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.
I'm in Cambridge, MA. Definitely would not mind setting up a local meet up. Being a newbie, I don't see myself with much to offer to a group other than space and time.
That's all you need to provide. Space and time. Invite others to speak. A real estate agent. An insurance broker. People with some expertise would be willing to provide content. You are just bringing it all together at a time and place that is convenient for you. If it is convenient for you, it will probably be convenient for others as well.
I'm in Cambridge, MA. Definitely would not mind setting up a local meet up. Being a newbie, don't see myself with much to offer.
You are taking action by setting up a group. Most other newbies will not take action. You are providing a service. A networking event. Perhaps you can find an accountability partner there. If you plan a date that I can make perhaps I can stop in.
Frank I will definitely plan a date. I will message you with some dates see which ones you can make. Thank you...I'm more pumped about this journey more than ever.
Rental Property Investor · Las Vegas, NV · Member since 2019 · 5 posts · 2 votes
7y
My student loans are really eating into my cash flow so the plan is to wipe them out as fast as possible then focus on building up savings for a 20% down on a multifam home where I can house hack. My projected payoff date (and 100% debt free status) is Aug 2020.
Real Estate Broker · Layton, UT · Member since 2019 · 18 posts · 11 votes
7y
I would say I’m being held back trying to find a deal that works for me. Trying to house hack and it’s a little tricky when there aren’t a ton of properties on the market near our day jobs.
I’m sure that part of my resistance is due to the fear of making a bad deal as well. I guess there are a lot of factors that are holding me back when I think about it.
My student loans are really eating into my cash flow so the plan is to wipe them out as fast as possible then focus on building up savings for a 20% down on a multifam home where I can house hack. My projected payoff date (and 100% debt free status) is Aug 2020.
Eliminating student loans first is an okay strategy. I will tell you that when my partner house hacked his first multi he owed about $70K in Student loans. He used the cashflow from the property to live cheaper than renting which also allowed him to attack the student loan debt faster.
On another note, if you are not going to house hack you do not need to put 20% down. I think FHA allows as low as 3.5%.
I would say I’m being held back trying to find a deal that works for me. Trying to house hack and it’s a little tricky when there aren’t a ton of properties on the market near our day jobs.
I’m sure that part of my resistance is due to the fear of making a bad deal as well. I guess there are a lot of factors that are holding me back when I think about it.
Is the market hard to get into? Absolutely. The only way that you are are going to learn and get better is by taking action. I'm not saying to buy a property that doesn't cashflow. I'm saying that if you keep looking especially off market you will eventually find one. I have friends that find offmarket deals every week.
Flipper/Rehabber · Saint Joseph, MI · Member since 2019 · 3 posts · 0 votes
7y
@Frank Patalano the biggest thing that’s holding me back I would say is my family. They all think I’m being reckless and naïve. As a 22 year old they think I need to get a secure job that I can work for the next 50 years before I retire. If I mess up in my first deal then it would prove them right.
@Frank Patalano the biggest thing that’s holding me back I would say is my family. They all think I’m being reckless and naïve. As a 22 year old they think I need to get a secure job that I can work for the next 50 years before I retire. If I mess up in my first deal then it would prove them right.
I don't even talk to my family about real estate. My mom does even know that I own real estate.
You are going to make mistakes. That is how you grow. That is how you get better. You cannot expect Perfection on the first deal. There are plenty of people that own real estate at 22. I wish I did. Keep learning, keep networking. That will build your confidence. Be on the lookout for like-minded people.
Valdosta, GA · Member since 2017 · 57 posts · 6 votes
7y
@Frank Patalano What's holding me back right now is the lack of properties on the MLS that are 2-4 unit MF. That is what I want for my first deal and I had two deals come by and ended up getting out bid. Since the time I got out bid, there hasn't been any new MF listed. I'm now reverting to mass mailing.
@Frank Patalano What's holding me back right now is the lack of properties on the MLS that are 2-4 unit MF. That is what I want for my first deal and I had two deals come by and ended up getting out bid. Since the time I got out bid, there hasn't been any new MF listed. I'm now reverting to mass mailing.
Mailers is a much better way to go. Think about how MLS works. An agent locks up a property to list. Then they contact their best buyers. Then they contact the other agents in the brokerage, who then passes it on to their buyers. MLS is usually pretty picked over.
Real Estate Agent · West Cobb Georgia · Member since 2019 · 4 posts · 0 votes
7y
@Frank Patalano finding funding that makes sense is holding me back. I can find a deal but with pretty much zero money out of pocket to put towards the deal, I’m not sure how to get started. I see there are tons of different hard money and private lenders with all different rates and points etc. It’s confusing.
San Antonio, TX · Member since 2019 · 2 posts · 1 vote
7y
I wish got offered a deal. Id pull trigger fast. Ive been fishing in wrong spots. Im learning though. Id say for me in beginning it was understabding costs and arv.
@Frank Patalano finding funding that makes sense is holding me back. I can find a deal but with pretty much zero money out of pocket to put towards the deal, I’m not sure how to get started. I see there are tons of different hard money and private lenders with all different rates and points etc. It’s confusing.
Financing.
Choice #1 Find a hard money lender who will do 100% financing. Some will but the interest rate will be higher.
Choice #2 Find a money partner. You are putting in the time, they are putting in the money.
I wish got offered a deal. Id pull trigger fast. Ive been fishing in wrong spots. Im learning though. Id say for me in beginning it was understabding costs and arv.
Glad that you are learning. Keep networking. Eventually you will find someone who does not have time for a deal. They will pass it along. I was too busy for an opportunity recently so I connected the person to a friend who couple capitalize on the opportunity.
@Frank Patalano honestly it’s feeling as if I need more knowledge. Learning under someone, like hands on.
So hands on will cost you money or time.
If you join one of the big programs it can easily cost thousands of dollars.
If you join your local reia perhaps you can help a bigger local investor. Bird dog for them. Bring them a deal. Many will be happy to help you once they see you actually putting in the work.