So thinking of making big moves. What’s your thoughts?

8 Replies

So me and my wife have been in the real estate game going on 3 years soon. We have 7 sfh’s and a duplex. She’s on vacation actually and I’m working like always with real estate on my mind non stop. So any how im closing on 2 properties this week at least supposed to. If titles come back all good. So a deal I had a week ago didn’t work because someone got to it faster then me. But the deal fell through and its back on the market. I’m running some numbers and seeing as far as a roof and couple other things and the numbers work. Just nervous already with 2 places but I think I have it under control. Now I’m really considering buying the 3rd house or kind of lol. Nervous though wondering if can juggle all 3 of them and get all the right people in place. Hard to keep and find reliable contractors at least not really expensive ones. What’s everything think? Would be a really big move for me I think.

Trust your gut! Without seeing any of the numbers, it's hard to give any sort of actual advice. But you aren't super new to this, and it sounds like you want all three properties. I say go for it. 

Yea big step I’m thinking about it all. Pretty nervous and scared idk haha

Run the numbers and DO NOT TRUST YOUR GUT!  your gut can lie, but numbers are hard facts.  Brandon just did a live deal last week and after he ran the numbers on screen he pointed out that his gut told him it was a good deal but the numbers didn't lie.  He would have had to go much lower than asking price to ensure getting a profit.

So, first and foremost... RUN THOSE NUMBERS, and don't fudge them just because you get emotional over wanting the property.

That being said, the whole managing closing on three properties, that one is all up to your multi-tasking skills, organization, and processes.  If you have enough support in place then it should be no problem (especially if one or two are turn key and ready for renters).  If all three need work done, do you have the support in place to help manage three rehabs at once?

Once again... just step back, take a breath, and evaluate it.  Is it better for three properties to take 6 months total to get online, or three properties 1-2 months each at a time, because you had time to devote to ensuring that it stayed on track?  Again, if you are organized enough, have the processes and support in place then you will fine.

Also... hello from the north.  How is the Pittsburgh market.  I am nervous to venture too far south yet from home to look at investments.  I don't have the support structure built out yet for remote landlording.

@Joshua D. I would have to agree with @Charles Patterson . The numbers never Lie. But with that being said your gut is a large part of success in this business you just need a lot more experience. A well educated Gut and watching the numbers is the only way to succeed. All others fail because they allow emotion to take over the facts. Slow and steady is the way to go. Quality verses quantity. I buy 3-6 homes a month here in Pittsburgh and it has taken me 20 years to get to that position and I still find myself letting my emotions to take over for good decisions. You have to think like Mr. Wonderful from shark tank. He is a disciplined investor and values his most important asset which is time.

Alex Deacon, Real Estate Agent
412-613-4435

@Alex Deacon Wow thats incredible honestly cant imagine scaling up to that many so fast. i have a decent system in place i like to think so at least. That being said i could use alot of coaching me and my wife on getting to that point and having are buy and hold business flowing good. I see you are a mentor or have classes you do?

Originally posted by @Joshua D. :

So me and my wife have been in the real estate game going on 3 years soon. We have 7 sfh’s and a duplex. She’s on vacation actually and I’m working like always with real estate on my mind non stop. So any how im closing on 2 properties this week at least supposed to. If titles come back all good. So a deal I had a week ago didn’t work because someone got to it faster then me. But the deal fell through and its back on the market. I’m running some numbers and seeing as far as a roof and couple other things and the numbers work. Just nervous already with 2 places but I think I have it under control. Now I’m really considering buying the 3rd house or kind of lol. Nervous though wondering if can juggle all 3 of them and get all the right people in place. Hard to keep and find reliable contractors at least not really expensive ones. What’s everything think? Would be a really big move for me I think.

 Is it an AMAZING deal or just a good one?

If the latter I would wait

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