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.
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.
Yeah I've been in contact with some wholesalers looking to do work with them on my day off! I'll do some research into REIT's and see if I can't make something happen. Thanks for the input!
@Frank Patalano finding the “perfect” opportunity.
I did a deal for half price with no money down in a nice area. Was it perfect? No. There was a big cloud on the title. At the same point I was willing to take that risk.
I wish that I had taken more risks in Atlanta about 8 years ago. I was stupid but fear of out-of-state investing held me back.
Real Estate Investor · Atlanta, GA · Member since 2011 · 49 posts · 14 votes
7y
I know extremely silly, and also “experience” has held me back as well. Which isn’t gained until you actually do it right!! So we could probably wrap that all up into fear..but now actively looking to hop in, by the end of year!! That’s my plan and goal.
Funding. Working on educating myself while working out financials. My first property will prob be a small multi family home and we'll take one of the units. Husbands working on a career change at the moment which will help with the financial side of things.
What’s holding me back is analysis paralysis - truly knowing when I’ve learned enough. Secondly, understanding how to get started. I’ve been looking for the perfect first deal and am not sure how to go about finding it -Realtor? Wholesaler? Bootstrap it and find my own deal by knocking on doors?
Funding. Working on educating myself while working out financials. My first property will prob be a small multi family home and we'll take one of the units. Husbands working on a career change at the moment which will help with the financial side of things.
If you are going to house hack a multi you can invest with as low as 3.5% down.
What’s holding me back is analysis paralysis - truly knowing when I’ve learned enough. Secondly, understanding how to get started. I’ve been looking for the perfect first deal and am not sure how to go about finding it -Realtor? Wholesaler? Bootstrap it and find my own deal by knocking on doors?
To overcome analysis paralysis, make an offer on every property no matter what. I dont care how low it is. Make a offer based on what you think that it is worth.
When you find the perfect deal let me know. I've been looking for the perfect deal for over a decade but haven't found one yet.
You will probably find the best deals by knocking on doors. Then wholesale, then agents.
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)
So let me get this straight. You have no money, no experience, and you want to do long-distance investing.
A re you going to be putting a lot of time into real estate? What are you bringing to the table for a partner to work with you.
Your answer is kind of condesending and sarcastic. A common theme from the Brandon Turner videos is that it's not a huge time issue - he says this over and over so I will from there.
Realtor · Tulsa, OK · Member since 2019 · 76 posts · 42 votes
7y
@Frank Patalano I dove in and have 2 now. But am holding back to build more capital through wholesaling. Then I’ll stick to the plan to wholesale 2, buy 1 (lease option it) refi it, rinse and repeat.
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)
So let me get this straight. You have no money, no experience, and you want to do long-distance investing.
A re you going to be putting a lot of time into real estate? What are you bringing to the table for a partner to work with you.
Your answer is kind of condesending and sarcastic. A common theme from the Brandon Turner videos is that it's not a huge time issue - he says this over and over so I will from there.
The first part was a little sarcastic. Perhaps you misunderstood my second part. I will rephrase.
Most people have to be strong in one area. You have to have Money, Experience, or Time. You don't need to have all of them but you need to focus on one and get as strong as you can at that. If your strength is time, you can use that time to research properties online.
@Frank Patalano I dove in and have 2 now. But am holding back to build more capital through wholesaling. Then I’ll stick to the plan to wholesale 2, buy 1 (lease option it) refi it, rinse and repeat.
What's holding me back is my lack of experience and funds- I'm in my last year of college and I've been reading about investing but I have to save up first!
Medford Oregon · Member since 2019 · 85 posts · 65 votes
7y
Right now, education and resources. I am almost done with my VA cash out that will put about $70k in my hands to invest. I have run numbers on a few units on Zillow but haven't found anything that comes close. I have 2 meet ups on my calendar in the next week. We are swamped at work but I'm planning to let my funds season in a high yield savings account until fall, when work slows down. I have been attending the webinars and doing as much research as I can. Fortunately, I work construction and listen to podcasts and audio books at work. Been starting to plant the seeds with people I know as far as letting them know I'm getting into RE investing. I have 3 RE agents I've worked with in the past and plan to reach out to them soon. I have a couple ideas on who to get private money from but want to approach them with a deal, not just talk. I guess I should say nothing is holding me back, just working towards acquiring my first.
Mesa, AZ · Member since 2019 · 49 posts · 14 votes
7y
Fear of making a mistake in a market that's seen a straight run-up for nearly a decade.
I made a mistake in 2011-2013 with my first SFR rental and that sour experience scared me off for over 5 years. That fear is tough to overcome and I'm still working on it.
What's holding me back is my lack of experience and funds- I'm in my last year of college and I've been reading about investing but I have to save up first!
If you can put in the time you can compensate for not having funds. Plus you can learn on the way.
It doesn't take a lot of money to be a wholesaler. If you really have no money you will have to work for others and try to get some referral fees to start. I just made a $700 referral fee for connecting a hard money lender with someone that needed a loan.
Fear of making a mistake in a market that's seen a straight run-up for nearly a decade.
I made a mistake in 2011-2013 with my first SFR rental and that sour experience scared me off for over 5 years. That fear is tough to overcome and I'm still working on it.
I made mistakes when I started. I usually make 1 mistake every year or so. Luckily I do enough deals that it easily compensates for a loss once in a while. What about partnering with someone more experienced on your next deal?
Right now, education and resources. I am almost done with my VA cash out that will put about $70k in my hands to invest. I have run numbers on a few units on Zillow but haven't found anything that comes close. I have 2 meet ups on my calendar in the next week. We are swamped at work but I'm planning to let my funds season in a high yield savings account until fall, when work slows down. I have been attending the webinars and doing as much research as I can. Fortunately, I work construction and listen to podcasts and audio books at work. Been starting to plant the seeds with people I know as far as letting them know I'm getting into RE investing. I have 3 RE agents I've worked with in the past and plan to reach out to them soon. I have a couple ideas on who to get private money from but want to approach them with a deal, not just talk. I guess I should say nothing is holding me back, just working towards acquiring my first.
Nice job. I'm proud of how much you are doing. Stay motivated. You will eventually find a deal. Medford, eh? That's really out there.