to a deal. Been on the fence between multi fam(2-4 units) and SFR. Really like the idea of selling SFRs at retail compared to multi if things don't work out. Might just sit and watch my market for the next few months and see where it turns.
What’s holding me back at this current moment is trying to get a loan preapproval. I’m working on it though. Once it’s squared away I’ll be purchasing a 2-4 unit multi and house hacking for a year or so.
I’m also trying to buy the other half of the duplex I currently own (and live in) with seller financing. Currently waiting on contractors to get back to me with estimates so I can decide what to officially offer.
Distractions with career which cause roller coaster of available time to learn/research/connect for that first out of state investment property. Also fear of doing a renovation long distance and trusting the people on the ground.
Hey Leo I closed on a 3-family in New Bedford a little over a month ago. I did quite a bit of searching until I found it and developed a good sense for the area along the way. Please feel free to reach out to chat more about the area. Also, I am a licensed realtor and would be glad to help anyway I can.
@Frank Patalano , i know nothing , and just starting out. Just finished the book Rich dad Poor dad. Im looking for my next step. I have a job that i work 4 days and off 4 days. I see auctions in my town for properties that have been forclosed on. Some are empty lots in the outskirts of town or town properties with a house on it. I only have about 3k saved , and the properties always get bought up by people with deeper pockets. Is there a way to be proactive and try to obtain something before the auction ? Any help is wanted. TIA
@Frank Patalano I guess the biggest thing for me is feeling confident in my knowledge. I don't have the money but I don't know how to structure a deal with a partner. I'm pretty handy and I've spent time building houses. But doing that for someone else didn't make me the desired income.
Poor credit (being taken care of), doesn't help when all of my income goes to paying off mine and my wife's bad debt, even though I make pretty good money as far as blue collar goes. I make right around 80k as a truck driver. So on top of it all I would either take a pay cut to do this full time for the short run. Or only be able to work thing s on the weekends and rely on contractors to do things while I'm out of state. I have a few that I know and trust so that helps.
So if you want to break it all down I guess not having a mentor. I'm still looking for something new. I'm getting all my information from podcasts and YouTube. Like I said I'm a trucker so I listen to pods and audiobooks about 15 hrs a day. Now I just need action.
I look forward to hearing what you have today on this.
Dan, I think that you are beating yourself up on this. Most people need to have one of 3 things to be successful in real estate. Money, time, or experience. You make it sound like you have none.
I would disagree. #1 You are handy. You can do some of the small work on weekends. #2 You have podcast and audiobook knowledge. That is a lot of knowledge.
You don't need a mentor as much as an accountability partner. Someone to hold your feet to the fire.
If I were you I would buy a flip from a wholesaler. The hard money lender doesn't care about your credit. Set up a partnership to do the deal. Someone with a few bucks and wants a partner. You and him can do the work yourselves and resell it.
Fear of failing and going bankrupt. I'm pretty happy with my rental now and the cashflow I'm getting on top of my full time job, but I really want to invest in more properties and make it a full time thing but there are many things holding me back. I would almost like a partner to go in on this me to help make that first step.
Well you are in the San Francisco area. That market definitely values appreciation over Cashflow.
I have any friends that really love Partnerships. Shoot, I know some pretty experienced people who will only invest with a partner. He feels that having a partner takes emotion out of the equation.
A partnership can reduce the risk of an investment.
Currently right now I’m a little over 7K. Credit score in bad shape as well. I’ve just started to get working after being out of work for almost 10 months. I currently have 2 jobs right now, and been working for a month. probably making a little over 3K. Crashing with my mom tbh so no rent payments which I’m Grateful for. But would love to know what you would do if you were in my position...
I would spend my free time working on something that I love. Real estate. I would try to wholesale a few deals or at least get some referral fees. I worked 2 jobs for a decade while doing real estate.
I just used up my 5 calculator runs. Nothing I ran came close to a deal. Been on the fence between multi fam(2-4 units) and SFR. Really like the idea of selling SFRs at retail compared to multi if things don't work out. Might just sit and watch my market for the next few months and see where it turns.
If things don't work out, a multi will give you better cashflow. Especially if you have a vacancy or major repair. I own some of both. Where did you find these opportunities?
What’s holding me back at this current moment is trying to get a loan preapproval. I’m working on it though. Once it’s squared away I’ll be purchasing a 2-4 unit multi and house hacking for a year or so.
I’m also trying to buy the other half of the duplex I currently own (and live in) with seller financing. Currently waiting on contractors to get back to me with estimates so I can decide what to officially offer.
I love househacking. I wish that I had done it years ago. Split duplex. We dont get a lot of that in my market.
Distractions with career which cause roller coaster of available time to learn/research/connect for that first out of state investment property. Also fear of doing a renovation long distance and trusting the people on the ground.
The good news is that today's technology makes checking on contractors super easy. Make sure you get referrals.
Hey Leo I closed on a 3-family in New Bedford a little over a month ago. I did quite a bit of searching until I found it and developed a good sense for the area along the way. Please feel free to reach out to chat more about the area. Also, I am a licensed realtor and would be glad to help anyway I can.
@Frank Patalano , i know nothing , and just starting out. Just finished the book Rich dad Poor dad. Im looking for my next step. I have a job that i work 4 days and off 4 days. I see auctions in my town for properties that have been forclosed on. Some are empty lots in the outskirts of town or town properties with a house on it. I only have about 3k saved , and the properties always get bought up by people with deeper pockets. Is there a way to be proactive and try to obtain something before the auction ? Any help is wanted. TIA
You can definitely buy things before the auction. You usually have to start advertising yourself and picking a property that has some equity over the mortgage amount.
You need to join your local Real Estate Group, keep educating, and find a partner that has money but no time. You are providing the time by going to the properties and doing the research.