The one thing you wish you did first?

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The one thing you wish you did first?

Deniqua Antoine
Realtor · Magnolia, NJ · Member since 2020 · 17 posts · 43 votes

My husband and I are jumping right in and we have joined BiggerPockets. We are beginning to look for some multifamily properties.

I’m just curious, what’s the one thing you wish you did first before you began investing?

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John Warren
Real Estate Broker · 3412 S. Harlem Avenue Riverside, IL 60546 · Member since 2015 · 6k+ posts · 5k+ votes
6y

@Deniqua Antoine I wish I had gone to networking events earlier in my career so that I could have met my team of realtors, lenders, contractors, etc. I wasted around five years learning and reading before I took action and in those five years I could have picked up some amazing deals. Obviously, you can't do meetups right now outside of virtual ones, but it makes sense to network like crazy so that you can find local folks who are in the trenches investing. 

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  • John Warren
    Real Estate Broker · 3412 S. Harlem Avenue Riverside, IL 60546 · Member since 2015 · 6k+ posts · 5k+ votes
    6y

    @Deniqua Antoine I wish I had gone to networking events earlier in my career so that I could have met my team of realtors, lenders, contractors, etc. I wasted around five years learning and reading before I took action and in those five years I could have picked up some amazing deals. Obviously, you can't do meetups right now outside of virtual ones, but it makes sense to network like crazy so that you can find local folks who are in the trenches investing. 

    30Reply
  • Ron Todd
    Rental Property Investor · OK · Member since 2019 · 126 posts · 114 votes
    6y

    I wish I had heard of BP or studied more about investment properties. I was young and looking to buy a primary at a good price but didn't really have the investing mindset yet. I wanted a nice primary and hadn't thought about what it would rent for when I left. Knowing what I know now, I would've done a house hack instead and got started that way before having kids. I still have that house and it cash flows, but that was just dumb luck. 

    16Reply
  • George W.
    Investor · NJ · Member since 2018 · 869 posts · 921 votes
    6y

    I wish that I had attended networking groups as well. But more than that i wish that I started an IRA earlier. Fortunately I'm still young and invested most of the money I have saved into my own business which has been paying off well. It wouldve been nice to be a little more diversified though.

    8Reply
  • Deniqua Antoine
    OP
    Realtor · Magnolia, NJ · Member since 2020 · 17 posts · 43 votes
    6y

    @John Warren thanks for the advice. I’ll look into going to some meetups after things improve

    5Reply
  • Deniqua Antoine
    OP
    Realtor · Magnolia, NJ · Member since 2020 · 17 posts · 43 votes
    6y

    @Ron Todd great perspective! I really like househacking as our first investment property strategy. I’m glad it worked out for you!

    2Reply
  • Deniqua Antoine
    OP
    Realtor · Magnolia, NJ · Member since 2020 · 17 posts · 43 votes
    6y

    @George W. I hear you on the diversifying. While we are really trying to get into real estate, stocks are still on our mind. One thing at a time right now though.

    I notice you are in NJ. Are you in North or South Jersey?

    1Reply
  • Joseph CacciapagliaBusiness Member
    Lender · San Antonio, TX · Member since 2020 · 1k+ posts · 1k+ votes
    6y

    I would have started making lots of offers sooner. It took me way too long to get my first deal, because I was timid about making offers and just spent a lot of time analyzing deals and dreaming. I finally decided to make offers on every duplex in my market, until one was accepted. Once I did that, it only took 2 weeks to make a deal great deal.

    [email protected]979-218-2286
    Joseph Cacciapaglia powered by Morty
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    27Reply
  • George W.
    Investor · NJ · Member since 2018 · 869 posts · 921 votes
    6y
    Originally posted by @Deniqua Antoine:

    @George W. I hear you on the diversifying. While we are really trying to get into real estate, stocks are still on our mind. One thing at a time right now though.

    I notice you are in NJ. Are you in North or South Jersey?

    Im out of centeral NJ but Im all over the place in NJ as far as working. 

    2Reply
  • Deniqua Antoine
    OP
    Realtor · Magnolia, NJ · Member since 2020 · 17 posts · 43 votes
    6y

    @Joseph Cacciapaglia that’s exactly the stage we are at. We are trying to jump in but really want a great deal. I almost feel like we are losing momentum because of all the analyzing.

    2Reply
  • Stephen Kappre
    Real Estate Agent · South Jersey · Member since 2017 · 252 posts · 143 votes
    6y

    I agree with above comments - good stuff - get your feet wet, walk a few places with an experienced agent, maybe with a contractor, and start putting some offers in. Surely do your math. I watch some people take months or more to pull the trigger, or they put offers in at 25% of asking price and get frustrated. Local BP meetups (when they start again) are also really great. Welcome! 

    4Reply
  • Colby Hager
    Flipper/Rehabber · San Antonio, TX · Member since 2017 · 101 posts · 73 votes
    6y

    @Deniqua Antoine

    Failed harder faster. Best teacher.

    5Reply
  • Joseph CacciapagliaBusiness Member
    Lender · San Antonio, TX · Member since 2020 · 1k+ posts · 1k+ votes
    6y
    Originally posted by @Deniqua Antoine:

    @Joseph Cacciapaglia that’s exactly the stage we are at. We are trying to jump in but really want a great deal. I almost feel like we are losing momentum because of all the analyzing.

     It's very difficult to just FIND a deal. You have to find something close, and then try to MAKE a deal. In most markets, you can analyze everything out there, and won't find a great deal. Also, I wouldn't be so focused on a great deal. Most people don't hit a home run on their first at bat. Make a good deal, and get the ball rolling. The momentum and learning experience is well worth any additional yield you might be giving up.

    [email protected]979-218-2286
    Joseph Cacciapaglia powered by Morty
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    10Reply
  • John Walter
    New to Real Estate · NJ · Member since 2020 · 124 posts · 63 votes
    6y
    Originally posted by @Joseph Cacciapaglia:

    I would have started making lots of offers sooner. It took me way too long to get my first deal, because I was timid about making offers and just spent a lot of time analyzing deals and dreaming. I finally decided to make offers on every duplex in my market, until one was accepted. Once I did that, it only took 2 weeks to make a deal great deal.

     Any advice for getting several offers in each month when you’re not an agent? One of the issues I have came across is finding agents willing to do this, even when they agree properties are overpriced. 

    2Reply
  • Joseph CacciapagliaBusiness Member
    Lender · San Antonio, TX · Member since 2020 · 1k+ posts · 1k+ votes
    6y
    Originally posted by @John Walter:
    Originally posted by @Joseph Cacciapaglia:

    I would have started making lots of offers sooner. It took me way too long to get my first deal, because I was timid about making offers and just spent a lot of time analyzing deals and dreaming. I finally decided to make offers on every duplex in my market, until one was accepted. Once I did that, it only took 2 weeks to make a deal great deal.

     Any advice for getting several offers in each month when you’re not an agent? One of the issues I have came across is finding agents willing to do this, even when they agree properties are overpriced. 

    Where in NJ are you? Pat Murphy's office in Cherry Hill used to have agents that were all about making tons of offers for investors. He used to like to say that you weren't a real investor, if you hadn't made 10 offers that week. That was a long time ago though. I can't even find his website today. If you are in south jersey, the REIA that meets in that area should have agents willing to work with you. Again, it's been a while since I've been there. If you're looking for a tenant occupied 1% house in Palmyra, I've got a lead for you, no agent necessary on that one.

    [email protected]979-218-2286
    Joseph Cacciapaglia powered by Morty
    WebsiteView Page
    1Reply
  • Paul Shannon
    Rental Property Investor · Fishers, IN · Member since 2016 · 335 posts · 470 votes
    6y

    I wish I had house-hacked.  Hind sight is always 20/20, but it would have been great. I was living in Boston at the time.....If I'd have bought a duplex back in 2008 instead of a condo, I could have simultaneously learned about real estate investment, got my hands dirty rehabbing and understanding the work that goes into keeping up with a property, managed tenants next door, had those same tenants help me pay down my mortgage, and made a fortune in appreciation. Instead I bought a condo, sold it  in 2012 for slightly more than I paid for it and moved out of state.  If I had held onto that condo and rented it out, I could have sold it in 2018 for double what I paid for it.   Yikes!  

    Its still burns!  But house hacking is such a great starting point that I wish I would have taken advantage of.  I think I would have started down the path I'm on now much sooner if I had that initial experience.  

    11Reply
  • Kai Van Leuven
    Investor · USA · Member since 2015 · 325 posts · 447 votes
    6y

    @Deniqua Antoine

    1st thing- Don’t over demo.

    It was my 3rd property that I went down to studs and replaced everything... but I was 22. I would not have tore it all up. I would have probably just don’t a more cosmetic remodel and let it be. Sometimes it’s easy to get overzealous on the demo. Good luck!

    5Reply
  • Patrick McGrath
    Rental Property Investor · Westminster, MD · Member since 2014 · 165 posts · 221 votes
    6y

    @Deniqua Antoine

    Wish I would of house hacked a duplex or Triplex as first house. Repeat process for 2-3years and you are set on a great path! Small Multifamilys are were the cash flow is, my single families are great long term investments, debt pay down, appreciation, will be easier to sell. But my Multifamilys cash flow now and give me capital to buy more.

    8Reply
  • Nicholas Duncan
    Investor · Lawrenceville, GA · Member since 2015 · 16 posts · 15 votes
    6y

    @Deniqua Antoine

    House Hack, House Hack, House Hack! My goodness I wish I would have house hacked 10 years ago! I'd be "Set for Life" by now! 

    10Reply
  • Tisha Alexander
    Brandon, FL · Member since 2018 · 6 posts · 1 vote
    6y

    @Joseph Cacciapaglia cool. How do you go about making offers. I am hesitant at this point of the process

    0Reply
  • Tisha Alexander
    Brandon, FL · Member since 2018 · 6 posts · 1 vote
    6y

    @Joseph Cacciapaglia this makes sense I spend quite some time in my notes but not in the field 🥴

    0Reply
  • Tisha Alexander
    Brandon, FL · Member since 2018 · 6 posts · 1 vote
    6y

    @Paul Shannon thanks so much for this post. I haven’t made my 1st deal yet. And this is helpful advice to help me focus

    1Reply
  • Joe P.
    Philadelphia, PA · Member since 2017 · 824 posts · 1k+ votes
    6y

    Was looking for my first house at 24, after looking at 100 properties -- no joke -- it was down to a "trendy" industrial 1 bedroom loft at 7th and Washington in Philly, and a basic 2 over 1 duplex at 18th and Wharton, also in Philly.

    I went with my heart and not my head. The trendy loft sucked and it was a disaster in many ways. Meanwhile if I selected the duplex, I would have had someone paying down my mortgage in a neighborhood now known as "Point Breeze", which has been a super-appreciating neighborhood in Philly. My trendy loft never got there (at least by the time I sold). Hindsight is always 20/20...

    4Reply
  • Aaron OCallahan
    New to Real Estate · Saratoga Spgs, NY · Member since 2018 · 13 posts · 5 votes
    6y
    Originally posted by @Joseph Cacciapaglia:

    I would have started making lots of offers sooner. It took me way too long to get my first deal, because I was timid about making offers and just spent a lot of time analyzing deals and dreaming. I finally decided to make offers on every duplex in my market, until one was accepted. Once I did that, it only took 2 weeks to make a deal great deal.

    Joseph - Your post resonates with me. This is a rookie question, but what is the best way to you make an offer? I've been getting in my own way even on this minor detail. Would love some help! Do you simply tell the offer price to your RE agent? Or do you draft an offer letter with all the specific details and contingencies for the property and send that to your RE agent? Are there certain state requirements we need to be aware of too? Did you use an offer letter template that you would customize for all of your offers?

    Thank you!!

    1Reply
  • Steve Vaughan
    Rental Property Investor · East Wenatchee, WA · Member since 2014 · 10k+ posts · 16k+ votes
    6y
    Originally posted by @Tisha Alexander:

    @Joseph Cacciapaglia cool. How do you go about making offers. I am hesitant at this point of the process

    As a non-agent that buys solo, i like to e-mail a friendly letter of intent (LOI) that outlines 3 scenarios I'd be happy with. I e-mail the listing agent or snail mail the seller if a FSBO.

    Search BP to learn more if interested in the LOI idea. Lots written on it. Good luck!

    3Reply
  • Joseph CacciapagliaBusiness Member
    Lender · San Antonio, TX · Member since 2020 · 1k+ posts · 1k+ votes
    6y
    Originally posted by @Aaron OCallahan:
    Originally posted by @Joseph Cacciapaglia:

    I would have started making lots of offers sooner. It took me way too long to get my first deal, because I was timid about making offers and just spent a lot of time analyzing deals and dreaming. I finally decided to make offers on every duplex in my market, until one was accepted. Once I did that, it only took 2 weeks to make a deal great deal.

    Joseph - Your post resonates with me. This is a rookie question, but what is the best way to you make an offer? I've been getting in my own way even on this minor detail. Would love some help! Do you simply tell the offer price to your RE agent? Or do you draft an offer letter with all the specific details and contingencies for the property and send that to your RE agent? Are there certain state requirements we need to be aware of too? Did you use an offer letter template that you would customize for all of your offers?

    Thank you!!

    The offer process varies from one state to the next. In most places I've worked, an offer on residential property is made with a complete contract form. The agent will ask you about the price and other terms, then they'll fill in the form, and you'll sign it before it gets submitted as an offer to the seller. You should just ask your agent what the common practice is in your market.

    [email protected]979-218-2286
    Joseph Cacciapaglia powered by Morty
    WebsiteView Page
    0Reply
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