New Investor + No XP = Hesitance!
Hi Everyone, this is my first post on the BP forums but I’ve been an advid real estate and financial bookworm the past year and a half. I’ve read a plethora of books by T. Harv Eker, Robert Kiyosaki, Napoleon Hill, Brandon Turner, and David Greene.
As with most people my goal is to retire young but I would like to build my portfolio with mostly long term multi family rentals. I plan to start small with single family but if I see an opportunity to acquire a Multi that cash flows I’ll gladly take advantage!
I bank with a credit union so I have access to a lot of good loan options with lower interest including a few 0 down loans but my biggest fear in real estate investing is, after I secure a property and secure a tenant, what next? I’m very afraid to take my first steps with the limited info and partnerships I have but would love to do a deal with someone who is experienced!
I don’t want to fall victim to analysis paralysis! I know that using Debt as leverage would be the best start to my real estate investing career, but I’m incredibly scared to start because knowledge and experience are the only thing that can make a good deal worth its weight! And lack of knowledge could turn a great deal to a poor one.
thanks in advance for your responses!
PS: I stay in Concord Area closer to Mount pleasant
#3 Innovative Strategies Contributor
- Investor
- Greenville, SC
I recommend moving from the books to analyzing real opportunities. There is no faster way to gain submarket knowledge and define your criteria than fully analyzing 50+ real deals (and making offers). At some point, the books and podcasts become a distraction from taking action that will lead to your goals.
Quote from @Mike Dymski:
I recommend moving from the books to analyzing real opportunities. There is no faster way to gain submarket knowledge and define your criteria than fully analyzing 50+ real deals (and making offers). At some point, the books and podcasts become a distraction from taking action that will lead to your goals.
Thank you so much for your response!
I analyze properties on Zillow but I plan to do a 90 deals in 30 days challenge to get myself accustomed to the process of analyzing
@Jehu Matthews welcome to BP; you found the right place to start on your real estate investment carrier! $O down loans are for your residence SFH or duplex triplex; nearly all other investment properties require 20% down. The greater Charlotte Metro is a great market, and you have no problems finding a qualified tenant; most important is to find your team, Lender, Realtor inspector contractors, and property manager. Your first few deals are more like a learning curve than a home run. The most important is to do a deal don't lose money; take your experience and the team you build in the first deal and do the second, and so on. In Germany, we have a saying: Lehrjahre sind keine Herrenjahre. We've all got to start small
-
Real Estate Agent South Carolina (#305372) and North Carolina (#305372)
- Kai Kopsch Realty One Group Select
Welcome to the community! Try to move to the next stage of knowledge which is in-person and tangible experience. This doesn't mean you should jump into whatever deal you encounter. Instead, try to get information from experienced investors (you already check this box through Bigger Pockets), talk to professionals within your field and investment strategy of interest (lenders, agents, market experts), and make efforts or mock offers on a deal. I remember when I started I knew nothing and nobody. The only thing that got me going was consistency. Being able to keep asking questions and "running towards the gunfire" is both courageous and unique - kudos to you for being on this forum! I wish you the best of luck and if you ever need help analyzing a deal in Washington State feel free to reach out
A good thing to do would be find this partner before you find the deal. Find someone interested in REI, experienced, and with some capital. Build a rapport with them, and then present them a deal. If you thoroughly underwrite it and do due diligence on the property, you'll be far more likely to secure financing and a partner.
Hey Jehu! Welcome to the Investors Community!
How are you analyzing your deals? Confidence in your investments decisions will come with time. I know starting can be scary but with the right guidance you can do very well. Let's connect I'm located in Uptown Charlotte and I love to help people with their first investment.
Quote from @Angie Castro:Thank you for your response!
Hey Jehu! Welcome to the Investors Community!
How are you analyzing your deals? Confidence in your investments decisions will come with time. I know starting can be scary but with the right guidance you can do very well. Let's connect I'm located in Uptown Charlotte and I love to help people with their first investment.
I currently use the BP rental calculator, and the 1% or 3% rule on occassion
I will gladly foward you my contact info and we can absolutely find a time to connect!
Welcome Jehu!
This is a great place to start! Charlotte is an amazing area and there is so much potential!!
I am a lender here in the area and have a bunch of different programs for investments. Let's connect soon and see if there is anything I can do to assist you in this journey!!