Debt for one! My wife and I have our budget sorted out and we are only a few months away from being as close to debt free as we can be!
Also like others have said, a bit of analysis paralysis...
we have been practicing running our numbers daily, but the majority of properties that we come across aren’t anywhere near being close to being a good deal for us. We are in the Tacoma/Seattle WA area.
We are also working on our networking and finding more local investors! We would like to decide on the areas we are searching!
Thank you for your post!
@Salvatore Lentini fear of failing my first deal I research so much that I paralyze my mind , more like analysis paralysis I have the cap to do it, just not confident enough to throw myself out there not knowing the right market I Pretty much have an idea on how it works I'm just looking for that extra push I guess. Eventually I will get going timing is everything your thoughts is greatly appreciated. I was looking more to do the brrrr strategy with my own cash, then refi after that just looking for an ROI to support my monthly expenses and daily living I have no mortgage no car note, 8k in debt but also paying my debt to maintain my credit... I live in PA Poconos area would like to invest in my back yard but this market is more ideal for vacation rental (STR's)
@Tim Hudson you not alone I'm in the same boat...
1) OPM. I am young, basically unemployed, 4-figure savings, and have no credit history (though it has finally begun building!). As a result, my venture buddy and I intend to leverage other people’s money and split the profits evenly among us all. I know we want to deal with private lenders, but just don’t know where to start looking.
2) Lack of a lawyer. Similarly to the above, we need one but don’t know where to start when it comes to a trustworthy lawyer who really knows real estate and will be in our corner on both professional and personal levels.
3) Lastly, lack of a tax professional - the final piece of the puzzle. We need someone available at a moment's notice when we have REI-centric questions or problems related to the IRS.
I'm in the bay too!!!
@Salvatore Lentini funding. I’m considering using fund & grow business credit along with plastiq to wire the funds to title companies to purchase property. Use 401k for reno then rent and refinance but have been reading mixed things about using fund&grow along with plastiq.
@Salvatore Lentini Southern California housing prices to high. Houses that need full remodeling in my area are pushing 650k.
@Salvatore Lentini , initial capital. Trying to save up for the downpayment.
@Salvatore Lentini I have zero money to use as down payment and have no experience. However, I do have a good basic understanding of what I want and the process. In my situation, what is the best way to get the initial down payment cash?
Luckily, I didn't have the problem that a lot of people have when it comes to taking the leap into investing. I JUMPED IN headfirst...rather naively...for better or for worse. I've experienced my fair share of massive wins and crippling losses.
What's holding a lot of people back?
The interesting thing, is that real estate investing attracts a lot of people that are:
1. Focused on their financial well-being (AWESOME!)
2. Along with that, comes people that are ANALYTICAL.
That's cool. I love it. But, I often I see their greatest strength become their greatest weakness. They'll sit on the sideline for years just trying to "find the perfect market."
Or they'll delay putting in an offer until they find the "perfect deal."
Those things don't exist. Once you have the tools to succeed in investing (understanding analysis, building a team, etc.), the biggest thing to master is TAKING ACTION.
Unfortunately, there's no "how-to guide on Taking Action." You just have to do it.
Be confident in your skill, accept that mistakes will come along the way, take a few risks, and 100% see every challenge as a LEARNING MOMENT.
"There's no such thing as losing. You either win or LEARN."