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.
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.
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.
@Frank Patalano that’s a good question. I have to say for me it’s having capital, cash and decent credit. I’m cleaning up all the negative on my credit report. I am paying off credit cards and disputing what I can. My target date to strike is in 2020. I may have approx 5K to start me off. And I’m scared as hell to...just do it!!
@Frank Patalano that’s a good question. I have to say for me it’s having capital, cash and decent credit. I’m cleaning up all the negative on my credit report. I am paying off credit cards and disputing what I can. My target date to strike is in 2020. I may have approx 5K to start me off. And I’m scared as hell to...just do it!!
Are you going to be house hacking your first property? If not what is your strategy. Fixing your credit score is very important, eliminating all debt is not as important.
@Frank Patalano Yes. House hacking will be how I want to start off. Looking in Delaware or NC. Paying off all my debt won’t happen by the time I’m ready, but my FICO score should grant me the ability to start off.
The biggest thing holding me back right now is knowledge. I want to ensure that I am making a sound investment and that I understand what I am getting myself into. Thank you for sharing this post!
So I'm really interested in REI but I am a low income earner and I don't see how anyone would give me a loan with that I'm looking at 4 or 5 years before I can buy me first property please any help would be appreciated
The biggest thing holding me back right now is knowledge. I want to ensure that I am making a sound investment and that I understand what I am getting myself into. Thank you for sharing this post!
Make sure that you get together a list of goals.
Read daily. Listen to a podcast daily. Network weekly.
My husband & I are new Real Estate Investors & the only thing holding us back is that we need 100% funding & the right deal. We used all of our Capital on schooling.
My husband & I are new Real Estate Investors & the only thing holding us back is that we need 100% funding & the right deal. We used all of our Capital on schooling.
100% funding? You can't leverage at all? If you want to invest quicker you will need to find a partner with some money . Waiting for the right deal is fine. Just don't wait for the perfect deal.
I am able to qualify for a conventional loan and pay the 20% down payment which is beneficial, but I’m unsure as to the best way to fund the rehab. Is a personal loan my only option?
crap credit from a divorce, but my score is up from a 492 last year to 683. Debt free and currently saving a down payment. I should be over 700 and have enough of a down payment for a duplex or triplex house hack by next year
Okay. One step at a time. Just set realistic goals on how much you think you can save every month. How many pages can you read a day? How many podcasts can you listen to? Start networking. Keep educating. I was in Boston six times in the last month networking.
I am a union carpenter, I do commercial drywall so I basically listen to podcasts all day while I am working. Currently I can save about 1500 a month. But usually more if I can get a Saturday in for some overtime. One Saturday is an extra 500 in take home pay. If I can get some side work I could probably get my savings up over 3k a month
FEAR....It's why i am here. I hope to get over the fear and get moving. I have the most money ( in assets) I have ever had and want to cash out and move it all to Florida. What do I do?
I am able to qualify for a conventional loan and pay the 20% down payment which is beneficial, but I’m unsure as to the best way to fund the rehab. Is a personal loan my only option?
Partnership?, 0% CC?, Friends or Family Loan?
How about house hack a multi first with a low down payment and use the profit to fund a rehab after that?
crap credit from a divorce, but my score is up from a 492 last year to 683. Debt free and currently saving a down payment. I should be over 700 and have enough of a down payment for a duplex or triplex house hack by next year
Okay. One step at a time. Just set realistic goals on how much you think you can save every month. How many pages can you read a day? How many podcasts can you listen to? Start networking. Keep educating. I was in Boston six times in the last month networking.
I am a union carpenter, I do commercial drywall so I basically listen to podcasts all day while I am working. Currently I can save about 1500 a month. But usually more if I can get a Saturday in for some overtime. One Saturday is an extra 500 in take home pay. If I can get some side work I could probably get my savings up over 3k a month
Do as much overtime as you can now. Eventually you going to need that time to look at deals.
FEAR....It's why i am here. I hope to get over the fear and get moving. I have the most money ( in assets) I have ever had and want to cash out and move it all to Florida. What do I do?
What types of assets are you in now? Where are you located?
If you are new to REI I would not do anything abruptly. Educate and Network as much as possible.
I purchased my first house last year, operating as an investment property on the main floor while my Wife and I live in the basement (currently 90% done renovations). I recently purchased land in Northern Ontario for a future development... as for my next "investment" property (not being my principle residence) I am just afraid my credit is going to go downhill and I should give it time to build back up. Not to mention since I already have two other properties, obtaining financing for a 3rd is a little tough so I have to get creative... hard to do when my network/other potential investors I'd partner with are close to my age/don't have the capital to join in...
I purchased my first house last year, operating as an investment property on the main floor while my Wife and I live in the basement (currently 90% done renovations). I recently purchased land in Northern Ontario for a future development... as for my next "investment" property (not being my principle residence) I am just afraid my credit is going to go downhill and I should give it time to build back up. Not to mention since I already have two other properties, obtaining financing for a 3rd is a little tough so I have to get creative... hard to do when my network/other potential investors I'd partner with are close to my age/don't have the capital to join in...
Work on building your network by joining your local REIA. If there isn't one in your area, make one.
Also if you find a great deal you will find the investors.
I'm new to the biggerpockets website, and have not done an real estate investement yet. Seeking advice, where is the place on the websites or forums to pose a question or two, without getting lost in one particular thread?
I'm new to the biggerpockets website, and have not done an real estate investement yet. Seeking advice, where is the place on the websites or forums to pose a question or two, without getting lost in one particular thread?
Get lost? I won't forget you on this thread.
The main things that you need to do is gain as much education as you can and network.
Listen to podcasts, read books, go to local REIA meetings.
Set goals to get so much done every day and week.
Get an accountability partner to help you.
Few threads are this long.
Ask your question in the starting out forum. or on here.
I'm new to the biggerpockets website, and have not done an real estate investement yet. Seeking advice, where is the place on the websites or forums to pose a question or two, without getting lost in one particular thread?
I saw your other post. I'm not sure what part of the country it is in but I would sell and house hack your next property. You are going to get $200K tax free. Make it work in your favor.