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.
Investor · Surprise, AZ · Member since 2018 · 156 posts · 110 votes
7y
@Frank Patalano, the only real thing holding me back right now is the sale of my rental property (used to be my primary). It will go on the market in May (I have tenants in there until the end of June). Once that sells I anticipate having a large chunk of change to get me going.
I also used my VA loan to purchase my current home, which will be one year in July. I will rent this one out and look for another to use the remaining entitlement.
Since last year I have been doing all the pod casts, blogs, reading, meeting, networking, etc., so once that puzzle piece falls into place, it's on! :)
Investor · Dallas, GA · Member since 2016 · 13 posts · 10 votes
7y
Thank you for your advise and I use to be a member of GAREIA and I was working with someone and they left me high and dry. Built me up then in a blink of an eye shot me down. Very disappointed!
Investor · Westminster, CO · Member since 2009 · 1k+ posts · 1k+ votes
7y
I have been investing since around 1980 but want to get into syndication. I think it's just the process that is a bit intimidating. I was wondering, for those of you that do syndicate, did you invest in some syndication's before you did your own syndication? I am sure that I am an accredited investor, due to asset and income, but it is only on SFR where I have the experience.
Rental Property Investor · New Bedford, MA · Member since 2018 · 56 posts · 32 votes
7y
@Frank Patalano
Hi Frank...finding a great deal is what has been holding me back. As you know, I have been seeking my first property which I intend to househack. Majority of my looking had been on the MLS and craigslist. I still search there daily but that is not where I will find a good deal. I find networking and getting my name out there to be the best bet. Recently, I have been doing direct mailing of my own too. I am committed to the process and determined I will find the right deal. I am seeking cashflowing multi-families of 3 to 4 units that produce from day 1. The patience will pay off and when the right one comes, I will be ready.
Real Estate Agent · Houston, TX · Member since 2017 · 290 posts · 233 votes
7y
Awesome thread that I'm still reading through. It's a bold move to buy a house is disastrous shape, and even though it's a step by step process, to me and probably many others it feels like climbing a massive mountain.
But you have to start some time...and after climbing 5 mtns, climbing the next 5 won't be so bad...or painful ! :)
Rental Property Investor · East Providence, RI · Member since 2018 · 1k+ posts · 1k+ votes
7y
House Hacks are nice but I assume that there are not many 4 units in the area. You could house hack a 4 unit.
Originally posted by @Account Closed:
@Frank Patalano The 5 unit might not be a bad idea. I have to research the commercial side more, but for starting out I am naturally drawn towards a duplex situation so I can house hack.
Rental Property Investor · East Providence, RI · Member since 2018 · 1k+ posts · 1k+ votes
7y
There you go. It's just a timing issue. Sounds like everything else is in place. There is nothing wrong with started to look before you put your house up for sale. Then you can start to gauge the market.
Originally posted by @Account Closed:
@Frank Patalano, the only real thing holding me back right now is the sale of my rental property (used to be my primary). It will go on the market in May (I have tenants in there until the end of June). Once that sells I anticipate having a large chunk of change to get me going.
I also used my VA loan to purchase my current home, which will be one year in July. I will rent this one out and look for another to use the remaining entitlement.
Since last year I have been doing all the pod casts, blogs, reading, meeting, networking, etc., so once that puzzle piece falls into place, it's on! :)
Rental Property Investor · East Providence, RI · Member since 2018 · 1k+ posts · 1k+ votes
7y
Zach, I know you personally so we can talk more off line.
From what you have said you are doing all of the right moves. Networking and Direct Mailing are your best bets. All of Massachusetts is a tough market. I was even talking to some investors up in Springfield and Ludlow on Saturday. Your best shots in Massachusetts are probably Fall River and New Bedford. Pawtucket is probably your best bet in Rhode Island.
Hi Frank...finding a great deal is what has been holding me back. As you know, I have been seeking my first property which I intend to househack. Majority of my looking had been on the MLS and craigslist. I still search there daily but that is not where I will find a good deal. I find networking and getting my name out there to be the best bet. Recently, I have been doing direct mailing of my own too. I am committed to the process and determined I will find the right deal. I am seeking cashflowing multi-families of 3 to 4 units that produce from day 1. The patience will pay off and when the right one comes, I will be ready.
I lost $20K on my first deal. You have to start small and work from there. Ask your parents about when you first start to walk. That first time that you fell down, you didn't stay down, you got back up and kept walking. Same thing with riding a bike. You learn from education but also through doing. Stay conservative but take the leap.
why not? If I join a group doing them, multi family, then I can learn from them vs figuring it out on my own. I’ve been interviewing a few groups to see what might be a good fit. Now I just have to commit. I grew up around storage properties. They’re great companions to other industrial properties.
Rental Property Investor · East Providence, RI · Member since 2018 · 1k+ posts · 1k+ votes
7y
@Clayton Collins
Yeah go either way. Been doing a lot of syndication research myself lately. I just know there's a lot of different strategies but if you're interviewing multiple groups you should do fine.
San Antonio, TX · Member since 2017 · 2 posts · 1 vote
7y
@Frank Patalano Thanks for this post. I have been on the sideline...watching. What's holding me back is that I am a risk manager by trade, so I tend to think in terms of mitigating potential risks. I don't want to buy without creating an LLC or S-Corp (which one?) because I don't want my personal assets at risk.
Aside from that, it is just wanting to have everything else already figured out (contractors, managers, etc.). I know...analysis paralysis.
Rental Property Investor · Ithaca, NY · Member since 2015 · 1k+ posts · 1k+ votes
7y
@Frank Patalano
Thanks Frank, I agree I need to partner with someone on my next deal. Manpower, muscle! I need a crew of workers with the amount of rehab I like to do to my properties.
Real Estate Agent · Sidney, OH · Member since 2019 · 25 posts · 6 votes
7y
@Frank Patalano
Mainly my credit. I've had a few properties in the past but I got divorced and I currently rent. Getting closer to being approved for a mortgage.. feel like I need to buy my primary residence before I get any rentals.