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.
DFW Metroplex · Member since 2019 · 11 posts · 8 votes
7y
I totally understand Benesha!
Before diving into all these books, I think you should figure out what you want to do.
People want to wholesale, fix and flip, rent, or a combination of the three.
Once you find that out, you can look into how to get those leads, then how to manage those leads into clients, and finally close on the deal. Unless you're using a real estate agent, then you can focus on the task you're really good at and save a lot of time.
If you're JUST getting started, I really recommend the book below because it really talks about how Real Estate Investing can change your life and why rich people are rich. It was eye-opening for me. It also contains step by step for investing in multifamily and apartments.
ABC's of Real Estate Investing by Ken McElroy - Rich Dad Poor Dad
Good luck and don't hesitate to reach out with any questions or concerns!
Before diving into all these books, I think you should figure out what you want to do.
People want to wholesale, fix and flip, rent, or a combination of the three.
Once you find that out, you can look into how to get those leads, then how to manage those leads into clients, and finally close on the deal. Unless you're using a real estate agent, then you can focus on the task you're really good at and save a lot of time.
If you're JUST getting started, I really recommend the book below because it really talks about how Real Estate Investing can change your life and why rich people are rich. It was eye-opening for me. It also contains step by step for investing in multifamily and apartments.
ABC's of Real Estate Investing by Ken McElroy - Rich Dad Poor Dad
Good luck and don't hesitate to reach out with any questions or concerns!
I have never read a bad book in the Rich Dad series.
Fear of making a mistake in this market and losing the $$$ I worked so hard to save.
Fear of going out of state without knowing anyone.
Still learning and underwriting deals for now...but I also probably have analysis paralysis.
Sounds like you have analysis paralysis. off-market deals are going to be the best opportunity. Find the five most distressed-looking houses in your neighborhood. Target those with mailers and knock on the doors to buy them
Rental Property Investor · Charlottesville, VA · Member since 2018 · 46 posts · 13 votes
7y
@Frank Patalano...So my wife and I were roughly forced into property investment because of a military change of station, but immediately saw the potential. Now that we have saved some towards our next property, there is the fear of not having enough, picking the right location, picking the right property for us (SF vs MF), having a great team since we are military and separated from most places we have considered, and finally nagivating the approval process. There is so much to consider when purposely investing that we do not mind being less than perfect, but do not want to be completely wrong. Any advise would be great!
@Frank Patalano...So my wife and I were roughly forced into property investment because of a military change of station, but immediately saw the potential. Now that we have saved some towards our next property, there is the fear of not having enough, picking the right location, picking the right property for us (SF vs MF), having a great team since we are military and separated from most places we have considered, and finally nagivating the approval process. There is so much to consider when purposely investing that we do not mind being less than perfect, but do not want to be completely wrong. Any advise would be great!
I would definitely pick a multi over a single. If you have one vacancy it is much easier to Cashflow. I was just talking to the wife of someone in the Coast Guard and they bought a multi recently. She joined her local Real Estate Group for more education and will probably find a referral for a property manager through it. Technology makes it so much easier to own properties remotely. I know many people in the military that own properties in multiple States.
Buffalo, NY · Member since 2017 · 64 posts · 85 votes
7y
@Frank Patalano whats holding me back is the fact that Bigger pockets has no way to filter out comments you have already read. So basically I will never see what the people who @ me said because im not about to scroll though 2 months of comments.
@Frank Patalano whats holding me back is the fact that Bigger pockets has no way to filter out comments you have already read. So basically I will never see what the people who @ me said because im not about to scroll though 2 months of comments.
@Frank Patalano whats holding me back is the fact that Bigger pockets has no way to filter out comments you have already read. So basically I will never see what the people who @ me said because im not about to scroll though 2 months of comments.
I can repeat my response though.
On May 30th,
Lol. Excuses.
You could be mowing lawns to save for future investments.
You could ask local re clubs to join. Some might say no.
You could start your own youth investment club and bring in speakers.
You could have a stock account with your parents and buy REITs.
You could set up an account to crowdfund an investment.
You could pass out promo door hangers for an investor.
You could continue your Education.
You could start building a brand on Instagram and podcast interview experts
Investor · Fort Worth, TX · Member since 2019 · 2 posts · 0 votes
7y
So I've got a deal that I can get the owner to finance. I want to buy and hold. It will take some cash to get it rent ready. The two things holding me back are... 1. Where can I get a contract for this specific deal. 2. I have the money for the renovations but should I even be using/tying up my money for reno? estimated 25K-35K
So I've got a deal that I can get the owner to finance. I want to buy and hold. It will take some cash to get it rent ready. The two things holding me back are... 1. Where can I get a contract for this specific deal. 2. I have the money for the renovations but should I even be using/tying up my money for reno? estimated 25K-35K
If it's a great deal you should get it under contract ASAP. You may be able to get a contract from an attorney or from someone at your local reia. If it's your first deal then just get it done. If you have the cash then use it. You can always borrow off a credit card if you had to.
Real Estate Agent · Bloomington, IL · Member since 2018 · 14 posts · 0 votes
7y
@Frank Patalano, finding a bank that will work some creative financing. Seems like everyone wants 20% down but I need that cash for fixing the place up.
@Frank Patalano, finding a bank that will work some creative financing. Seems like everyone wants 20% down but I need that cash for fixing the place up.
Hard money?
If it's a great deal then you can after it.
Some hard money lenders want 25% down and no rehab costs but I know quite a few in our area who might charge a little higher rate but will offer up to 100%.
The other option is to find a partner. It could be a family member or friend or anybody. There's nothing wrong with partnering on your first deal
A little creativity never hurt anybody. If finances are that big of an issue then you really need to partner. Find someone who has money but has no time.
Rental Property Investor · New Bedford, MA · Member since 2018 · 32 posts · 3 votes
7y
@Frank Patalano not being able to close deals it’s been an uphill battle.They always think I’m a scam or the dont want to wholesale they want to sale it themselves.What should I do or where should I look for buyers?
@Frank Patalano not being able to close deals it’s been an uphill battle.They always think I’m a scam or the dont want to wholesale they want to sale it themselves.What should I do or where should I look for buyers?
I'm confused. Are you trying to wholesale? If you are then buyers are not the problem. Focus on getting great deals from sellers. If you find someone that is truly desperate and motivated, you are helping them. They don't have the time or the energy to sell it themselves.
Buyers should not be a problem. If it's a great deal you'll find a buyer. I recently gave something away to a rehabber because I didn't want to be bothered with. Left meat on the bone. Had two rehabbers look at the property and both make me an offer within 24 hours. We took our offer. I make money, they make money, everybody's happy.
@Frank Patalano not being able to close deals it’s been an uphill battle.They always think I’m a scam or the dont want to wholesale they want to sale it themselves.What should I do or where should I look for buyers?
I see you're from New Bedford. If you are networking in Fall River once in a while maybe I'll see you sometime. I have a friend closing on a 3 family in New Bedford now
Elkhorn, NE · Member since 2017 · 23 posts · 25 votes
7y
Build my own?
Like many of you, I’m finding multi family deals that will cash flow decently to be tough to find, so I’m wondering....why not build my own?
I have flipped two homes for a modest profit, and just finished my third rehab that I kept as my first rental, which is cash flowing $300 a month. I have also “generaled” the construction of my own home in the past, and have a contractor friend that is interested in partnering with me to build new units together. I trust him and believe we would work well together.
I know this is a long term play by the time we find a property, choose plans, get permitted, and finally get it completed to rent, and I am ok with that.
My question for those that have done it, is what size unit is typically the most profitable to build and efficient to manage? Multiple du/triplexes, quad, 12 unit?
We could probably come up with $150k for seed money, have excellent credit, and are ready to roll in the Omaha area.