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.
well that's the issue rn. I'm trying to figure out which to start with. The llc or the property process or should I get rid of my credit before I even do anything? I'm 6000 in the hole but my score is in the 660 range which I'm told is enough but I was also advised that the 8s give you more buying power. Also llcs I've learn have time limits nd properties closing have time limits I'm kinda just lost in the information now.
The credit score is low but not impossible. You don't need credit to buy with hard money. 8s are pretty hard to do.
What do you mean that LLCs have time limits? I have 5 LLCs.
And probably slightly over leveraged as it is. Hammering out financials and will probably pick up a STR late 2019.
Ok. I've bought properties before with no money down.
On the flip side you need to have some cash and an emergency find. It makes your life easier.
So set goals. Figure out what you are willing to sacrifice to get there.
Find a partner if you need to. There have been times where I had the money and someone else had the time to buy a property.
I could buy one with no or little money down but I don’t think that would be in the best interest of me financially. At the moment. Full disclosure...RE has taken a back seat to a few other things at the moment. But I’m going to get back full tilt this summer.
And probably slightly over leveraged as it is. Hammering out financials and will probably pick up a STR late 2019.
Ok. I've bought properties before with no money down.
On the flip side you need to have some cash and an emergency find. It makes your life easier.
So set goals. Figure out what you are willing to sacrifice to get there.
Find a partner if you need to. There have been times where I had the money and someone else had the time to buy a property.
I could buy one with no or little money down but I don’t think that would be in the best interest of me financially. At the moment. Full disclosure...RE has taken a back seat to a few other things at the moment. But I’m going to get back full tilt this summer.
That's fine. If you're not ready. You're not ready. Full Disclosure. You are holding yourself back.
Ultimately, the ONLY thing that ever holds us back is Ourselves. Usually in the form of some specific fear, we fail to take action. And that fear involves some fear of failure. And, rest assured, you will fail in decisions that you make and actions that you take. But, you and I have already failed in the moment we allow fear to make the decision for us! Winston Churchill said in a speech during the bombings of London by the Germans "The only thing we have to fear is fear itself". So True!
And probably slightly over leveraged as it is. Hammering out financials and will probably pick up a STR late 2019.
Ok. I've bought properties before with no money down.
On the flip side you need to have some cash and an emergency find. It makes your life easier.
So set goals. Figure out what you are willing to sacrifice to get there.
Find a partner if you need to. There have been times where I had the money and someone else had the time to buy a property.
I could buy one with no or little money down but I don’t think that would be in the best interest of me financially. At the moment. Full disclosure...RE has taken a back seat to a few other things at the moment. But I’m going to get back full tilt this summer.
That's fine. If you're not ready. You're not ready. Full Disclosure. You are holding yourself back.
Lol. I’m all for being a go getter but how is telling someone who states they are currently a little more over leveraged than they care to be to go pursue buying more properties sound advice? Timing is everything.
I have a duplex, condo, plus I rent out my walk-out basement. What’s holding me back is FOMO- fear of missing out. Should I wait until the recession hits, then buy (and get a better deal) or pull the trigger now. Plus, I just got laid off. Like others have said my fear is paying too much.
@Frank Patalano what was the biggest obstacle to overcome in your own first deal?
I live near you in RI but the 1% Rule and other metrics here on BP don't make sense in our area. I'm mentally ready to jump in on my first deal, have about 20K saved and my other expenses covered, just can't find a local multi that makes sense. Beginning to look in the southern US cities for an easier market to break into.
Ultimately, the ONLY thing that ever holds us back is Ourselves. Usually in the form of some specific fear, we fail to take action. And that fear involves some fear of failure. And, rest assured, you will fail in decisions that you make and actions that you take. But, you and I have already failed in the moment we allow fear to make the decision for us! Winston Churchill said in a speech during the bombings of London by the Germans "The only thing we have to fear is fear itself". So True!
Holding yourself back is a failure to take action. :>
And probably slightly over leveraged as it is. Hammering out financials and will probably pick up a STR late 2019.
Ok. I've bought properties before with no money down.
On the flip side you need to have some cash and an emergency find. It makes your life easier.
So set goals. Figure out what you are willing to sacrifice to get there.
Find a partner if you need to. There have been times where I had the money and someone else had the time to buy a property.
I could buy one with no or little money down but I don’t think that would be in the best interest of me financially. At the moment. Full disclosure...RE has taken a back seat to a few other things at the moment. But I’m going to get back full tilt this summer.
That's fine. If you're not ready. You're not ready. Full Disclosure. You are holding yourself back.
Lol. I’m all for being a go getter but how is telling someone who states they are currently a little more over leveraged than they care to be to go pursue buying more properties sound advice? Timing is everything.
Tanner I have no idea if you are truly overleveraged or not. I can't tell if you are making excuses or not.
Like I said if you are not ready, you are not ready.
You can make money in real estate with no money. I've brought deals to other people before and got to be a partner without putting up any money. I've gotten a check for doing a little research online and making a referral happen.
"Whether you think you can, or think you can't you're right." Henry Ford
I have a duplex, condo, plus I rent out my walk-out basement. What’s holding me back is FOMO- fear of missing out. Should I wait until the recession hits, then buy (and get a better deal) or pull the trigger now. Plus, I just got laid off. Like others have said my fear is paying too much.
There is nothing wrong with passing on properties that don't fit your model.
I wouldn't wait until the recession hits either.
We don't know if it is 5 months away or 5 years.
If you are always on the hunt you will find a deal eventually. That is why my kids always look for coins in every gum ball machine. Once in a while they get score a deal.
If you can lead me in the right direction for the monthly educational group, I’ll truly appreciate it. I have registered for an upcoming meetup for new investors.
@Frank Patalano what was the biggest obstacle to overcome in your own first deal?
I live near you in RI but the 1% Rule and other metrics here on BP don't make sense in our area. I'm mentally ready to jump in on my first deal, have about 20K saved and my other expenses covered, just can't find a local multi that makes sense. Beginning to look in the southern US cities for an easier market to break into.
I screwed up big time in my first deal. I bought vacant land out of state at a big property auction. I ended up losing $20K on my first deal.
You should be able to find a multi using the 1% rule. It is harder now than a couple of years ago. You probably won't find them on MLS but you can find them. How many wholesalers have you contacted this month? I speak to wholesalers every week and am considering a 2 family in Cranston.
For another example, I just saw an off market deal yesterday that would pay me about $35K in profit in Warwick. I think that I'm going to pass because it just doesn't hit my numbers right now.
We're selling 3 in the next couple of months and just picked up 2 so busy, busy.
I like the southern US. I have money invested in multiple states. I just feel that my best deals are always where my network is strongest.
If you can lead me in the right direction for the monthly educational group, I’ll truly appreciate it. I have registered for an upcoming meetup for new investors.
@Frank Patalano thanks for the house hacking advice. Any advice on finding money to purchase a property to rent?
Finding money?
To be successful at Real Estate you need to have money OR experience OR time. Which one is your strength? If you have none of those figure out which one can become your strength.
If it is time, work for others. Help others make money. The best investors will help you back.
I had to sacrifice for years in order to buy my first Multi.
There are opportunities for no money down but you usually need experience to pull it off.
Another option is to find a partner who has the money and you are giving in the time to manage it etc.
@Frank Patalano Afraid of making a mistake. I'm just getting started, trying to learn as much as possible. I have very little capital to start and am planning to start with wholesaling. I'm excited and nervous to find my first deal.
@Frank Patalano Afraid of making a mistake. I'm just getting started, trying to learn as much as possible. I have very little capital to start and am planning to start with wholesaling. I'm excited and nervous to find my first deal.
@Frank Patalano Afraid of making a mistake. I'm just getting started, trying to learn as much as possible. I have very little capital to start and am planning to start with wholesaling. I'm excited and nervous to find my first deal.
Don't be afraid to make mistakes. Be afraid that you are not taking actions to learn from mistakes.
Wholesaling can be a good start for you since you don't have a lot of money or a lot of experience. Use your time to your advantage.