General motivation and advice

General motivation and advice

Member since 2025 · 4 posts · 3 votes

Hey yall I just wanna say thanks in advance to anyone who responds and also for reading my mammoth of a post I'm about to create🤣.

so I've posted on here before asking about advice for house hacking with an FHA for multifamily in Houston as a young 22 year old. Y'all all gave me great advice on where to look where to find deals and now almost 6 months later I feel like I am still in the same boat. I have gone and looked at plenty of properties made offers on properties and only making offers that makes sense and pencil out, which is what I'm supposed to be doing and I either laughed at or just don't hear anything back or properties aren't willing to work with me for example I had one property that I offered 205 with 5K and sellers concessions on a duplex close to downtown Conroe. They originally countered hired to 220 and I just left my offer sit As the margins were just too tight. Fast-forward a month later, seller Came back at 200 with 5K sellers but no option period and wanted 2% an escrow. To me, I really wanted to jump on it as I've been looking for a house Especially since me, my girlfriend and baby are living at her parents house and we are both ready to move. But I was disciplined because to me that was just too much risk especially on a first time purchase and while I'm a carpenter, I know if she's trying to offload the property there's probably something really wrong and there's a reason she came back with a lower counter. Now that's just one of my examples, but I've looked at plenty gone to plenty of houses that have had AI photos online that look nothing like they do online and it's just seems like I can't figure it out. Now with my situation, I've been offered a new job making more money, but I know my lenders are not going to want to learn to me with a new job without job history which will probably set me back another six months and waiting and I don't know what to do at this point. I kinda just wanna buy an apartment but I've been staying at their house to save money so we didn't have to do that because I really just wanna get my hands on an asset. I pounded the idea of buying an RV and living out of that for a little bit, but I know since I worked on them for almost 2 years that they lose value very quick, but then I also think that I might be able to monetize it after I find a house or duplex to move in. I've also been thinking about maybe going down a non-traditional financing route, but to be honest I'm a little scared of hard money as I feel like I can get myself into trouble if I don't execute perfectly. I just wanna set myself up good for my first investment and I wanna do it soon. I feel like I'm stuck in this analysis paralysis phase, but I've actively been trying. It's not like I've been sitting on the sideline for nothing just listening to information but it's getting to the point where it's like I hear all these stories of people who just go out and get it done and I'm trying I just can't. I don't know. I would really like some advice of just what you guys think as I'm really starting to lose motivation and faith in this even though I know it's the way out I know there's so many success stories. It just feels like nothing I'm doing is working

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  • Jason WrayPro Member
    Banker · Nationwide · Member since 2020 · 2k+ posts · 1k+ votes
    3mo

    Shane,

    First off congrats on where your head is at being 22 years young! First issue I see is your doing too much of the homework which is not bad but this is what a Seasoned Real Estate Agent is for to find you the "Exact" property you want where they run the CMA, Run the rents, Run the ARV report and you know market price, current and proposed rents, highest and best use rental options STR, MTR, LTR - Co-living, etc.

    The other thing is having a Seasoned Banker get you a fully underwritten "LC" Loan Commitment Letter" Not a Pre-approval letter!  Pre-approval letters are garbarge and the difference is a "Fully Underwritten Loan Commitment" is a Guarantee to close and within 15 days.  It means as long as the property passes and appraisal and not "Subject to" and title can meet the clsoing date you now have a very aggressive offer with a guarantee!

    I would suggest you stick with a MF 2-4 Unit because its an immediate income generating property and you can move out faster within 6 months if there is enough equity to refinance or just move out period. Refinance is the better option to remove the FHA/PMI and convert to conventional to free up the 100 mile rule problem.

    If you ever have any questions I enjoy talking REI feel free to check out my profile and email me but its good to and know the loopholes and avoid the pitfalls which makes it easier to build your REI portfolio.

  • Wale LawalBusiness Member
    Real Estate Broker · Houston | Dallas | Austin, TX · Member since 2018 · 5k+ posts · 2k+ votes
    3mo

    @Shane Hofmann

    Based in Houston, you are actually closer than you believe. Just walking around homes, making offers and walking away from unsound deals is disciplined behavior—not indecisiveness. Resist the temptation to get caught up in the urgency of finding a home out of necessity because one unsound investment can set you back further than an extra couple of months’ wait. Keep your criteria high, take the better paying job to improve your finances, and have faith that good investments will eventually come your way just once.

    Good luck!

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