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.
Rental Property Investor · East Providence, RI · Member since 2018 · 1k+ posts · 1k+ votes
7y
Originally posted by @Account Closed:
My biggest fear is not finding a buyer for my flip! Or that my ARV or the appraisal is waaaaayyyy off...
Must be off. Try to market it differently. Make sure that everyone knows that it is for sale. The longer you hold it the more expenses will eat away your profit.
@Frank Patalano I’ve recently had 2deals fall through. Honestly, I feel that I’ve kinda lost direction. I have been lending to other investors through my SDIRA. Thinking maybe that’s my niche for now.
That is a great way to be in real estate. Be a hard money lender. Borrow money at one rate and loan it at a higher one. Financial arbitrage.
It’s funny in the beginning everyone has the same issue: Money. After a while you realize money is always there for a good deal.
Later on you have my issue: Time. Always an issue. Never enough time. I'm full steam ahead on my flips and rental portfolio. Just need to leave one of my jobs to focus more on it and need an office assistant & a Project mananger soon to really grow.
Also, being more cautious with the higher end properties and more conservative on the underwriting because of the timing of the market.
There you go. You need to leverage other people's time better.
Knowledge and experience analyzing out of state properties.
Yeah. San Francisco is a tough market. First. look at markets that are growing and stable. Stay out of the top 10 markets.
Then go to the neighborhood level. Find lower crime areas.
Then just start hitting up some agents in those markets. Go out there and spend a day with someone. Look at 6 properties and take the agent out to lunch.
Not enough properties coming out for sale in my area and the lack of response from mailers.
Those are tough ones. Glen Falls is a small market. I haven't been there in years. Perhaps you need to expand your area. But also touch base with your local wholesalers if they are picking up everything buy one directly from them.
It is definitely a small market but the area is so stable. The market here is insanely hot right not. Properties are under contract within 3 days. The property prices and rents work so well. I have expanded to surrounding towns but for now I plan on scaling my portfolio here. I have reached out to a few wholesalers with no great luck.
@Frank Patalano - I have done the numbers, taken my figures to my realtor that flips herself and she says it pans out. But I can’t seem to find funding. With a little lower credit score than what I would like to have it seems harder than it should be to find funding. Still trying. I refuse to give up.
Investor · Goose Creek, SC · Member since 2017 · 16 posts · 0 votes
7y
For me it's that I'd like to tackle the pre-foreclosure market, which I think is promising, but I lack the experience.
You can educate yourself all you want but when it comes to actually putting money on the table I'd like to partner up and minimize risk with somebody who has done it before.
Specialist · Jasper, GA · Member since 2017 · 19 posts · 7 votes
7y
My fear is Not knowing how or who to rehab the property, because ai have that part covered. I'm an interior desighner and have several contractors that I work with, but my Anxiety is as follows:
A: Feeling as though I need and want more knowledge
B: Where or Whom to get the funds
C: Fear of making a big financial calculation and struggling to figure out how to fix it.
I have Big visions, desires & goals that are so strong but I feel paralyzed.. Its like being in a nightmare and you're screaming but nothing is coming out and you can't move.
I just started a new job in December starting my life over again, so I'm sure it has something to do with it.. I could definitely use some help .. Like maybe even a big push! :-@
Las Vegas, NV · Member since 2014 · 1 post · 0 votes
7y
@Frank Patalano I can say that my issue is finding a deal. It seems impossible right now. I never thought that finding a deal would be the hardest part to get started.
@Frank Patalano what's holding me back is understanding what to do and money. That is why I joined this community in the hopes to learn and make my first deal by September. I am in this to the end, no matter what. I will educate myself as much as I can because I am eager to learn.
My why is simple. Make sure I don't become homeless when my balloon payment is due next year.
Philadelphia, PA · Member since 2016 · 54 posts · 6 votes
7y
What holding me back?
#1 Education: I've never a deal a became really serious about learning enough to get started recently. I've been on BP reading guides, watching podcasts and other random videos I think will be helpful. Today is my stop in the Forum and its been great so far.
#2 Finding The Right Strategy: I recently moved from San Diego to Philly on super short notice because the care my daughter requires is at Children's Hospital and Wills Eye Institute. In doing so I resigned from my job and shut down a training business. For the most part the feedback I've received so far on BP is get a good paying job so that I'm able to work with lenders. Along with real estate investing I'm working towards another entrepreneurial project that won't produce income until closer to the end of 2019 (at best).
SO here's the situation I'm in searching for a strategy: I have a family member willing to partner on "the right deal" offering 75k equity from his home. I also have 10-20k cash to bring to the table. My cousin (an experience investor) also offered to help me with the deal because he knows fear and lack of experience is holding me back. I'm interested in House Hacking a 2-4 plex in Philly or New Jersey to get started.
Where there's a will, there's a way. I have the will but don't know the way. What do you think?
Lakeland, FL · Member since 2017 · 44 posts · 25 votes
7y
@Frank Patalano whats holding me back? Right now its just making sure I run my numbers right , get a good deal and not overpay in this crazy overpriced lakeland market. I went and got my RE License , pulled the trigger last year and got 4 units, now looking to get at least 2 more units, a single Family and possibly do a JV flip . I have to say I've learned so much since I joined BP and took the step,there will be mistakes to come, but still so much more to learn, still so much to do, still so much to accomplish!!
@Frank Patalano - I have done the numbers, taken my figures to my realtor that flips herself and she says it pans out. But I can’t seem to find funding. With a little lower credit score than what I would like to have it seems harder than it should be to find funding. Still trying. I refuse to give up.
Yeah. Don't give up. Hard money lenders don't typically look at credit scores. Just need a higher down payment to get you going. Hope you are also talking to a mortgage broker and not one bank. Also a partner might bring a high credit score.
For me it's that I'd like to tackle the pre-foreclosure market, which I think is promising, but I lack the experience.
You can educate yourself all you want but when it comes to actually putting money on the table I'd like to partner up and minimize risk with somebody who has done it before.
Yes. I love to partner up. Find the local real estate group in your neck of the woods. You'll find a partner.
Ypsilanti, MI · Member since 2018 · 6 posts · 1 vote
7y
@Frank Patalano i would say little money to invest and analysis paralysis are whats holding me back. I have such a strong desire to start investing in real estate, but with no money to put down on anything amd the task of being a new mother makes me worried to start such a venture.
I am one who likes to be held accountable for the things i strive to do, so my next strep would be looking for a mentor that possibly specializes in creative investiving strategies. I beleive a good mentor will help give me the push i need towards the next step.
My fear is Not knowing how or who to rehab the property, because ai have that part covered. I'm an interior desighner and have several contractors that I work with, but my Anxiety is as follows:
A: Feeling as though I need and want more knowledge
B: Where or Whom to get the funds
C: Fear of making a big financial calculation and struggling to figure out how to fix it.
I have Big visions, desires & goals that are so strong but I feel paralyzed.. Its like being in a nightmare and you're screaming but nothing is coming out and you can't move.
I just started a new job in December starting my life over again, so I'm sure it has something to do with it.. I could definitely use some help .. Like maybe even a big push! :-@
You will always want to acquire more knowledge. No matter how experienced you are there is always more to know.
Find a property that you like and try to get funding. Don't even put in an offer. Just try to get funding. A traditional way and creative ways.
If you can find your local REIA. Go there and meet up with others.
@Frank Patalano I can say that my issue is finding a deal. It seems impossible right now. I never thought that finding a deal would be the hardest part to get started.
I agree that finding a deal is a hard problem as of late. There are deals out there, just other people are scooping them up. Build your network and talk to some wholesalers. We are still buying just being extra conservative with our numbers.
@Frank Patalano what's holding me back is understanding what to do and money. That is why I joined this community in the hopes to learn and make my first deal by September. I am in this to the end, no matter what. I will educate myself as much as I can because I am eager to learn.
My why is simple. Make sure I don't become homeless when my balloon payment is due next year.
@Frank Patalano I’m a recent college grad and looking to house hack. Prices are high in my market so capital is the biggest issue for me
Ya NJ is a tough market. The biggest areas have low CAP rates.
Tell all of your friends that you want to get into real estate. Maybe you will be able to find an off market deal. Perhaps you need to partner with someone on your first house instead of house hacking it. At the same time if you are house hacking the downpayment should be lower than an non-owner occupied. Good Luck.
#1 Education: I've never a deal a became really serious about learning enough to get started recently. I've been on BP reading guides, watching podcasts and other random videos I think will be helpful. Today is my stop in the Forum and its been great so far.
#2 Finding The Right Strategy: I recently moved from San Diego to Philly on super short notice because the care my daughter requires is at Children's Hospital and Wills Eye Institute. In doing so I resigned from my job and shut down a training business. For the most part the feedback I've received so far on BP is get a good paying job so that I'm able to work with lenders. Along with real estate investing I'm working towards another entrepreneurial project that won't produce income until closer to the end of 2019 (at best).
SO here's the situation I'm in searching for a strategy: I have a family member willing to partner on "the right deal" offering 75k equity from his home. I also have 10-20k cash to bring to the table. My cousin (an experience investor) also offered to help me with the deal because he knows fear and lack of experience is holding me back. I'm interested in House Hacking a 2-4 plex in Philly or New Jersey to get started.
Where there's a will, there's a way. I have the will but don't know the way. What do you think?
I think you are down playing everything that you have going for you.
You have a special girl in your life. You have a small business that you are working on. You have someone offering to loan you money. You have relatives willing to help you and you already know your target market and type of property.
Now is the time to take action. Action relieves nerves and builds experience that you need. Good Luck
@Frank Patalano whats holding me back? Right now its just making sure I run my numbers right , get a good deal and not overpay in this crazy overpriced lakeland market. I went and got my RE License , pulled the trigger last year and got 4 units, now looking to get at least 2 more units, a single Family and possibly do a JV flip . I have to say I've learned so much since I joined BP and took the step,there will be mistakes to come, but still so much more to learn, still so much to do, still so much to accomplish!!
It doesn't sound like anything is holding you back. Great job.