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.
Wholesaler · MD · Member since 2019 · 15 posts · 8 votes
7y
I would say what is holding me back from starting to flip is find reliable contractors. I’ve heard a lot of horror stories about them and its just really made nervous to pull the trigger.
I am from a small Caribbean island where rental properties do not cash flow very well. Monthly rent is 0.03-0.05 % of purchase price. We are also an oil economy and the market has been hyper inflated for years.
Eg: b class 3bd/3bth house in a b class location may cost upwards of 500,000 and rent for 1,750 monthly.
With that said the market has definitely turned and prices are coming down. So as of now I’m trying to learn as much as I can and save as much as I can while I monitor the changes in the local market.
Additionally the US market seems to have a lot more options and better returns. However building a team I can trust getting, getting experience and and of course financing are going to all be challenges starting up. Long distance real estate investing will probably be the next book I read.
I Have only been listening to podcast and reading books in real estate for a few months so still plenty to learn and not rushing into anything
I would say what is holding me back from starting to flip is find reliable contractors. I’ve heard a lot of horror stories about them and its just really made nervous to pull the trigger.
I would go to the local real estate group and get referrals. We refer people to each other all the time in my local group. The only other option is to get the Home Depot when they open. That is when some of the the best contractors are out.
I am from a small Caribbean island where rental properties do not cash flow very well. Monthly rent is 0.03-0.05 % of purchase price. We are also an oil economy and the market has been hyper inflated for years.
Eg: b class 3bd/3bth house in a b class location may cost upwards of 500,000 and rent for 1,750 monthly.
With that said the market has definitely turned and prices are coming down. So as of now I’m trying to learn as much as I can and save as much as I can while I monitor the changes in the local market.
Additionally the US market seems to have a lot more options and better returns. However building a team I can trust getting, getting experience and and of course financing are going to all be challenges starting up. Long distance real estate investing will probably be the next book I read.
I Have only been listening to podcast and reading books in real estate for a few months so still plenty to learn and not rushing into anything
Number 1 I've got to be honest. I don't know anything about non-americans investing in the United States. In regards to your Island, is there a way to Airbnb properties? I have friends that have done it and are getting three times the average monthly rent or more.
I would read up as much as you can being a foreigner buying in the United States. I'm not saying it can't be done. I'm sure that it can. I just don't know the rules.
Specialist · Dallas, TX · Member since 2019 · 1 post · 0 votes
7y
@Frank Patalano lack of guidance but it's not really holding me back I'm pushing forward the ones that offer mentorship charges $20,000 so I'm pushing forward with networking, reading, and studying
@Frank Patalano lack of guidance but it's not really holding me back I'm pushing forward the ones that offer mentorship charges $20,000 so I'm pushing forward with networking, reading, and studying
There are so many low cost and free ways to learn today I would pass on those as well. Set goals to keep doing what you are doing. Nice Job.
I only have $4,000 and I’m barely building my credit
OK. If you have time you can be out there trying to find wholesale deals everyday. Money is one factor but not the only factor to be successful at real estate.
Real Estate Agent · South Dartmouth, MA · Member since 2016 · 13 posts · 10 votes
7y
@Frank Patalano for sure! I've been meaning to attend the Fall River meetup but timing hasn't worked out. What other meetups do you attend in the area?
@Frank Patalano for sure! I've been meaning to attend the Fall River meetup but timing hasn't worked out. What other meetups do you attend in the area?
Real Estate Agent · New York City, NY · Member since 2017 · 150 posts · 26 votes
7y
@Frank Patalano what's holding me back at the moment is not being able to qualify for a big enough loan in order to house hack in my high cost place of living
@Frank Patalano what's holding me back at the moment is not being able to qualify for a big enough loan in order to house hack in my high cost place of living
What percentage do you plan on putting down? And approximately how much would that be in actual numbers?
Real Estate Agent · New York City, NY · Member since 2017 · 150 posts · 26 votes
7y
@Frank Patalano I plan to put down 5% , but the multi-family houses in my area or anywhere from 650000 to $800,000 , unfortunately my income is only $42,000 . In total I have about 57000 in a savings account, $11,000 in cash and another 8500 in my Roth IRA .
@Frank Patalano I plan to put down 5% , but the multi-family houses in my area or anywhere from 650000 to $800,000 , unfortunately my income is only $42,000 . In total I have about 57000 in a savings account, $11,000 in cash and another 8500 in my Roth IRA .
Its doable but a little tight.
3 main choices
1. Do a wholesale
2. Partner with a bigger investor and get a small part of the deal.