Rental Property Investor · Pittsburgh, PA · Member since 2013 · 15 posts · 5 votes
I’m wondering if my story is common amongst real estate investors…
I spent almost a year and a half attending real estate investing seminars organized by my local REIA and I looked at maybe 40-50 properties before buying a little single-family residence, rehabbing it, and renting it out for positive cash flow.
My problem was “analysis paralysis” where I spent way too much time number crunching and worrying about all the “what if” scenarios in Excel. I finally pulled the trigger on my first deal when my wife’s cousin, an experienced investor, looked at a deal I was eyeing and gave me a thumbs up on the numbers (including estimated rehab costs after walking through the place with me) and that gave me the confidence to go forward.
What challenges or fears did you overcome in order to do your first real estate investment deal?
Rental Property Investor · Rockford, IL · Member since 2014 · 385 posts · 702 votes
12y
If anything we suffered from over confidence! We weren't scared at all and pulled the trigger as soon as we felt we had all our ducks in a row. Unfortunately we spent way more on rehab than we intended about 20k to much honestly. The good thing was it was such a good deal instead of getting an amazing deal we thought we were going to we got a decent deal. The next property that we rehabbed was much easier and was actually only about 2k over our projected costs.