So what's holding you back?

3.5K Replies

@KC T. Are you just trying to buy a regular house or are we talking a foreclosure? In a hot market, getting pre-qualified is a must. Sometimes an agent won't call you back if they are already in contract. Go to open houses. You will meet agents that way.

Ya it sounds awesome. Keep hustling.
How many letters did you mail out? If it was only a few don't expect a lot of responses. You might need to mail hundreds.
Get back to that woman in a week, no matter what. She'll forget you before you forget her. Add it to your calendar. We had to send a woman 10 letters before she sold us the house.


Originally posted by @Michael Burrows :

I finally took action last week. I after listening to the podcast and reading several books I feel like I'm ready. 

I found a few vacant properties close to my house after driving for dollars. Tracked down the home owners through the tax info. Actually found one that is two years behind on his taxes. Found his info after digging through google and paying for a worthless skip trace (SuperMPower) . Waiting to hear back but mailing out letters tomorrow. Also was able to reach another lady and have exchanged texts. Said she would let me know in a week or so. Working on finding the owner of another property but haven't had much luck. What is the best skip trace site that everyone uses?

I'm still not sure how I will fund the deal but tired of waiting. We bought our last house in May off the market and have a good amount of equity in the home. So I thought of getting a HELOC or using family money. I'm handy and have remodel our last 2 houses as the general contractor so ready to try it as flip. We are in a good area that is 10 minutes from downtown so I feel confident if can get one of them.

@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! :)

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! 

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.

@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.

Great question!

Zach

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 ! :)

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 @Michael Sjodin :

@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.

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 @Aninze A. :

@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! :)

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.

Originally posted by @Zach Midwood :

@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.

Great question!

Zach

@James Destef

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.

@Jacob Gelinas What made you finally pull the trigger? Did you intentionally decide to overlook or risk on certain aspects of your analysis?

What mentally changed for the deal you took vs the deals that you convinced yourself out of?

Also, are you happy with the deal so far?

@Frank Patalano

 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.

This post has been removed.

@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.

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