Providence, RI · Member since 2018 · 29 posts · 409 votes
7y
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.
Real Estate Broker · Windsor, CT · Member since 2015 · 1k+ posts · 268 votes
7y
@Frank Patalano I think what may be holding someone back really depends on where they are financially and also if they have the correct mindset to take the next leap. As of right now I have hit a toad block only because my criteria in my home searches have changed. I am looking to a flip this year as opposed to buying and holding. I am ready just need to find a home that makes the most sense to work on.
If Grant Cardone were here he would be disappointed in us all for not doing 10X more! haha
🤣 I read 10x this year. I still have a full time job, part time job, 3 kids, a good sized real estate portfolio, scout troop, help run a real estate group, an online business, a podcast, and more. Responding to this thread has become another job.
@Frank Patalano Lack of experience in identifying opportunities that include both value and cash flow combined with the fact that such opportunities are more difficult than ever to find these days.
Thomas. I agree. You still have to be out there on the hunt though.
Education and networking will help build the knowledge until the experience can be built.
@Frank Patalano - I’m not sure I count as new. I moved in with my GF 10 yrs ago, and rented my house. We bought a house together, and rented her house. My mom died last year and I used her final gift to buy a 3/1 townhouse as a rental. My GF is now my wife, but I’ve only in the last year started focusing on learning investing skills instead of fighting through it.
We just bought a family home and are renovating our last house to sell. Given we are two working professionals I’d like to keep it to one transaction a year and manage my multiple buy-holds.
great question
Jeff
Sounds awesome. I don't see anything holding you back. Just stick to your plan.
I've always wanted to REI (11 years I waited), found BP two weeks ago, right now I'm putting together my team. I have a realtor, looking for contractors, and partners. Just yesterday I talked to an HML to have a better idea of their process. I have a few deals I want to put offers in for, however, my only excuse (reason) for not putting offers in is, should any of the offers be accepted I need a team ready to make things happen. I have a trusted person in the area who is familiar with estimating building costs. All in all I want to make sure my learning curve is not that steep, by learning from others mistakes from the BP Podcasts.
It sounds like you've already done a lot of preparation. Just hurry up and get your feet wet. You got this.
The only thing stopping is fear. Fear that I might messed up, lose money, I don’t know enough about investing in real estate. That’s one obstacle I need to get over and get my feet wet in the game.
I know that fear is a real problem. And lack of knowledge can be a problem as well because I lost money on my first deal. But you really have to get out there and learn because if you don't take the leap of faith then you will automatically regret it once you start to gain experience.. you'll say to yourself I should have done this sooner
Lack of consistent income (I’m a real estate agent in a highly competitive market). Switched firms recently and still adjusting and making far less than I did with my previous firm.
Still, closing on our first SFR on 4/4, but full of fear over tenants not paying their rent, the house having problems that'd cost us thousands of dollars. My wife is now 3 months pregnant , which is amazing, but not alleviating the fear; quite the opposite. Many sleepless nights over how we're going to pay our NYC rent (read: horrific) once she stops working... hence putting all of our savings into this little 4br 1ba with a $300/month cash flow (conservative) and hoping to build up from there.
It’s been an amazing learning process that’s taken over two months already since the offer got accepted; first the seller postponed our initial closing, then our financing fell through only a couple of days before the second closing date, we got a 30-day extension, then seller didn’t have the clear CO for the third closing date, we gave them another 2 weeks, hoping to close now on April 4th - is fourth time the charm? Wish me luck!
Wow that's crazy. Yeah congrats. New York City's a tough Market. I wouldn't touch it. I think you're doing awesome. Don't forget you don't need as much money if you partner with others. Especially if you're the one finding the deal
It is scary to take that first leap, but once you just take a look at the numbers it's an obvious choice. Every purchase is always a risk, but in a constantly expanding market there are opportunities everywhere! We are pushing out deals 3-5 times a week and it doesn't seem to be slowing down in this market.
@Frank Patalano My first purchase after years of thought was through a turnkey company. Drove 8 hours to inspect before closing, all looked good. Met the property manager, all went well enough. Closed, took about a month on placing first tenant (January, so slow time of year), all good. First month payment came through, PM had discounted first rent 50% off without passing it by me. Second month, tenant has paid 5/6 of what is due and is late with the rest. Convos with PM are fine, but assurances dont pay the bills. I'm waiting to see how this pans out before jumping forward with another turnkey property.
Trolling the market locally for deals, just need to put a bit more time in. Think I've found the right property via MLS, just need to schedule a visit and start negotiations!
On MLS. Be careful. I agree that your first property should probably be local.
@Frank Patalano I think what may be holding someone back really depends on where they are financially and also if they have the correct mindset to take the next leap. As of right now I have hit a toad block only because my criteria in my home searches have changed. I am looking to a flip this year as opposed to buying and holding. I am ready just need to find a home that makes the most sense to work on. I am also looking to partner on future projects in CT.
I know what you mean with the money and mindset. Some people are just in denial. Some people aren't just willing to sacrifice.
Go to the CT REIA. You will probably find partners there.
Augusta, GA · Member since 2019 · 3 posts · 0 votes
7y
@Frank Patalano I honestly don’t think anything has held me back because I’ve been taking action. I stated this wholesaling journey about 7 weeks ago. I’ve had 3 appointments so far. I’ve been cursed out over the phone and dealt with a realtor who wasn’t quiet friendly. I have have a pre-foreclosure that I’m dealing with. I have an appointment sent with the owner but when I called her the first time I never new the property was under foreclosure so my approach was TOTALLY off! I didn’t know how to jump into dealing with that because I never have. She still set the appointment but didn’t respond when I texted her today. I’m a little discouraged. I can also say I should be more consistent
Augusta, GA · Member since 2019 · 3 posts · 0 votes
7y
@Frank Patalano I also feel like i have to be 100% educated on how to deal with difference senecio, so that could hold me back as well. I won’t feel as confident and then I don’t want to feel like I’m “aggravating” the seller.
@Frank Patalano I honestly don’t think anything has held me back because I’ve been taking action. I stated this wholesaling journey about 7 weeks ago. I’ve had 3 appointments so far. I’ve been cursed out over the phone and dealt with a realtor who wasn’t quiet friendly. I have have a pre-foreclosure that I’m dealing with. I have an appointment sent with the owner but when I called her the first time I never new the property was under foreclosure so my approach was TOTALLY off! I didn’t know how to jump into dealing with that because I never have. She still set the appointment but didn’t respond when I texted her today. I’m a little discouraged. I can also say I should be more consistent
Sounds like you're doing great. You've learned a lot in a few weeks.
@Frank Patalano I also feel like i have to be 100% educated on how to deal with difference senecio, so that could hold me back as well. I won’t feel as confident and then I don’t want to feel like I’m “aggravating” the seller.
The more meetings that you have, the more you'll learn
I agree that finding a deal is probably the hardest thing to do right now. All I can say is that off market deals are the key to making money. We have also tried to expand our market and networking in those areas.