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 am new to the biggerpockets forums and also the website, even though I've been listening to the podcast for years. So, I'm not exactly sure what you mean by REIA meetings? Can you fill me in on this so I can start making the proper steps toward funding?
I am new to the biggerpockets forums and also the website, even though I've been listening to the podcast for years. So, I'm not exactly sure what you mean by REIA meetings? Can you fill me in on this so I can start making the proper steps toward funding?
REIA = real estate investment Association. It's just your local Real Estate Group
When you say hard money, you're saying it's holding you back? Are you going to your local real estate meetings? We have at least five full-time hard money lenders in our group. Then we have a bunch of people that went on the side.
If you have a decent opportunity and some money to put down then there should be plenty of people around to lend you money on it. Maybe I'm confused about what you're trying to say.
Financing outside of convention lending. I'm currently trying to learn how to raise money, or negotiate a seller financed/land contract deal.
It is a valid learning opportunity. Once you figure it out, you will have so many new ways to grow. It's tough but not impossible to get seller financing in this market. It's okay to get a partner who has money but no time. You could do a few deals with that person as you grow. Also look into hard money.
There are so many free and low-cost options that I don't recommend coaching right out of the gate. There are some great coaches, I know plenty of people that do mentoring. If you set written goals to educate yourself and Network you can grow without a coach. As you go to your local real estate meetings there will be plenty of opportunities to be mentored. There will be people who will be happy to help.
Clearwater, FL · Member since 2019 · 4 posts · 3 votes
7y
Nothing, really. Just building up funds to put some skin in the game so to speak, and educating myself more before making the leap. I've had an interest in REI for years now but finally putting more attention and energy toward it. I love real estate, absolutely love it so nothing will be holding me back, certainly not after my first purchase is made.
Nothing, really. Just building up funds to put some skin in the game so to speak, and educating myself more before making the leap. I've had an interest in REI for years now but finally putting more attention and energy toward it. I love real estate, absolutely love it so nothing will be holding me back, certainly not after my first purchase is made.
Real Estate Professional · Tampa, FL · Member since 2017 · 104 posts · 47 votes
7y
@Frank PatalanoFor a person having a 8-6 Monday to friday job, how can I ensure contractors are doing what they promised they would do?.I can understand if the contractors work say between 7pm to 12 pm only,in that case I can monitor them, but most of the time they work during the day. Are we supposed to hire someone to keep an eye on them?
@Frank PatalanoFor a person having a 8-6 Monday to friday job, how can I ensure contractors are doing what they promised they would do?.I can understand if the contractors work say between 7pm to 12 pm only,in that case I can monitor them, but most of the time they work during the day. Are we supposed to hire someone to keep an eye on them?
No, I'm not saying that contractors are perfect but I don't fully babysit them either. One option is to pay by the job, not by the hour. That way I don't care how many hours it takes. Make sure they're licensed and insured. Only use referred people.
Minneapolis, Minneaota · Member since 2018 · 14 posts · 7 votes
7y
@Frank Patalano capitol is holding me back right now! Just bought our first property last year and takes a while to save up a down payment for Multifamily. Not seeing a ton of great deals in the Minneapolis market. They’re out there but people are hustling to get them. I’m actually seeing a lot of good cash flowing deals in my home state of Iowa. Hoping to have enough saved to pull the trigger on a duplex or fourplex in Iowa in the next year.
@Frank Patalano capitol is holding me back right now! Just bought our first property last year and takes a while to save up a down payment for Multifamily. Not seeing a ton of great deals in the Minneapolis market. They’re out there but people are hustling to get them. I’m actually seeing a lot of good cash flowing deals in my home state of Iowa. Hoping to have enough saved to pull the trigger on a duplex or fourplex in Iowa in the next year.
Do you have any friends or family members that might have money and would want to partner with you in Iowa?
@Frank Patalano Identifying a market to invest in is holding me back. I am able to read other's property's financials and identify how much it will cashflow. The issue is I'm unsure where to start looking for properties. Long Island NY is not open to cashflow positive deals (where I am from). I'm welcome to any advice!
@Frank Patalano Identifying a market to invest in is holding me back. I am able to read other's property's financials and identify how much it will cashflow. The issue is I'm unsure where to start looking for properties. Long Island NY is not open to cashflow positive deals (where I am from). I'm welcome to any advice!
With technology today you can invest almost anywhere in the US no problem. Research Western Pennsylvania. Go further out if you want. Hartford, Connecticut. Fall River, MA. Raleigh, NC. Research average CAP rates.
I'm 18 and I'm afraid my parents are going to say I'm making a huge mistake buying a $100,000 house but I feel real estate is the way I want to build my legacy but they don't believe I should do that
I'm 18 and I'm afraid my parents are going to say I'm making a huge mistake buying a $100,000 house but I feel real estate is the way I want to build my legacy but they don't believe I should do that
Keep learning. Keep studying and networking.
My mom knows that I own 2 houses. The rest of my family only know about 1. Lol.
Rental Property Investor · Denver, CO · Member since 2019 · 31 posts · 16 votes
7y
@Frank Patalano
Not knowing where to start my first investment property. I’m in the process of a cash out refi, living in the Denver market, and wanting to invest the money in a property in another market of the country to make my money go further. I’m concerned that I can’t find the right city and property.
So I find myself looking for properties non stopped, but fearing it’s the wrong city, wrong price, wrong kind of home, wrong neighborhood in the city, etc.
I’m also conflicted on if I should just purchase one property in all cash, or try to get two properties with 20-30% down.
My goal, assuming I ever officially get started, would be to work towards multi unit properties and build a nice portfolio. I have a great job that pays well, and my commissions which are half my income aren’t even being counted for another year, so in theory a year from now I can double down with twice the income and grow more quickly...but I just need to get started with the right property.
Not knowing where to start my first investment property. I’m in the process of a cash out refi, living in the Denver market, and wanting to invest the money in a property in another market of the country to make my money go further. I’m concerned that I can’t find the right city and property.
So I find myself looking for properties non stopped, but fearing it’s the wrong city, wrong price, wrong kind of home, wrong neighborhood in the city, etc.
I’m also conflicted on if I should just purchase one property in all cash, or try to get two properties with 20-30% down.
My goal, assuming I ever officially get started, would be to work towards multi unit properties and build a nice portfolio. I have a great job that pays well, and my commissions which are half my income aren’t even being counted for another year, so in theory a year from now I can double down with twice the income and grow more quickly...but I just need to get started with the right property.
Help! Lol
I would spend a month looking at three different markets. After a month of research pick one. Focus on that one for next year. Find a decent realtor in that market. If you can take a trip out there you should. I would actually invest in 2 different submarkets in the same MSA.