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.
Rental Property Investor · Garwood, NJ · Member since 2019 · 12 posts · 3 votes
7y
@Frank Patalano ready to start whenever, but, the only thing holding me back is my wife. She doesn't understand and doesn't want to learn. But ive been ready for a while.
@Frank Patalano what’s currently holding me back is finding the right hard money funding. I have a realtor who is willing to help me find the properties but I want to know I’ll have the funding before I start actively looking.
Rental Property Investor · Fort Myers, FL · Member since 2018 · 6 posts · 1 vote
7y
@Frank Patalano
For me...I’ve been through the market crash and had to file bankruptcy on 3 FL home. What a mess!! So there is always a fear of loosing all my retirement $$ saved. But now we own 4 Rentals and we r looking at a portfolio 13 home.
For me its all about fear. Fear of not getting a good deal, not really knowing what i am getting into, fear of the unknown. Its hard to place that one thing that is really holding me back, all i can say for me, is im afraid of the change i know it will bring.
Based on what you have said it sounds like you have a fear of being successful. Yeah fear of change and of the unknown but fear of success sounds like a big part of it. I fail all the time. If you take action you will learn no matter what.
Funding for the deal. Just bought my first property and house hacking it at the moment. I am looking for my second one but it took a while to save up money for the first one which was an FHA 3.5% loan. Knowing it will be my second invest me I know I have to have more for a down payment, which worries me.
Any advice?
Definitely. Partner on the second property. You now some experience. There are people who do not. There are people with money but no time. Go out there and find someone that wants to be in real estate but doesn't have any time to do it.
@Frank Patalano only thing holding me back right now is the seller. I have a deal and waiting til Tuesday to see the condition of the homes with my contractor, this will be make or break.
That's not holding you back. You have already taken action on one. You can repeat the process if necessary.
@Frank Patalano ready to start whenever, but, the only thing holding me back is my wife. She doesn't understand and doesn't want to learn. But ive been ready for a while.
I know people who have had that problem before. Basically you can do 2 things.
1. Work for someone else in real estate. Get Referral fees and wholesaler fees to get started.
2. Make 2 separate investment funds. One for her and one for you. You can both decide how you want to invest.
@Frank Patalano what’s currently holding me back is finding the right hard money funding. I have a realtor who is willing to help me find the properties but I want to know I’ll have the funding before I start actively looking.
Go to your local REIA and find Hard Money lenders. We have about 5 full time ones and a dozen part time ones in my group.
For me...I’ve been through the market crash and had to file bankruptcy on 3 FL home. What a mess!! So there is always a fear of loosing all my retirement $$ saved. But now we own 4 Rentals and we r looking at a portfolio 13 home.
Good job not giving up. You have overcome so much. Think about how much experience that you have now.
I have lost money on properties as well. Sometime failure brings you strength.
Investor · Clatskanie, OR · Member since 2014 · 212 posts · 233 votes
7y
Smash your Television. Buy a trailer. live small. Suck down some top roman noodles. and buy a property! It really is that easy. Get in on this or die on your job.
I fail all of the time. In real estate, I probably fail 10% of the time. Shoot I failed on my first property. You just need to get out there and keep working at it. Eventually you will improve.
Smash your Television. Buy a trailer. live small. Suck down some top roman noodles. and buy a property! It really is that easy. Get in on this or die on your job.
LOL. Well now that is more extreme than me.
Everyone is different. I choice to live in an expensive area. I like my house alot so no trade in for a trailer for me.
You will need to search the internet. I answered your question and wish not to explain further on a public forum
If you mean the medical condition, I know what it is. I thought that maybe it was a different acronym. I have a friend with it. She is a personal trainer. While she worries about it, I consider her very successful.
Almost everyone has problems. Some you can see, some you can't. I remember reading the story of a blind real estate broker in CA.
Also Look at Jim Abbott the baseball player.
Look at Grant Cardone. Grew up without a father and at 24 was homeless, penniless, and a drug addict. Action leads to success.
What's holding me back? Well I had a leap of faith & got a pre-approval on an investment property loan with out any down payment, this is one giant leap right! So my delema is finding an investor or a partner to make the deposit on an investment property! I would crunch out any sort of deal, as long as I can have my first investment! Thank you! Allan. B.
Rental Property Investor · TX · Member since 2019 · 1 post · 0 votes
7y
@Frank Patalano
Hello, to answer your question, a bunch of reasons from lack of knowledge, other financial obligations, and FEAR. I also believe that i need to absolutely be in a stable financially where i have enough savings to start.