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 · byron, IL · Member since 2018 · 2 posts · 0 votes
7y
@Frank Patalano
Last year I pulled the trigger and set a goal to create an LLC to begin my real estate investing career. That was in October. By December, with a great push from my wife, we purchased a property to rent out. Five months later we had it rented out. I want to BRRRR this house. At the end of the day I will get back all my rehab cost and possibly cash flow $150-$200 month.
Buying at the right price and being able to make the necessary repairs for a good ARV is what holds me back. I dont want to break even and do all that work for $100.
New to Real Estate · Coldwater, OH · Member since 2018 · 105 posts · 61 votes
7y
@James Evans the confidence comes in the process. Show up and put one foot forward each day. It will be a lot of foot moving. Move after move, one foot forward and then the next, repeated. The confidence follows.
Investor · Boca Raton, FL · Member since 2019 · 1k+ posts · 159 votes
7y
@Frank Patalano I like to say i'm intuitive to what my gut is telling me. Its the most important thing we have in life to help guide us in the right direction. For me personally if it doesn't feel right I wont buy.
@Frank Patalano... I recently sold my primary residence due to job relocation and will have extra money for a down payment and rehab of a multi family(duplex or triplex) in AZ. This will be my first project ever and am looking for pointers on what to look out for. Thank you in advance for any advise.
Rental Property Investor · Seattle, WA · Member since 2018 · 40 posts · 11 votes
7y
I am a new investor from Washington and what is holding me back is figuring out what market to invest in. Ideally we would like to buy a small multifamily property under $200,000. Properties in our area (Seattle) are too expensive. How do i figure out what out of state market i can invest in, and how do I renovate a property out of state?
Rental Property Investor · Member since 2017 · 3 posts · 1 vote
7y
@Frank Patalano
What’s holding back is just figuring out the process of refinancing our current townhome so that we are able to get another property to move into to rehab. I’m almost done with this rehab so I’m assuming once I have everything nice and clean, I can get an appraisal and be on my way.
@Frank Patalano If I had to narrow it down it would be financing the properties and making sure my analysis are correct. For me it is important for the first property to be a success. If the first rental doesn’t generate cash flow it will put a bigger fear in my head and my spouse.
I lost money on my first deal. You should definitely look for a good deal. Don't wait for the perfect deal.
Get a partner. That will give you a less biased look at the numbers.
When Warren Buffett wanted to build confidence he took a Dale Carnegie class. Network more. Learn from others. Those are ways to help build confidence.
Last year I pulled the trigger and set a goal to create an LLC to begin my real estate investing career. That was in October. By December, with a great push from my wife, we purchased a property to rent out. Five months later we had it rented out. I want to BRRRR this house. At the end of the day I will get back all my rehab cost and possibly cash flow $150-$200 month.
Buying at the right price and being able to make the necessary repairs for a good ARV is what holds me back. I dont want to break even and do all that work for $100.
I think that you are beating yourself up for no reason.
You took a risk and were able to educate yourself while getting paid to do it.
@Frank Patalano I like to say i'm intuitive to what my gut is telling me. Its the most important thing we have in life to help guide us in the right direction. For me personally if it doesn't feel right I wont buy.
Your gut might be emotionless and experienced but mine needs some work sometimes.
@Frank Patalano... I recently sold my primary residence due to job relocation and will have extra money for a down payment and rehab of a multi family(duplex or triplex) in AZ. This will be my first project ever and am looking for pointers on what to look out for. Thank you in advance for any advise.
Make sure that you get a qualified professional to inspect the property. If possible get someone who can give you a quote on how much work it needs. The price of the rehab will be your make-or-break. Is this something that you plan on house hacking?
I am a new investor from Washington and what is holding me back is figuring out what market to invest in. Ideally we would like to buy a small multifamily property under $200,000. Properties in our area (Seattle) are too expensive. How do i figure out what out of state market i can invest in, and how do I renovate a property out of state?
I would look for markets with good jobs and a growing population.
Pick 3 and study them for a month.
Then pick one and start networking online.
Then I would take a trip up there and actually meet up with a few referrals.
Find a great real estate agent and they will provide the rest of your team.
What’s holding back is just figuring out the process of refinancing our current townhome so that we are able to get another property to move into to rehab. I’m almost done with this rehab so I’m assuming once I have everything nice and clean, I can get an appraisal and be on my way.
If you are going to do a cash out refi or BRRRR it there are plenty of resources on BP.
If you bought at the right price and rehab conservatively you should have no problem.
When I help new investors with buying their first property I often want to know what is holding them back from pulling the trigger.
So I'll ask here. What is holding you back?
Not fear, but trying to decide on what I want to do. I currently own a town house, so I can either house hack with a lower DP and rent out my current residence, or try the BRRRR method. I feel like with BRRRR I can grow more quickly after a refinance and rolling it into the next deal, but with the house hack I will essentially be living for free.
When I help new investors with buying their first property I often want to know what is holding them back from pulling the trigger.
So I'll ask here. What is holding you back?
Not fear, but trying to decide on what I want to do. I currently own a town house, so I can either house hack with a lower DP and rent out my current residence, or try the BRRRR method. I feel like with BRRRR I can grow more quickly after a refinance and rolling it into the next deal, but with the house hack I will essentially be living for free.
You could go either way.
Househacking the 2nd one is the same thing that my partner Jimmy did.
You can do it either way but I like the idea of living for free. This opens up other opportunities later.
Investor · South Jersey · Member since 2019 · 13 posts · 2 votes
7y
Income, only around 8k and looking for partnerships for first multi units, and looking speicifally in NJ. I love the idea of creative financing! Whatever it takes to make it work :)
Income, only around 8k and looking for partnerships for first multi units, and looking speicifally in NJ. I love the idea of creative financing! Whatever it takes to make it work :)
There you go. My first partner had knowledge and time. I brought the money and credit. Still own 4 properties with him.