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 · Wilkes-Barre, PA · Member since 2019 · 10 posts · 5 votes
7y
@Frank Patalano, thank you for the feedback it’s much appreciated.
No I don’t plan on house hacking. I’m currently in a decent living situation (living with in-laws) and where I’m looking to invest is out of state, but within driving distance.
I plan on attending two meet ups this month and we’ll see where it goes from there. Hopefully through bigger pockets or these meetups I can find a reliable real estate agent.
The main thing holding me back is knowledge. I’m still trying to learn how to analyze the deals with more confidence and finding a good deal in the Southern California market.
Keep looking at property. Keep trying to analyze it on your own. Whenever you look at a property to ask for the income and expense numbers. Track what they sell for. If you join your local Real Estate Group they might have an educational night where they'll show people how to do it.. you can also go on to loopnet and get more profit and loss statements. You can analyze those as well.
@Frank Patalano, thank you for the feedback it’s much appreciated.
No I don’t plan on house hacking. I’m currently in a decent living situation (living with in-laws) and where I’m looking to invest is out of state, but within driving distance.
I plan on attending two meet ups this month and we’ll see where it goes from there. Hopefully through bigger pockets or these meetups I can find a reliable real estate agent.
Networking is where you're going to get all of your relationships.
Monterey, CA · Member since 2019 · 1 post · 0 votes
7y
I live in an expensive area in CA. I'm learning(reading books, podcast, studying others experiences) all I can about doing some out of state investment in MD but I can't picture the process. I'm currently in school and even though I'm making ends meet, I don't have a history of steady income since I got out of the Army about a year ago so I don't think I will qualify for a loan quite yet. I don't know what kind of creative money solutions I can get into because I feel like I need to bring some experience to the table to bring in investors. These are the things holding me back.
Rental Property Investor · Fayetteville, NC · Member since 2018 · 65 posts · 43 votes
7y
I jumped into my first deal last summer. I'd spent about 4 months educating before and started scouting the market. It wasn't a home run by any stretch. Not even a double...I'd call it a single, but it got me on base. It's given me experience, some street-level education, and is helping now to expand my holdings due to forced appreciation. Anybody who's on the fence, don't wait for the perfect deal! Find one to get some experience and credibility, and take action.
Rental Property Investor · East Providence, RI · Member since 2018 · 1k+ posts · 1k+ votes
7y
Originally posted by @Account Closed:
I live in an expensive area in CA. I'm learning(reading books, podcast, studying others experiences) all I can about doing some out of state investment in MD but I can't picture the process. I'm currently in school and even though I'm making ends meet, I don't have a history of steady income since I got out of the Army about a year ago so I don't think I will qualify for a loan quite yet. I don't know what kind of creative money solutions I can get into because I feel like I need to bring some experience to the table to bring in investors. These are the things holding me back.
It's tough to do out-of-state investing without any money or experience. Your best bet is to keep educating yourself so at least you have some knowledge. If I were you I would also be networking. Eventually you're going to need to find a friend or family member that is willing to partner with you to invest.
I jumped into my first deal last summer. I'd spent about 4 months educating before and started scouting the market. It wasn't a home run by any stretch. Not even a double...I'd call it a single, but it got me on base. It's given me experience, some street-level education, and is helping now to expand my holdings due to forced appreciation. Anybody who's on the fence, don't wait for the perfect deal! Find one to get some experience and credibility, and take action.
Cheers,
Brian
Awesome. I keep telling people all the time but they can't wait for the perfect deal. Just pick one that makes sense.
Rental Property Investor · Norcross, GA · Member since 2017 · 19 posts · 6 votes
7y
The math is what is holding me back. I question my numbers. Im not sure if I have everything accounted for when trying to calculate all month expenses. That leaves me with the question of can I really afford this property.
The math is what is holding me back. I question my numbers. Im not sure if I have everything accounted for when trying to calculate all month expenses. That leaves me with the question of can I really afford this property.
The two people on your team you use wisely are your real estate agent and your mortgage broker. Both of these people should easily be able to look at your numbers and figure out your profitability. As you look at more and more deals you will figure out how much to expect for the cost of taxes, insurance, and more. Also join your local Real Estate Group. Some real estate groups put on seminars to show people how to analyze properties.
Flipper/Rehabber · Totowa, NJ · Member since 2018 · 19 posts · 3 votes
7y
For me it’s time and uncertainty. I’m working through both of those now. I’m busy with work & family and I usually research things to death before I purchase. This is a huge investment. What’s your advice in getting through these barriers?
For me it’s time and uncertainty. I’m working through both of those now. I’m busy with work & family and I usually research things to death before I purchase. This is a huge investment. What’s your advice in getting through these barriers?
There's nothing wrong with analyzing and researching. But you can't use it as a crutch. Look at a house next week. Analyze the heck out of it. Then put in an offer no matter what. Even if it's $150,000 below the asking price. One of my mentors once told me to put an offer on every property that you look at no matter what. If it doesn't get accepted who cares. You're never going to go back to that property again anyway.
Rental Property Investor · Hemet, CA · Member since 2019 · 25 posts · 8 votes
7y
@Frank Patalano
Just waiting to find a deal! I don’t have much to put down as of yet ($15k), but I’m being consistent in my contributions toward my savings. I’m looking to house hack a multifamily. The goal is to set my self up with a property that will bring in a cash flow to help set me up for the next property!
I’m a new pro-member and new to real estate investing in general, but I’m on my 5 analysis and i think I might have found something! So I guess we’ll see. I’m pretty excited
@Frank Patalano being a newbie with minimal knowledge and finances.
Okay so for the next 3 months try to invest in knowledge every day. Try to read 30 minutes everyday and try to listen to One podcast everyday. You didn't give me a lot of information but that'll be a start.
Just waiting to find a deal! I don’t have much to put down as of yet ($15k), but I’m being consistent in my contributions toward my savings. I’m looking to house hack a multifamily. The goal is to set my self up with a property that will bring in a cash flow to help set me up for the next property!
I’m a new pro-member and new to real estate investing in general, but I’m on my 5 analysis and i think I might have found something! So I guess we’ll see. I’m pretty excited
Good luck. What price range do triplexes sell for in you area?
I recently made a post describing my situation which I'm hoping to hear some responses to. I'm always listening to podcasts/audiobooks and trying to expand my knowledge. There's so much with real estate that you don't know that you don't know until you run into it and its these unknowns that are holding me back the most.
I recently made a post describing my situation which I'm hoping to hear some responses to. I'm always listening to podcasts/audiobooks and trying to expand my knowledge. There's so much with real estate that you don't know that you don't know until you run into it and its these unknowns that are holding me back the most.
I would make an offer on the three family based on current income and expenses. How much would the plan Renovations actually cost?
A second option is to make an offer contingent on approval on the four unit with the city or town. The problem with this strategy is that sellers often don't want to wait through the risk of going through zoning / the building Department.
Investor · Kansas City, MO · Member since 2017 · 1 post · 0 votes
7y
I currently have a single family home that is 90% complete. What's holding me back is, I don't know if I'm ready for the responsibility of a tenant. I spent all my money on the rehab, and one phone call from a tenant about something not working properly or is broken, and I'm a bad landlord. I don't have access to capital to fix a furnace or replace a water heater, etc. I'm not really sure how to properly screen tenants either. Any advice would be appreciated
@Frank Patalano I guess I am trying to figure out which direction I should go in - flipping homes or rental properties - I keep going back and forth and I am confused on how to narrow it down
@Frank Patalano I guess I am trying to figure out which direction I should go in - flipping homes or rental properties - I keep going back and forth and I am confused on how to narrow it down
Are you trying to get chunks of money here or there, or are you trying to get a relatively steady stream of income? That should tell you which strategies to do first.
If you don't own a house now, I would house hack a multi then I would flip houses after that.
Lender · Anoka, MN · Member since 2019 · 30 posts · 6 votes
7y
I've been renting for more than 34 years and I KNOW I need to get out of this situation!
I would say my greatest fear is making a mistake and having a deal fail miserably, i.e. a Fear of failure. This has caused me to get stuck in the 'paralysis of analysis' in the past- a lot of activity with no action.
Right now I'm just trying to learn good ways to generate leads to be able to research.
Specialist · Bradenton, FL · Member since 2015 · 12 posts · 3 votes
7y
Hello, I’ve wanted to get involved in investing for some time (flipping and possibly rentals), but have some debt and driving a truck. Looking on settling in Florida and wondering what kind of “entry level” real estate market arena I can get involved in in order to learn some things about the industry while making some money. A bank? Title company? Agent? I also have an MBA if that helps. Anyone have any suggestions? Thanks!