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 · Charlotte, NC · Member since 2018 · 4 posts · 1 vote
7y
@Frank Patalano what's holding us back currently is rehab money! Working on getting HELOC if that doesn't work out we will need a partner and/or a hard money loan. We're in the process but that's slowing the train!
Rental Property Investor · Norfolk, VA · Member since 2019 · 3 posts · 0 votes
7y
I have one rental property brought for 67k. Estimated by the city for 94k renting for 900 and mortgage is 570. Would love to buy another rental or a fix and flip. Problem is my credit score is sh$&&t lol(let’s just say below 500 smh). But I can’t move forward with horrible credit. I currently work at the post office and make roughly 50k a year. I know getting my score up would definitely help. But sheesh I’m stuck. Any suggestions besides the obvious lol?
I'm actually starting to research different areas now to buy my first multi-family property which I plan as a house hack. I'm looking in Fall River Ma and Providence/Pawtucket RI since the barrier to entry is lower than the Boston area where I'm originally from. I guess the fear of buying the wrong property is holding me back .. as I'm sure is a recurring theme with most new investors. With so many active investors in this area I find it hard to believe that the property on the MLS that looks good to me was missed by others which then makes me think I'm missing something that is causing others to pass on it.
@Frank Patalano what's holding us back currently is rehab money! Working on getting HELOC if that doesn't work out we will need a partner and/or a hard money loan. We're in the process but that's slowing the train!
Sounds like you have a plan. Nothing wrong with looking for partners now just in case a 2nd opportunity falls into you lap. One time we ended up getting 3 deals at once. That was unplanned. We really had to stretch our resources.
I have one rental property brought for 67k. Estimated by the city for 94k renting for 900 and mortgage is 570. Would love to buy another rental or a fix and flip. Problem is my credit score is sh$&&t lol(let’s just say below 500 smh). But I can’t move forward with horrible credit. I currently work at the post office and make roughly 50k a year. I know getting my score up would definitely help. But sheesh I’m stuck. Any suggestions besides the obvious lol?
Find a partner with money/credit but has no time or experience.
It could be a friend at work. With one of my friends I brought the income into the partnership to get loans because he had no verifiable income.
I'm actually starting to research different areas now to buy my first multi-family property which I plan as a house hack. I'm looking in Fall River Ma and Providence/Pawtucket RI since the barrier to entry is lower than the Boston area where I'm originally from. I guess the fear of buying the wrong property is holding me back .. as I'm sure is a recurring theme with most new investors. With so many active investors in this area I find it hard to believe that the property on the MLS that looks good to me was missed by others which then makes me think I'm missing something that is causing others to pass on it.
Step 1 is to get a referral for an agent to trust in those markets. I know both of those markets very well and could refer people.
Is it hard to buy off of MLS? Yes but not impossible. Especially since I have plenty of friends who do it often. I prefer off market. One of my closest friends househacked in the Providence Metro, twice. Actually I could name a dozen friends househacking in Providence. Most bought right off of MLS in the last year or so.
Getting properly prepared to invest smart, financially and mentally i just closed on my future rental home that I’m currently living in with my family
Nice job. I don't hear anything holding you back. Sounds like you're taking action. Keep learning and keep looking. New Opportunities come up when you least expect them. If you find another great deal but aren't ready, you could always wholesale it.
Hi Frank, I am currently finishing college (electrical engineering graduate school) so what is holding me back from REI is primarily money and not being settled in an area yet. In the meantime, before I graduate I am trying to learn as much as I can about REI through books, podcasts, and browsing websites like Zillow for deals I would look into in example locations if I had the money to invest and was living there. Any suggestions would be well appreciated!
Your degree is in high demand ,my son has bachelor's degree in E.E had a job before graduation .
I have a nephew with a degree in C.E he choose to to work in the field makes good money and happy .
Are you going to work in the field of your degree or work in real estate ?
Hi Frank, I am currently finishing college (electrical engineering graduate school) so what is holding me back from REI is primarily money and not being settled in an area yet. In the meantime, before I graduate I am trying to learn as much as I can about REI through books, podcasts, and browsing websites like Zillow for deals I would look into in example locations if I had the money to invest and was living there. Any suggestions would be well appreciated!
Your degree is in high demand ,my son has bachelor's degree in E.E had a job before graduation .
I have a nephew with a degree in C.E he choose to to work in the field makes good money and happy .
Are you going to work in the field of your degree or work in real estate ?
Why not do both? My degree is in teaching history.
If you truly want to be an investor, you have to sacrifice to get there. I worked 2 jobs for years to raise money. Set a goal to put aside so much every week no matter what.
Hi Frank, I am currently finishing college (electrical engineering graduate school) so what is holding me back from REI is primarily money and not being settled in an area yet. In the meantime, before I graduate I am trying to learn as much as I can about REI through books, podcasts, and browsing websites like Zillow for deals I would look into in example locations if I had the money to invest and was living there. Any suggestions would be well appreciated!
Your degree is in high demand ,my son has bachelor's degree in E.E had a job before graduation .
I have a nephew with a degree in C.E he choose to to work in the field makes good money and happy .
Are you going to work in the field of your degree or work in real estate ?
Why not do both? My degree is in teaching history.
My plan is to do both. I will raise steady income with an engineering salary and supplement that income with REI until it's at the point where it's more like my salary is supplementing my REI income.
Hi Frank, I am currently finishing college (electrical engineering graduate school) so what is holding me back from REI is primarily money and not being settled in an area yet. In the meantime, before I graduate I am trying to learn as much as I can about REI through books, podcasts, and browsing websites like Zillow for deals I would look into in example locations if I had the money to invest and was living there. Any suggestions would be well appreciated!
Your degree is in high demand ,my son has bachelor's degree in E.E had a job before graduation .
I have a nephew with a degree in C.E he choose to to work in the field makes good money and happy .
Are you going to work in the field of your degree or work in real estate ?
Why not do both? My degree is in teaching history.
My plan is to do both. I will raise steady income with an engineering salary and supplement that income with REI until it's at the point where it's more like my salary is supplementing my REI income.
Rental Property Investor · Fort Collins, CO · Member since 2019 · 11 posts · 5 votes
7y
@Frank Patalano Hey Frank. I am a total newbie. My wife and I are just nervous to pull the trigger. And we live in CO and our market is absolutely nuts, even tho it has slowed in the last 8 months. Lack of affordable property is why we are so nervous about it.
@Frank Patalano Hey Frank. I am a total newbie. My wife and I are just nervous to pull the trigger. And we live in CO and our market is absolutely nuts, even tho it has slowed in the last 8 months. Lack of affordable property is why we are so nervous about it.
I've heard Colorado is ridiculous. Keep educating and set goals to look at so many properties a week. Try to find off market. If you are househacking or buying an investment, buy for CASHFLOW.