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 · Helena, MT · Member since 2019 · 6 posts · 2 votes
7y
Confidence and time. I know that the market I live in doesn’t make sense for investing. I have money, a fair amount of knowledge, and am good at research so investing out of my market shouldn’t be hard. But I’m introverted so networking is not my strong suit and work full time so travel to the Midwest to look at a better market is a tough sell internally.
Rental Property Investor · East Providence, RI · Member since 2018 · 1k+ posts · 1k+ votes
7y
Originally posted by @Account Closed:
Confidence and time. I know that the market I live in doesn’t make sense for investing. I have money, a fair amount of knowledge, and am good at research so investing out of my market shouldn’t be hard. But I’m introverted so networking is not my strong suit and work full time so travel to the Midwest to look at a better market is a tough sell internally.
I understand that you're introverted. Most of my friends struggle with it as well. Still, if you have money, you may want to consider partnering. I consider the triple threat to be money, time, and experience. If you don't have the other two at least your strength is having some money to do a deal. The other option is to invest with a crowdfunding website. It is a way to invest with others without having to be good at networking.
Rental Property Investor · Arlington · Member since 2018 · 34 posts · 10 votes
7y
@Frank Patalano
Well,I’ve been looking for a while for a small multifamily to do a house hacking and got pre approved for $350k and looked into over 75 property so far and whenever I’m at work and a property popped up I send my wife tp look at it.the problem is the market here(Dallas TX) is hot and every proprty has 9 offers at the first day.
I have 3 agents that I talk to and I’m still looking but again,nothing happened
Well,I’ve been looking for a while for a small multifamily to do a house hacking and got pre approved for $350k and looked into over 75 property so far and whenever I’m at work and a property popped up I send my wife tp look at it.the problem is the market here(Dallas TX) is hot and every proprty has 9 offers at the first day.
I have 3 agents that I talk to and I’m still looking but again,nothing happened
I've heard Dallas is hot. The best suggestion I can give you is to network at the local Real Estate Group. You have to seek out the wholesalers and try to buy a property off of them. You need an off-market deal.
Another idea. Start driving neighborhoods and putting little notes in people's mailboxes that you want to buy their property.
Charlotte, NC · Member since 2015 · 6 posts · 2 votes
7y
I just need to find a good deal. I'm ready to take the plunge I just need to find a deal that works. I study and have an understanding of the how to's, a GC in place and an investor friendly RA. I'm just waiting to pounce when the time comes.
I just need to find a good deal. I'm ready to take the plunge I just need to find a deal that works. I study and have an understanding of the how to's, a GC in place and an investor friendly RA. I'm just waiting to pounce when the time comes.
You may be already doing this ... what are you doing to find that good deal? Are you contacting wholesalers? Are you going to REIA meetings? Are you sending out mailers? If you're doing all that and more, keep working your system. If you're just looking on MLS, you're going to need to find a way to get off Market opportunities.
What does RA mean? Real estate agent? You may need to be creative beyond what they can find.
I just need to find a good deal. I'm ready to take the plunge I just need to find a deal that works. I study and have an understanding of the how to's, a GC in place and an investor friendly RA. I'm just waiting to pounce when the time comes.
You may be already doing this ... what are you doing to find that good deal? Are you contacting wholesalers? Are you going to REIA meetings? Are you sending out mailers? If you're doing all that and more, keep working your system. If you're just looking on MLS, you're going to need to find a way to get off Market opportunities.
What does RA mean? Real estate agent? You may need to be creative beyond what they can find.
I've reached out to a few wholesalers and I'm attending a REIA meeting on Wednesday. Haven't dabbled in the mailers.
New to Real Estate · Dickinson, TX · Member since 2019 · 3 posts · 0 votes
7y
@Frank Patalano
New to the party but really want to join in flipping and brrrr! I’m scared of jumping into a property I found and it costing more to rehab than I’m guessing. So I don’t really know what repairs may end up costing or having the eye to catch things that aren’t obvious. Any books or podcast suggestions to look into?
I just need to find a good deal. I'm ready to take the plunge I just need to find a deal that works. I study and have an understanding of the how to's, a GC in place and an investor friendly RA. I'm just waiting to pounce when the time comes.
You may be already doing this ... what are you doing to find that good deal? Are you contacting wholesalers? Are you going to REIA meetings? Are you sending out mailers? If you're doing all that and more, keep working your system. If you're just looking on MLS, you're going to need to find a way to get off Market opportunities.
What does RA mean? Real estate agent? You may need to be creative beyond what they can find.
I've reached out to a few wholesalers and I'm attending a REIA meeting on Wednesday. Haven't dabbled in the mailers.
Sounds like you're doing some of the right things. As of this point the main thing I would be trying to do is set weekly goals. Decide a minimum number of properties that you would see every week. Maybe you can Network at least once a week. put in one offer a week.
New to the party but really want to join in flipping and brrrr! I’m scared of jumping into a property I found and it costing more to rehab than I’m guessing. So I don’t really know what repairs may end up costing or having the eye to catch things that aren’t obvious. Any books or podcast suggestions to look into?
There are a few websites to estimate rehab prices. A book won't work because prices change too much.
@Frank Patalano. Well for me I would say the lack of credit. I’ve always had cash on hand but never credit
If you are buying an investment property (not a house hack) look for hard money and private money. Matt Faircloth has a BP book on it. Less hurdles. They care less about credit.
Dayton, OH · Member since 2018 · 39 posts · 6 votes
7y
Hi Frank, 6 months ago I just wanted to get information and read and learn as much as I could. Now, I feel like I've learned a lot and I really want to dive in but fear is what's holding me back now. I have a list of properties I'm interested in but I've been afraid to move forward. I don't really know what will get me over that fear. More education?... Maybe I have the dreaded analysis paralysis.
Hi Frank, 6 months ago I just wanted to get information and read and learn as much as I could. Now, I feel like I've learned a lot and I really want to dive in but fear is what's holding me back now. I have a list of properties I'm interested in but I've been afraid to move forward. I don't really know what will get me over that fear. More education?... Maybe I have the dreaded analysis paralysis.
The main thing to remember is when you make an offer it doesn't matter how low you offer. You're probably never going to see this person again. I don't care if you offer half of what it's worth. Value of property and what you think it's worth not what they think it's worth or what you think they think it's worth.
Besides that you have to think about what's making you afraid. Is it fear of failure? Is it fear of not knowing how to properly evaluate a property? Education does reduce fear but it does not eliminate it. Action will lead 2 your success
I just need to find a good deal. I'm ready to take the plunge I just need to find a deal that works. I study and have an understanding of the how to's, a GC in place and an investor friendly RA. I'm just waiting to pounce when the time comes.
You may be already doing this ... what are you doing to find that good deal? Are you contacting wholesalers? Are you going to REIA meetings? Are you sending out mailers? If you're doing all that and more, keep working your system. If you're just looking on MLS, you're going to need to find a way to get off Market opportunities.
What does RA mean? Real estate agent? You may need to be creative beyond what they can find.
I've reached out to a few wholesalers and I'm attending a REIA meeting on Wednesday. Haven't dabbled in the mailers.
Sounds like you're doing some of the right things. As of this point the main thing I would be trying to do is set weekly goals. Decide a minimum number of properties that you would see every week. Maybe you can Network at least once a week. put in one offer a week.
I'll add that to the routine. I make sure I analyze properties everyday to get a feel for the numbers and I'm going to view a property tomorrow. Thanks for the suggestions.
Wholesaler · Naperville, IL · Member since 2017 · 2 posts · 0 votes
7y
@Frank Patalano the only thing holding me back is money and not really knowing how to acquire it to start investing on a larger scale. Hard Money lenders want more than I can give at the moment.
@Frank Patalano the only thing holding me back is money and not really knowing how to acquire it to start investing on a larger scale. Hard Money lenders want more than I can give at the moment.
How many deals have you done so far? When you say larger deals what are we talking?
CPA · Pasadena, CA · Member since 2015 · 170 posts · 46 votes
7y
@Mark Bommarito, Cali is tough, but don't count it out altogether. I found a Triplex in the high desert 2 1/2 years ago (an MLS deal, even!)... 10% down and it cashflows $500/mo and it has appreciated $70k since purchase. I'm in the middle of refinancing my capital out plus some so I can work on finding another.
Rental deals are in less desirable areas out here, and are harder to find... but they do exist
@Mark Bommarito, Cali is tough, but don't count it out altogether. I found a Triplex in the high desert 2 1/2 years ago (an MLS deal, even!)... 10% down and it cashflows $500/mo and it has appreciated $70k since purchase. I'm in the middle of refinancing my capital out plus some so I can work on finding another.
Rental deals are in less desirable areas out here, and are harder to find... but they do exist
If you really want to get past thise things, you can with education and goals. Set a goal to realistically look at so make houses a week. Analyze so many properties . Make 1 offer (or more) a week.
Rental Property Investor · Las Vegas, NV · Member since 2019 · 17 posts · 1 vote
7y
@Frank Patalano
Biggest thing for me is getting things in order (building the game plan.... trying to avoid The analysis paralysis) so I can begin to analyze deals to learn and get my feet wet so I CAN recognize a good Muktifamily deal. I already have two SF rental with good cash flow but moving to a more deliberate “commercial” mindset seems to take more planning.