So what's holding you back?
Rental Property Investor · East Providence, RI · Member since 2018 · 1k+ posts · 1k+ votes
When I help new investors with buying their first property I often want to know what is holding them back from pulling the trigger.
So I'll ask here. What is holding you back?
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.
@Frank Patalano learning the math aspect of a wholesale deal and the negotiating skills.
Negotiating is a little harder but there are books and CDs on the topic.
I find that there are many people who are decent negotiators but aren't willing to admit it. Must be a part of their technique.
For me I'm only 17,so my biggest hurdle as of now is acquiring the funds to purchase my first property and get the ball rolling. I'm Planning to use BRRRR strategy and making sure I can buy right
That's awesome. Yeah. Learn as much as you can. Besides that you can always set up an LLC with your parents. They can sign for the LLC.
For me I'm only 17,so my biggest hurdle as of now is acquiring the funds to purchase my first property and get the ball rolling. I'm Planning to use BRRRR strategy and making sure I can buy right
That's awesome. Yeah. Learn as much as you can. Besides that you can always set up an LLC with your parents. They can sign for the LLC.
I’ll look into that! I work retail as of now to raise money but was planning on finding an investor in my area that I can work for to get some hands on experience!
I don't know anyone who is a rental property investor, have a million questions on how to start, and don't live in an affordable market to get started in.
@Frank Patalano just money right now! Saving for my first down payment and I’m also fixing my credit. I say about 2 years I’ll be ready to go. For now I’m learning everything I can.
I don't know anyone who is a rental property investor, have a million questions on how to start, and don't live in an affordable market to get started in.
Sounds like you need to go to some networking events. There are REIAs and Meetups all over the country.
Social Media is amazing too. It it quite easily to network with like minded people.
Bigger Pockets has a book about long distance investing if you need another place to start.
@Frank Patalano
Fear
You will always have some fear. Practice and knowledge will lessen the fear. I still have fear daily. Many times I take measured action anyway and overcome it.
@Frank Patalano just money right now! Saving for my first down payment and I’m also fixing my credit. I say about 2 years I’ll be ready to go. For now I’m learning everything I can.
You can get no money down seller financing.
You could also find a partner who has no time but does have the money to invest. I have many people who want to partner with me and have the money.
@Frank Patalano ....nothing. I committed to the 90 day challenge last night. I've been d4$, cold calling and sending mail. The mail is targeted from my d4$ results(I'm still tweaking the campaign method/ cycles). I have a meeting with some one later today about seeing up a landing page. Bandit signs on the way, have strategic placement already planned.
Since I'm a night owl,I spend those hours planning next move/ structure ofcompany ect. In that time I also redo my notes from the day, play with numbers, study and plan next day. (Might as well put my insomnia to use lol. I need to work on a more specific time management)
My 90 day challenge
I'm committed to to closing 3 wholesale deals. Setting a foundation to create inbound leads(I don't like cold calling lol), and stuffing 1000 leads into my laps funnel over the next 2 weeks.i am committing myself to cold calling 1.5 hrs a day. D4$ for total 4 hours on weekend, strategically. I also like to wander on my drive home from work. I have a family member that ubers so I put them on my team via my d4$ app we use.
"No better time than now, no better place than here"- my HS football coach lol
I don't know anyone who is a rental property investor, have a million questions on how to start, and don't live in an affordable market to get started in.
Sounds like you need to go to some networking events. There are REIAs and Meetups all over the country.
Social Media is amazing too. It it quite easily to network with like minded people.
Bigger Pockets has a book about long distance investing if you need another place to start.
@Frank Patalano.... nothing. I've been cold calling, d4$and mail. The mail is based on my d4$ results. I also entered some odd my cold call list to d4$ app and checking them out and sending mail. Bandit signs on the way. Strategic placements already planned. Meeting with some one later today to set up a landing page.
I don't sleep allot so I use those hours to redo notes, study and plan ahead. Might as well get some use from my insomnia lol.
My 90 day challenge
I'm committed to closing 3 wholesale deals. Laying a foundation to create inbound leads (I don't le cold calls lol) and putting 1000 leads into my laps funnel in 2 weeks. I am committed to cold calling 1.5 hours a day,5 days a week. D4$ total of 4 hours on the weekend, strategically.i also wander around after work. I have a family member that 'drives ppl around. So I added them to my d4$ team via an app.
@Frank Patalano.... nothing. I've been cold calling, d4$and mail. The mail is based on my d4$ results. I also entered some odd my cold call list to d4$ app and checking them out and sending mail. Bandit signs on the way. Strategic placements already planned. Meeting with some one later today to set up a landing page.
I don't sleep allot so I use those hours to redo notes, study and plan ahead. Might as well get some use from my insomnia lol. I do need to work on a more specific time management method.
My 90 day challenge
I'm committed to closing 3 wholesale deals. I commit to Laying the foundation to create inbound leads (I don't like cold calls lol) and putting 1000 leads into my laps funnel in 2 weeks. I am committed to cold calling 1.5 hours a day,5 days a week. I'm committed to
D4$ total of 4 hours on the weekend, strategically.i also wander around after work. I have a family member that 'drives ppl around. So I added them to my d4$ team via an app.
@Frank Patalano
Lack of knowledge with long distance investing. Don't know where to start with market research to narrow down where to start looking to invest. Reading David greens book right now on long distance investing.
@Frank Patalano For me, it’s what to do first. How to get started and how to get the money together to put down on a property and how much.
You get started by educating yourself and setting goals. Read so much a day, listen to 1 podcast a day.
the amount of money that you need will vary for a lot of reasons. The market, the type of investing. Wholesaling is going to be a whole different down payment than rehabbing mansions in Beverly Hills. You could house hack a small 3 bedroom single family in Ohio with only a few thousand dollars down.
@Frank Patalano ....nothing. I committed to the 90 day challenge last night. I've been d4$, cold calling and sending mail. The mail is targeted from my d4$ results(I'm still tweaking the campaign method/ cycles). I have a meeting with some one later today about seeing up a landing page. Bandit signs on the way, have strategic placement already planned.
Since I'm a night owl,I spend those hours planning next move/ structure ofcompany ect. In that time I also redo my notes from the day, play with numbers, study and plan next day. (Might as well put my insomnia to use lol. I need to work on a more specific time management)
My 90 day challenge
I'm committed to to closing 3 wholesale deals. Setting a foundation to create inbound leads(I don't like cold calling lol), and stuffing 1000 leads into my laps funnel over the next 2 weeks.i am committing myself to cold calling 1.5 hrs a day. D4$ for total 4 hours on weekend, strategically. I also like to wander on my drive home from work. I have a family member that ubers so I put them on my team via my d4$ app we use.
"No better time than now, no better place than here"- my HS football coach lol
Awesome. I love it. Do what you can to stay motivated. It's a marathon not a Sprint. You may fall down once in awhile and that's okay. Keep hustling till the very end. You may end up doing 5 deals in the 89th day.
I don't know anyone who is a rental property investor, have a million questions on how to start, and don't live in an affordable market to get started in.
Sounds like you need to go to some networking events. There are REIAs and Meetups all over the country.
Social Media is amazing too. It it quite easily to network with like minded people.
Bigger Pockets has a book about long distance investing if you need another place to start
Long-distance real estate investing by David Greene
@Frank Patalano
Lack of knowledge with long distance investing. Don't know where to start with market research to narrow down where to start looking to invest. Reading David greens book right now on long distance investing.
That was going to be the first book that I recommended anyway. Look to anywhere that has growing jobs, growing population, and lower than average real estate prices.
A few things:
1. Learning while also having a full-time job. Can't quit as it's paying the bills, but also want to be more active than just passive investing so I can be in charge of my own destiny. My ultimate goal is to spend more time with family, though, so I have to balance hustling with actual having time with the family.
2. Deciding which avenue to pursue: Depending on the types of involvement, picking which path I should specialize in given no prior experience. I currently find multifamily or commercial very appealing, but there may be an avenue I haven't considered.
3. Education: Reading a few books, but ultimately feel a little too new to buy something because I'm not sure if it's a good deal. I feel like I need to know if it's good/bad/great before I can even make an offer. This involves actually picking an investment vehicle and networking to actually find things that aren't just Zillow/Redfin/Loopnet.
My goal is this: I need to select a property and buy it just to prove to myself that I can. Once that pressure is off, I can do whatever with the property. I can either fix it up and sell it, or I can hold onto it if it cash flows.
Money is important, but if you lose some on your first deal it's okay. Frank has told over and over how he lost $20,000 on his first deal. As my wife would say, "This is how we learn." So I guess I'm saying that losing money is inevitable. It's all part of gaining experience. I read a quote yesterday on another BP thread. It was: "Good judgement comes from experience. Experience comes from bad judgement." I don't completely understand why, but that quote really resonated with me.
A few things:
1. Learning while also having a full-time job. Can't quit as it's paying the bills, but also want to be more active than just passive investing so I can be in charge of my own destiny. My ultimate goal is to spend more time with family, though, so I have to balance hustling with actual having time with the family.
2. Deciding which avenue to pursue: Depending on the types of involvement, picking which path I should specialize in given no prior experience. I currently find multifamily or commercial very appealing, but there may be an avenue I haven't considered.
3. Education: Reading a few books, but ultimately feel a little too new to buy something because I'm not sure if it's a good deal. I feel like I need to know if it's good/bad/great before I can even make an offer. This involves actually picking an investment vehicle and networking to actually find things that aren't just Zillow/Redfin/Loopnet.
My goal is this: I need to select a property and buy it just to prove to myself that I can. Once that pressure is off, I can do whatever with the property. I can either fix it up and sell it, or I can hold onto it if it cash flows.
Money is important, but if you lose some on your first deal it's okay. Frank has told over and over how he lost $20,000 on his first deal. As my wife would say, "This is how we learn." So I guess I'm saying that losing money is inevitable. It's all part of gaining experience. I read a quote yesterday on another BP thread. It was: "Good judgement comes from experience. Experience comes from bad judgement." I don't completely understand why, but that quote really resonated with me.
LOL. That is similar to what I posted a few hours ago. "This reminds me of a meme that I read at one point. Experience leads to success. How do you gain experience? Failures."
Your goal is to make money. No matter what you are going to be a little off on your numbers. I'm not going to support purposely losing money. Just try to get the best deal that you can.
Unsure what type to go after (but looking at multifamily and vacation - really hate idea of flipping or anything very physically intense, and actually not interested in personally seeing it - long distance is good) and how to find the one to partner with (since i dont have any money of my own and lack the experience)
Do you have a local REIA? If so, go to it. If not, start one yourself. I've seen several ideas for starting REIAs on this thread. Just surround yourself with people who are interested in real estate. Sooner or later you'll get one or two who've actually bought real estate.
Here in the armpit of the Universe (Miami, OK) I walked into our local chamber of commerce and asked about how to contact the local REIA and got the familiar deer-in-the-headlights look from the clerk behind the counter. Yet I know of three other people in this area who do real estate. And I haven't even gone and looked for more yet. One of them is a real estate agent. I plan to gather these three people into a neutral location and get them to teach me what they know.
You lack experience? I also lack experience. I bought into the old lie in public school. The one where they tell you that smart people will never be strong and strong people will never be smart. I can remember crawling around on the roof of our house pulling loose shingles off when I was 12. Unfortunately I don't remember much else about back then.
If you want experience, try doing the work. At first, it will be very hard. And unpleasant. But then it will get easier. Your muscles will be very sore in the beginning, then they won't be. You'll be Strong. And better yet, you'll have experience. Set goals and meet them. Then set more goals. What's the old saying? "If you want your parents to buy you a dog, start by asking for an elephant." Send me a connection request if you want and we'll talk more.
@Frank Patalano
For me the only thing holding me back is that I lack the knowledge of starting real estate I’m nineteen and hearing all these stories of failure backs me away from something I know that could be great for the future.
Lack knowledge? "If anyone lacks knowledge, let him ask of God." That's what I'm supposed to say anyway. It's not very practical advice, is it? There's plenty of free information right here on BP. There are literally thousands of people who have done successfully what you and I want to do. Henry Ford said, "Whether you think you can or think you can't, you're probably right." Folks in my Facebook circle refer frequently to the Law of Attraction. I don't know if it's an actual Universal Law or not, but it's worked out well for me. Granted, I'm only 40. I remember being 19 though. Hear the stories of failure, and then forget them. You'll attract what you think about.
For me I'm only 17,so my biggest hurdle as of now is acquiring the funds to purchase my first property and get the ball rolling. I'm Planning to use BRRRR strategy and making sure I can buy right
For the moment, you could be investing in REITs. To keep the fire alive. Or you could reach out to a wholesaler and work for them to find/secure leads. Or you could be brushing up on your skills. Using the BRRRR strategy is a big task. (At least to me). I WISH I had been in the mindset I am in now when I was 17.
I don't know anyone who is a rental property investor, have a million questions on how to start, and don't live in an affordable market to get started in.
Sounds like you need to go to some networking events. There are REIAs and Meetups all over the country.
Social Media is amazing too. It it quite easily to network with like minded people.
Bigger Pockets has a book about long distance investing if you need another place to start.
I think it's called "Long Distance Investing" by David Green. He is the current co-host of the BP podcast. I saw a podcast with him on it just the other day.