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.
Mindset. It was all mindset. Now that mindset is on the correct path, anything is achievable.
Agreed. We talk about that everyday.
Anything you do in life boils down to your mindset. IMO it's not spoken about enough nowadays. Millions can not understand why they are not happy with their dead end job, literally only work to pay the bills. There is more to life. Mindset has to change first then your path will be defined by the gift you were given. Once I truly understood that, I had no choice but to take action.
New York, NY · Member since 2019 · 60 posts · 82 votes
7y
@Frank Patalano
I have a closing on my first in April. I had to do all my data analysis, my factors more or less are
Unemployment rate
Crime
School
Entertainment
Shopping
Just to name a few...as you can see this will delay a lot of buying time. But I found a great Property manager that is assisting me with key areas for better rentals on top of my own research.
I am newly retired (from LE) and just started reading/watching/attending webinars on RE investing. I am very interested and have the motivation and business mindset to work in real estate. However, I can watch all the videos and read all the books BUT until I physically go through the process of a wholesale deal I probably wont pull the trigger. I would love to work with someone who has the knowledge and experience who could show me the process. I'm NOT asking to be paid, I'm looking for the experience which is worth more than money.
Auburn, MA · Member since 2018 · 4 posts · 8 votes
7y
@Frank Patalano This is an Epic Thread! There is so much great info on here, and I have learned a ton! This is by far the most inspiring topic that I have come across on Bigger Pockets and I had to throw in my story!
I am an aspiring investor. I plan on beginning with flipping single family homes, as this is closest to my comfort zone. My longer term plan is to get into buy and hold properties, but those will come in time.
I was looking for a property hot and heavy last fall, but I decided to wait 6 months and concentrate on studying the market, strategies, and overall learning more. I have listened to over 200 BP Podcast, read countless BP forum threads, read 16 books on real estate, personal development, success, and leadership. I practiced calculating Maximum Offer Prices and ARV on local, active, MLS listed properties. I found a great realtor that allowed me to ask a ridiculous number of question. I presented my plan to a potential partner and got him excited.
One would think I am ready. My 6-month education period is up this month and I am so scared! I am scared to lose money, scared that I don’t have enough money, scared that I will run out of money. I am scared that the property that I purchase will take too long to renovate or that I may overlook something and pay too much. Basically, I am scared of Failing.
After writing all this down, I see that I have prepared myself properly. I realize that my Fear of the Unknown is natural. Reading all these great posts, has helped me put things into perspective and I need to stop making Excuses!
So to answer the question at hand, My Excuses Are Holding Me Back!
Rental Property Investor · Atlanta, GA · Member since 2017 · 45 posts · 25 votes
7y
Finding a good deal is what's holding me back. I have had approval from hard money lender in addition to other creative financing options that I have come up with, but the numbers doesn't work. I have gotten past the fear of losing money because I know you have to lose some to gain some but I just cannot find a deal. I am willing to do joint ventures if I find the right partner. But education and networking play a big part in getting me here.
Manchester, NH · Member since 2019 · 45 posts · 12 votes
7y
@Frank Patalano, Similar to others, it's lack of money. So, I've been researching various creative options for real estate investing and trying to plant seeds in some of my peers that have cash savings. Hopefully I'll get into my first multifamily home within the next few years. Damn student loans are a killer
Austin, TX · Member since 2019 · 17 posts · 6 votes
7y
I've read Scott trench book "set for life " I am saving up 25k and more to get ready to buy while saving I am reading as many real estate books I can consume on top of listening to biggerpockets podcast, I work at a real estate tech company learning everything I can about real estate " confidence would be the thing that holds one back" I feel that reading books helps confidence
@Frank Patalano for me it's money and education. I'm just starting out and only have 20k I can invest. So I'm going to take my time and try to educate myself before I jump in.
Multifamily Syndicator · Houston, TX · Member since 2016 · 1k+ posts · 2k+ votes
7y
@Frank Patalano As I often speak to those who are just starting their real estate journeys, the major one is fear of the unknown. Many people aren’t sure what the end picture looks like and are scared of jumping in all the way only to realize that they might not be ready. The truth is that we are never fully “ready”, but the idea is to jump In anyway! 🤗
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.
Thanks Frank! As part if the 90 day challenge (starts in April) I'm challenging myself to purchase my first investment property.
Real Estate Agent · Atlanta, GA · Member since 2018 · 10 posts · 1 vote
7y
@Frank Patalano
Aww man, so much at the moment. The first being fear. Fear that I don’t have enough knowledge of all the steps really. I am actually working on getting both my FL and GA real estate licenses as an extra aid, but my heart is geared towards investing. I want to do my first flip and purchase this year, but there is so much to learn. I am on BP almost everyday, listen to investing/ wholesaling podcast whenever I’m in my car, but I still feel behind. What sometimes discourages me is the price of mentor ship is no where reachable for me. I want to know much more. I want to acquire a level of knowledge that will bring forth confidence, ESPECIALLY when I am talking to buyers and sellers.
Secondly, my financial status. For obvious reasons such as marketing, mentorship opportunities, and balancing life with getting to my end goal. But also because I am afraid of what the last 7 months have done to my credit score.
Thanks for this post. It helped me a great deal this morning.