Updated over 6 years ago on . Most recent reply
Starting out and reaching out!
I'm trying to get started into real estate investing. I start running thru my process and then run into a hurdle. So I take a step back and clear that one and then another hurdle. Step back, figure that one out and then another hurdle then another and another...and I haven't even really got that far?! I've gotten approval from a HML and almost thru getting a HELOC and still realizing/feeling like ill still need another source of funds? Am I overthinking this? I feel like there's a lot more costs popping up then I'm thinking? 😔
Most Popular Reply
Hey @Sean Cerqua
Welcome to the community! I feel like you have described every deal I have ever done. I can't count the times I have said "why am I doing this?".
However, the hurdles you talk about are all learning experiences. You are in the right place to reduce the problems you have by learning from people here and our mistakes. I for one have made countless mistakes, but real estate investing is still worth it for me.
It would be helpful to have specific numbers because if you have a HELOC that can be used as your contribution for a deal and a HML that will cover the rest you should have enough for a deal (depending where this deal is). The costs do add up and when you are new expenses that you don't even know existed will pop up so make sure, like with your contraction, have some reserves set aside and make sure that you estimate at least 10% more then you think you all need.
Feel free to reach out if you have any specific questions. Stick with it and good luck!!