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 I’m, honestly not sure. I’m hoping to get an investor on board for jv deals and I am able to find amazing properties and the investors sound like they can’t wait to work with me and I get so close to closing the deal, and then, for whatever reason things fall apart.
@Frank Patalano. My biggest issue is reliable honest and fair contractors. Honestly on my very first deal I felt like I got took advantage of by people and things were just high I’m cheap by nature so tbh even 500$ is too much lol.
@Frank Patalano I’m, honestly not sure. I’m hoping to get an investor on board for jv deals and I am able to find amazing properties and the investors sound like they can’t wait to work with me and I get so close to closing the deal, and then, for whatever reason things fall apart.
If you think that they are truly deals keep building your network and showing them to people.
#1 Not everyone might agree that they are truly deals (Learn why?)
#2 Not everyone will commit (fear?)
#3 Not everyone is as active as they show on social media. (Roses and butterflies)
#4 Timing may be off for them at this moment so they can't commit.
A lot of people are held back by whether or not there will be a recession "soon".
That's another one to add here!
Ola Buy for CashFlow. If there is a downturn, estimate if your property can whether the storm with a certain percentage of decreased rents and increased vacancy.
I have reduced my buying but I am out there building my network and expanding my target area.
@Frank Patalano. My biggest issue is reliable honest and fair contractors. Honestly on my very first deal I felt like I got took advantage of by people and things were just high I’m cheap by nature so tbh even 500$ is too much lol.
I cant figure out how to do this with no money down of my own. any suggestions
No money down deals are hard to find. Especially in this market. If you have the time, find a partner with the money. There are plenty of people who have no time to do real estate but always dream of doing it. You can partner to make a deal happen.
@Frank Patalano I’m, honestly not sure. I’m hoping to get an investor on board for jv deals and I am able to find amazing properties and the investors sound like they can’t wait to work with me and I get so close to closing the deal, and then, for whatever reason things fall apart.
If you think that they are truly deals keep building your network and showing them to people.
#1 Not everyone might agree that they are truly deals (Learn why?)
#2 Not everyone will commit (fear?)
#3 Not everyone is as active as they show on social media. (Roses and butterflies)
#4 Timing may be off for them at this moment so they can't commit.
Ok thanks! I think it could’ve been a few of those things at different times of my “career”! Luckily, I’ve learned from those and those who taught me along the way. Thanks for the shout out, by the way!
I'm really unsure how to know the location and a good deal. I made an Excel sheet to minimize risks, but they are lots of unkown parameters that no one can predict.
Should I jumb with FHA and buy or save to have enough cash reserve for a unpredictable disaster?
How to know neighborhoods, demographic and market? Should I do field research? Sometimes I think I should Just go with the gut instinct for the first time and get pinch in the face to learn better because waiting doesn't keep me close to do action.
I'm really unsure how to know the location and a good deal. I made an Excel sheet to minimize risks, but they are lots of unkown parameters that no one can predict.
Should I jumb with FHA and buy or save to have enough cash reserve for a unpredictable disaster?
How to know neighborhoods, demographic and market? Should I do field research? Sometimes I think I should Just go with the gut instinct for the first time and get pinch in the face to learn better because waiting doesn't keep me close to do action.
Thanks,
Ali
Are you looking local? Or out of state?
Are you considering a house hack, flip, or wholesale?
@Frank Patalano basically whats been holding me back is I'm 47 now and just got wind of real estate investing and now looking for mentorship to learn wholesaling and acquiring apt complexes I don't have 12k to go into a mentorship program here in Miami so what other methods are out there to lead me into the right direction to start real estste investing.
@Frank Patalano basically whats been holding me back is I'm 47 now and just got wind of real estate investing and now looking for mentorship to learn wholesaling and acquiring apt complexes I don't have 12k to go into a mentorship program here in Miami so what other methods are out there to lead me into the right direction to start real estste investing.
Mentoring is not a requirement. Keep working on educating and networking. Set goals to look at so many properties a week. Read so many minutes a day. Try to attend one or two local real estate group meetings a week. Some people offer mentoring programs by the hour. You might be able to get someone to help you at 50 or $100 an hour. At the same point, there are many people that have been successful and never had a mentor.
Something that's been holding me back is wanting to wait till I graduate college and secure a job before i start investing. I'm 18 and I work full time at Walmart making about $1600/month net, and save about $700/month after all my expenses. I have about $6000 in total capital split between my savings, checking, and 401k. Thankfully I have a full ride scholarship to school and dont have to pay for that, and will likely graduate with 0 student loans.
My plan has always been to try and just gain as much capital as I can by the time I graduate in 2022 and buy a rental property once I secure a job out of college.
Something that's been holding me back is wanting to wait till I graduate college and secure a job before i start investing. I'm 18 and I work full time at Walmart making about $1600/month net, and save about $700/month after all my expenses. I have about $6000 in total capital split between my savings, checking, and 401k. Thankfully I have a full ride scholarship to school and dont have to pay for that, and will likely graduate with 0 student loans.
My plan has always been to try and just gain as much capital as I can by the time I graduate in 2022 and buy a rental property once I secure a job out of college.
That is a fine strategy. Start Networking now by going to 1 or 2 Real Estate Investment meetings every month.
If you want to be more aggressive you could househack a house now and rent the other bedrooms to your friends. Perhaps you have a family member that will cosign the mortgage for you. If you have decent credit or a decent cosigner you can buy with as little as 3.5% down.