I want to know what your barriers are. What's stopping you from buying an investment property? 

-Time

-Money

-Knowledge

-Coach/Mentor

-Fear

@Kelly Claiborne - I'm going to assume (probably wrongfully assume) the popular answer will be some combo of knowledge and fear - and I'd label it as perceived lack of knowledge that causes fear.  

Real estate is so attractive that it draws interest form almost everyone, but few people take the next step to commit to making it happen. 

It ties into the John Assaraf quote - "If you're interested you'll do what's convenient (in this case like listen to podcasts, do some research, read a book...etc) but if you're truly committed you'll do whatever it takes (taking actions that have potential negative consequences, outside your comfort zone)." 

@Kelly Claiborne , I can only speak from what slowed me in doing my first deal, and that was money.  I needed it and didn't have it.  

I also have a fairly high risk tolerance, but when I was actually awarded my first deal, then the fear kicked in along the lines of "what did I miss?" "why did I get instead of more seasoned investors?"

@Evan Polaski - It was money for me too! Now I am trying to help 1st time investors overcome all of their barriers!

@Tom Shallcross I totally agree! I think fear comes from lack of knowledge, but you also have people who have all the knowledge.  They acquire knowledge and take no action! I just want to help people overcome the "barriers" they put in place. 

@Kelly Claiborne

Right now it's my lack of employment history for a FHA loan or any loan at that. I just started a salary job this January and last year I was a stay at home mom

@Miltiana Holdip Did you have employment history prior to being a stay at home mom? How many lenders have you spoken to? 

@Kelly Claiborne

I was considering buying at the end of the year/ January so I can at least hit a year mark working this company. So unfortunately, I haven’t spoke to lenders YET

@kelly claiborne for me i'd say it's fear and lack of a coach/mentor.

@Miltiana Holdip You may want to consider speaking with a lender. If you have prior work history  before become a stay at home mom, you may still be able to get a loan! 

@Juan Sanchez We can change that! 

@Kelly Claiborne

Thanks!!

Also I see you’re investor in Philly. I was looking into purchasing tax deeds in that area as well. Would you happen to have any advice regarding that area of investing

@Miltiana Holdip Tax Deeds (Sheriff’s Sale) are a little tricky here. A lot of them are not good deals. It’s over saturated with foreign investors driving the prices up. 

I have been to quite a few, but I have never purchased a property from there. You have to be willing to sit on up (hold it until the right of redemption is over) . You also might be able to quiet title, but that costs a lot. 

If you’re interested in finding a property in Philly, I may be able to help! 

@Kelly Claiborne

Philly is definitely one of my areas of interest! Feel free to message me, maybe we can work something out

@Kelly Claiborne

Money for my next down payment. Didn’t brrr my first two deals and now I need more money.

@John Kedziora Jr Why not do a cash out refinance now? 

@Kelly Claiborne

I just got them this year and they have mortgages on them.

I may have equity in my primary house though.

Are personal loans ok to use for down payment and rehab on brrr?

@John Kedziora Jr Gotcha, I made the assumption that you paid cash! 

Yes, you can use a personal loan. Just make sure you can afford the payments! 

Some hard money lenders/private lenders ask for bank statements and some don't. Some lenders care where the money comes from and some don't. 

Originally posted by @John Kedziora Jr :

@Kelly Claiborne

I looked into obtaining a personal loan to purchase an investment property. I ended up not getting one, but was surprised how many places didnt allow them to be used for investments. That was a shock to me as i thought it could be used for anything, but i guess the fear is if your investment goes down (real estate, stocks, etc.). Just check with lender you are allowed to use it for an investment

@Rocco Swinney You should not be stating it’s for an investment property, it’s for “personal use”! 

Originally posted by @Kelly Claiborne :

@Rocco Swinney You should not be stating it’s for an investment property, it’s for “personal use”! 

I imagine that one could get in trouble since its for an investment? As i did find a few places who didnt have anything restricting personal loans for investments... but most places did

@Kelly Claiborne

Hey Kelly what’s stopping me at the moment for jumping into investment property is my debt. Few years been paying off 35k finally got it down to 9k this year. I’ve built my credit to 750 and almost in the eight hundreds. Once my 9k paid off, I want to get a 2 family home and have tenants. Any feedback??

@Kelly Claiborne for me it would be Coach/mentor and fear. I’m looking to buy in the Baltimore area!

@Kelly Claiborne credit,money,fear,lack of knowledge will be the main the reason

@Kelly Claiborne

I'm always amused at the people who say some people never take action and chastise them for it without knowing what the reason is so great that you inquired.

For me it's simply been money. A divorce and subsequent short sale of the marital home tanked my credit then a job loss added a ton of debt making me unattractive to banks. Attracting a private lender has also been difficult so I'm seeking other creative finance options.

But I'm working on digging out and hoping to use REI to accelerate my financial recovery.