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.
@Frank Patalano Hey Frank, The fear of getting burned, not being able to get a good deal and not knowing enough to facilitate a good deal here in NYC.
Be very careful in NYC right now. Those new rent control laws are really scaring people. You're going to get better through education and networking. For example I was down in Brooklyn at an event on Sunday. Met a lot of investors.
Step one. Set goals to read so much everyday and listen to a podcast a day. Also you need to pick which Real Estate strategy you are going to focus on
Step 2. Start networking. If you can try to go to one event a week.
Step 3. Start visiting houses. Looking at properties with agents are free. Find an agent through networking.
Investor · RI · Member since 2014 · 45 posts · 7 votes
7y
I have to legally stay in my SFH until next September before we can move out. At that time I will rent our SFH and FHA us in to a 4 plex to start out. From there I plan on adding another property to our portfolio at least every 1-2 years. It is frustrating having to wait but I know it will pay off.
I have to legally stay in my SFH until next September before we can move out. At that time I will rent our SFH and FHA us in to a 4 plex to start out. From there I plan on adding another property to our portfolio at least every 1-2 years. It is frustrating having to wait but I know it will pay off.
Tim, you don't have to wait to do any more real estate. You just have to wait to own any more real estate .
I talk to people everyday in the Providence Market who are wholesaling. Shoot a few weeks ago I got a finder's fee just for connecting a hard money lender to a new client.
keep educating.
have we met yet? If not, keep networking. It is essential, especially in the Rhode Island Market. There are basically two degrees of separation in the investment community.
if you find a deal, pass it along. Someone will probably give you a few bucks.
I tend to have the mindset that "doing real estate" strictly means buying/selling but in reality I know it can mean much more. I try to educate myself as much as possible which has helped me narrow down which strategy I want to start with.
My issue is that my spouse is very fearful of the "what ifs". But i'm getting better at giving her mathematically backed answers and she's slowly coming around. We're actually looking at getting a tri-plex next month.
@Frank Patalano knowledge. I’ve been studying and reading a lot of books and watching a bunch of YouTube videos of investing in real estate I just want to make sure I know what I’m doing when I pull the trigger.
Is there a way around having to come out of pocket $500-$600 to have an appraisal done before you know if the price is even close to the value of the property?
I tend to have the mindset that "doing real estate" strictly means buying/selling but in reality I know it can mean much more. I try to educate myself as much as possible which has helped me narrow down which strategy I want to start with.
Go to local real estate investment Association meetings. Especially educational ones that offer a myriad of topics.
My issue is that my spouse is very fearful of the "what ifs". But i'm getting better at giving her mathematically backed answers and she's slowly coming around. We're actually looking at getting a tri-plex next month.
A partner committed to the same path makes life a heck of a lot easier.
@Frank Patalano knowledge. I’ve been studying and reading a lot of books and watching a bunch of YouTube videos of investing in real estate I just want to make sure I know what I’m doing when I pull the trigger.
That's fine. Just remember that there is no way to know everything that you need to know about real estate. I've been investing for over a decade and still learn stuff all of the time.
Is there a way around having to come out of pocket $500-$600 to have an appraisal done before you know if the price is even close to the value of the property?
You could pay a broker to run a BPO for around fifty bucks.
Contractor · Springfield, OH · Member since 2019 · 11 posts · 1 vote
7y
@Frank Patalano
I’ve been told many times that I don’t have enough money to invest in real estate or that the economy is going into a recession soon. These are the two things that hold me back the most. I want to find a way around both of these things because that is what a good investor would do. I have thought to have solved the problem quite a few times, but something always shoots me back down.
New Bern, NC · Member since 2019 · 4 posts · 0 votes
7y
@Frank Patalano finding financing for a rental property. I simply don’t have the 20% needed for a downpayment on a conventional loan at the moment. My only option is to save it, then pull the trigger.
The wife and I have finally decided to buy our first investment property we have saved the 20% required
for the down payment. We are now in the process of looking for a multi family property. We are now at that stage were we are afraid of choosing the right one for us. We’ve ran the numbers on several of them already. But it’s scary to say the least. What’s your advice.
Rental Property Investor · Winter Haven, FL · Member since 2018 · 68 posts · 20 votes
7y
@Frank Patalano
Holding me back? Nothing. I can find the deals to make the plan work. Extra cash would be nice, but it will come eventually, it just takes some time to save up. Soon..
How can I accelerate that process? If I could meet people to help loan me the money to do a job, that would be nice, but I don't know those people (yet). But I'm here..
I’ve been told many times that I don’t have enough money to invest in real estate or that the economy is going into a recession soon. These are the two things that hold me back the most. I want to find a way around both of these things because that is what a good investor would do. I have thought to have solved the problem quite a few times, but something always shoots me back down.
We always buy for CashFlow. Make sure that your purchase can handle a 5% drop in rents and a temporary drop in vacancy. If you can handle that you can handle the storm. If you don't have enough money work with partners and team up on the cash.
@Frank Patalano we are jmulks_65 on Instagram. We will be re branding an opening an investment page shortly.
I was going to buy three tickets to the cashflowkings event but you sold out in ten hours. Bravo. Let me know if you can fit three more.
Jimmy and I were wondering who James was. Thanks for following. We have had over a dozen people touch base with us today. We will have future events. Stay in touch.
@Frank Patalano finding financing for a rental property. I simply don’t have the 20% needed for a downpayment on a conventional loan at the moment. My only option is to save it, then pull the trigger.
Only option? Rich Dad said, How can I afford it?
Be creative.
Are you going to live in it? If so you can buy with 3.5% down.
If not, find partners. Get together to raise the down payment.
The wife and I have finally decided to buy our first investment property we have saved the 20% required
for the down payment. We are now in the process of looking for a multi family property. We are now at that stage were we are afraid of choosing the right one for us. We’ve ran the numbers on several of them already. But it’s scary to say the least. What’s your advice.
Take your time. Look for a needle in a haystack. Drive neighborhoods yourself and look for distressed properties. It's okay to say no on 100 opportunities.
At the same point, you don't need the perfect property. Get a decent one that can cashflow and go for it.
Holding me back? Nothing. I can find the deals to make the plan work. Extra cash would be nice, but it will come eventually, it just takes some time to save up. Soon..
How can I accelerate that process? If I could meet people to help loan me the money to do a job, that would be nice, but I don't know those people (yet). But I'm here..
I am out there networking every week. The opportunities come up. If you find a great deal but can't pull it down, pass it along to someone who can. That will build friendships and referral fees once in a while.
As a young professional out of grad school, whats holding me back is simply saving enough cash to go ahead and invest in another rental property.
I currently own one condo that generates a healthy monthly cash flow, but as my previous statement, it is difficult to accumulate enough savings (fast enough) in order to get a pre-approval for an additional loan.
As a young professional out of grad school, whats holding me back is simply saving enough cash to go ahead and invest in another rental property.
I currently own one condo that generates a healthy monthly cash flow, but as my previous statement, it is difficult to accumulate enough savings (fast enough) in order to get a pre-approval for an additional loan.
You could try to partner with someone with money. Or slow and steady wins the race.
I agree with both statements, but like finding a loving relationship, finding a trustworthy partner is no easy feat. Especially with individuals such as myself that are burdened with student loan debt.