Providence, RI 路 Member since 2018 路 29 posts 路 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.
Fayetteville, AR 路 Member since 2018 路 95 posts 路 62 votes
7y
@Frank Patalano I鈥檇 say the biggest thing holding me back right now is being comfortable investing out of state. My market is way too hot to make longer-term investing a good option. The rental rates are nowhere near strong enough to make sense when buying very inflated houses. Cap rate is around 5-6% here. Just not enough to make sense. But... as someone who has worked their butt off to build everything from scratch by managing it with my spouse, and being very hands on, it鈥檚 very scary to invest in another area and count on/trust others. It just feels very risky to buy a house without actually walking through it, hire someone to make repairs and hire someone to rent it. There has to be a lot of trust built to do that comfortably. Turnkey rentals usually aren鈥檛 that great when you look at the real numbers. And a lot of those companies are not honest or transparent.
I鈥檓 interested in single family or small multi-family properties.
Rental Property Investor 路 Newington, CT 路 Member since 2019 路 3 posts 路 1 vote
7y
@Frank Patalano
I can tell you for me right now its about education and funding. Literally started listening to Bigger Pockets pod casts about two weeks ago and have certainly gained valuable insight. I was a Real Estate agent here in CT until about a year ago. I do plan to re-activate in the next few weeks as I venture into real estate investment. I recently was introduced to CTREIA and plan to join up with them. I have a real estate agent who is a friend of mine who has me on a drip campaign with specific criteria. I am looking but I feel that I need a bit more education. I need to start networking a bit to jump start my business. I'm not entirely worried about jumping right in but at this point I'm trying to put my ducks in a row.
It truly is financing. I know I hear it all the time that if the deal is right the money will be there. Maybe that is true when you have the contacts. But it seems those who have the right lending contacts don't share them. I get that. Business is business. Those are the same people telling everyone the money is always there though! I'm building my bank account right now to have a down payment and windfall so that I can buy.
Rental Property Investor 路 East Providence, RI 路 Member since 2018 路 1k+ posts 路 1k+ votes
7y
@Shane H.
Downpayments? That's not a tough one.
If you have a true deal you will have to partner up to get it done. Think of some possible assets as time, money, and experience. If you brought a true deal, people with money but no time to look for deals would love to partner with you. If it's truly a score, people with money will be begging to work with you. If not, try to wholesale it.
Rental Property Investor 路 Chicago, IL 路 Member since 2018 路 20 posts 路 11 votes
7y
@Frank Patalano
When first starting out my biggest fear was jumping the gun out of anxiousness and not getting the right deal. Buying a unit that wouldn't cash flow as well as the one i was overlooking.
Again, everyone says that. And maybe it's my area. I regularly attend meetups. There are a handful of true investors. The meeting is full of wholesalers, and others just getting started. The investors are guarded. Most of them are really little guys themselves, who partner with the money holders to do the deals. May be im just in the wrong market. After all their are cashflowong properties on the mls that no one is interested in. And when emails are sent to the rei group, with multi units no one even asks for the info.
Also to be clear. I'm quite positive. I will find and secure deals. I have an unconventional out of town deal that I'm working on securing financing for right now. That's my current main focus. If I get this one or it disappears, I'll be on the hunt again. Either way I watch for deals everyday. I'm going to see an off the market sfh this weekend. I "partnered" with another investor last month to go after a bigger sfh for a flip. It didn't work out. I'm not quitting anytime soon. It just looks like I may have to wait longer than I'd like and buy on more conventional terms.
Sacramento, CA 路 Member since 2017 路 54 posts 路 19 votes
7y
@Frank Patalano
What's holding me back is self-discipline.
For 7 years, I've known what I'm supposed to do, and how to get started. I simply don't change my habits to reflect my new knowledge, and am stuck choosing to not change, because its "scary"...
For 7 years, I've known what I'm supposed to do, and how to get started. I simply don't change my habits to reflect my new knowledge, and am stuck choosing to not change, because its "scary"...
Real Estate Agent 路 Fort Worth, TX 路 Member since 2018 路 24 posts 路 13 votes
7y
fear. I鈥檝e done a few houses now and want to do a large multi family syndication or medium storage complex. I probably really just need someone as an accountability partner in the form of a coach or more investors to add to my list I鈥檓 putting together