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.
Thank you! Love that the advise is practical and things that I can accomplish immediately. What are your favorite resources when looking into other markets? There have to better tools than just Zillow or other sites like that.
Set goals. Read so many Pages a week. Listen to a set number of podcasts a day. Go to to real estate meetups a month. Two or three times a year I go down to a meet-up in Brooklyn. Going to other markets is important. I've networked up in Boston six times in the last 2 weeks. I've heard about some opportunities in Albany, Troy, and Schenectady area. I like Fishkill myself but have not looked at it in a few years. Don't wait for the perfect property. If I did I would still be waiting. Try to run the numbers and buy one that makes sense even if it's not perfect.
There is an overabundance of data out there. You could spend a year researching one market.
Basically I look for areas that are not high crime and have some job growth. Stick to just online crime maps and census data.
The nicest areas will often cost too much which will make it hard to produce a profit. The worst areas will include too many headaches making it hard to produce a profit.
I have capital, some time, I just (1 week ago) decided that I want to start investing. However, I need a mentor!
I would spend one month digging deep into education. Read everything you can. Listen to a bunch of podcast as well. Set goals to accomplish so much a week. You've only considered investing for a week? Give yourself some time to build some knowledge. I remember a famous quote saying a fool and his money are soon parted.
you need a mentor eh? Do you? There have been many successful people without mentors. Not saying that you should not have one . It's just that they cost money and I've seen a few bad ones before . Perhaps you should get an accountability partner. Someone to remind you about your path.
@Frank Patalano for myself its getting my credit to a point where I am able to get the necessary funding or financing for my first property , also figuring out if I want to invest in multi family or single family
@Frank Patalano for myself its getting my credit to a point where I am able to get the necessary funding or financing for my first property , also figuring out if I want to invest in multi family or single family
Well if you find a deal then you could always partner with someone with better credit. They could also share in the downpayment.
@Frank Patalano thank you for starting this thread.
I know it is fear holding me back, just have been able to pin point the what the fear stems from. I’m all honesty, I think the lack of capital as well as the transition from Army Officer to Real Estate Investor. Sometimes I still like a fraud in the RE space. Full blown Licensed agent now and help others find homes, but still a mental obstacle from getting it done myself.
As sad as that sounds, felt good for write out and share.
@Frank Patalano thank you for starting this thread.
I know it is fear holding me back, just have been able to pin point the what the fear stems from. I’m all honesty, I think the lack of capital as well as the transition from Army Officer to Real Estate Investor. Sometimes I still like a fraud in the RE space. Full blown Licensed agent now and help others find homes, but still a mental obstacle from getting it done myself.
As sad as that sounds, felt good for write out and share.
Thanks again.
Ernest
Ernest, many people including myself feel inadequate about certain aspects of our life. Reading motivational books helped me alot.
In regards to capital, here is something really crazy. You don't need any money at all to get started. Partners will provide the money if you can provide the time and or the deals.
For me it’s because I don’t put enough effort into marketing for deals. I'm constantly telling myself to mail to specific addresses I see but I never do it.
Money and guidance (little bit of fear). I’m excited to get started, would love my first property to be a duplex. I have too much money out in student loans that I can’t even get a Best Buy credit card... so I guess in the words of Scooby Doo
For me it’s because I don’t put enough effort into marketing for deals. I'm constantly telling myself to mail to specific addresses I see but I never do it.
Hey Nate. You could always do what I do.
I don't do enough marketing either. Many people have an idea but do nothing with it.
Instead I decided to partner with someone who is willing to do that for me. Every time that I drive by a distressed property I message my friend who is good at sending letters. He mails out the letters and if anything happens because of it I am either sent a referral fee, partner with him to buy the deal, or give him a wholesale fee for his work.
Some people might say that it would be ridiculous to pay him or give him anything. I see it as 100% of nothing is nothing. Share the wealth. If he is putting time into compensate him.
I hope to see you at the next networking event in Warwick.
Money and guidance (little bit of fear). I’m excited to get started, would love my first property to be a duplex. I have too much money out in student loans that I can’t even get a Best Buy credit card... so I guess in the words of Scooby Doo
“private investors+Mentors where are you?”
You can DM me if you want but how much in student loans?
Are you going to Househack the Duplex or is it 100% investment?
You could find a partner. If you can put in the time and your partner has money but no time you complement each others.
Keep educating and networking. If you give up now, Zoinks.
Money and guidance (little bit of fear). I’m excited to get started, would love my first property to be a duplex. I have too much money out in student loans that I can’t even get a Best Buy credit card... so I guess in the words of Scooby Doo
“private investors+Mentors where are you?”
Also whether you are in Memphis or anywhere else, REIAs are where you will find money and mentors. I can't say enough good things about my local group. Get to as many monthly real estate meetings as you can. It will pay you dividends for years to come.
@Frank Patalano Being shy held me back. I was able to identify the people I wanted to learn from right away, but never took action in meeting and networking with them. That ended late one night when I decided to face my fear and send The Cashflow Kings a message through Instagram. Meeting up with you and Jimmy that day for lunch is what really got me putting my goals into motion. I immediately became a member of our local RIREIG and connected with some awesome people. Now I’m wholesaling and putting deals together as a start to building my empire!
@Frank Patalano Being shy held me back. I was able to identify the people I wanted to learn from right away, but never took action in meeting and networking with them. That ended late one night when I decided to face my fear and send The Cashflow Kings a message through Instagram. Meeting up with you and Jimmy that day for lunch is what really got me putting my goals into motion. I immediately became a member of our local RIREIG and connected with some awesome people. Now I’m wholesaling and putting deals together as a start to building my empire!
Hey listen. I know many shy people. Even I don't usually stick my neck out but have been getting better in the last year.
I can't wait to see your empire grow. Keep hustling. I don't know many people targeting Attleboro and Taunton. Make sure that you are hitting those areas as well.
Consumer Debt is holding me back from purchasing a property. My plan is to clear all debt and to acquire a unsecured line of credit and then purchase a cash flowing property using the BRRRR Method.
@Frank Patalano fear that I am lacking knowledge of the whole process
So the first step would be education.
Have you thought about what type of investing you plan on doing?
Get a referral for an agent who is investor friendly. When I say investor friendly I mean someone who helps investors buy properties. Most agents are just helping people buy their dream home. 2 completely different clients.
Consumer Debt is holding me back from purchasing a property. My plan is to clear all debt and to acquire a unsecured line of credit and then purchase a cash flowing property using the BRRRR Method.
That is an okay route. Just don't let consumer debt be an excuse a year from now.
Set goals to be educating and networking as much as possible.
Build knowledge so that you can grow when you are ready.
@Frank Patalano. Just got my first rental property in Philadelphia. So know what is holding me back is figuring out a way to secure the next property. Any suggestions or ways you have done it in the past?
@Frank Patalano. Just got my first rental property in Philadelphia. So know what is holding me back is figuring out a way to secure the next property. Any suggestions or ways you have done it in the past?
Sure after the first one or two I went to partnerships to secure more deals. Being a 50% owner on a couple assets is better than being a 0% owner...
I built all of my partnerships by meeting them at networking meetings.
Most of my partners I knew for at least a year before I worked with them.
For example I had an 8 unit commercial building that I could have pulled down myself. Instead I chose 2 partners that I knew could help me in many ways.
That also allowed me to grow faster/do more deals.
For me it’s a combination of fear that no experience will get me into a bad deal and trying to find the right starting point. Being in DFW is not the cheapest market, deciding if I want to find something local or look elsewhere is a contributing factor as well, not sure it’s the best idea to do my first deal remotely with no experience.
I have been recently looking into wholesaling & fix and flips. Any suggestions on one over the other? And thank you so much for the great and helpful advice!
@Frank Patalano fear that I am lacking knowledge of the whole process
So the first step would be education.
Have you thought about what type of investing you plan on doing?
Get a referral for an agent who is investor friendly. When I say investor friendly I mean someone who helps investors buy properties. Most agents are just helping people buy their dream home. 2 completely different clients.
For me it’s a combination of fear that no experience will get me into a bad deal and trying to find the right starting point. Being in DFW is not the cheapest market, deciding if I want to find something local or look elsewhere is a contributing factor as well, not sure it’s the best idea to do my first deal remotely with no experience.
Some people do all of their deals remotely. I day do deals where you can build a strong network.
If you can find great people for a team you will do fine.
I have been recently looking into wholesaling & fix and flips. Any suggestions on one over the other? And thank you so much for the great and helpful advice!
@Frank Patalano fear that I am lacking knowledge of the whole process
So the first step would be education.
Have you thought about what type of investing you plan on doing?
Get a referral for an agent who is investor friendly. When I say investor friendly I mean someone who helps investors buy properties. Most agents are just helping people buy their dream home. 2 completely different clients.
Also speak to a few lenders.
Go to networking meetings.
Read as much as you can.
Wholesaling. Less money up front. More poking around for deals. Small profits. Might have to speak to 100-200 for $5-10K profit.
Fix and flip. More money upfront. Work on one at a time. More potential for profit. More potential to lose money. Might make $25K-$100K per property.