Getting the mindset

6 Replies

Hello everyone my name is Joseph,

I am a new and upcoming entrepreneur in real estate investing in the South Florida area. I just have a few questions. 

So i was reading a book that was telling me to create a business plan and look at the end goal and work my way backwards to achieve that goal. 

Well here are my goals, 

1) i want to invest in single family homes and multi units because of the monthly cash flow that i could receive on it. 

But the question is what if someone doesn't not pay rent on time 

2) im worried about CAPEX before i could save for them. How would you fund these expenses if you dont have capital to start with.

also would it be best to build capital by filliping houses and then jump into buy and hold? 

Hey Joseph.  First off, congrats on deciding to work on your mindset and getting into self-development. I believe that's a huge first step for any entrepreneur. Secondly, I'm a big fan of reverse engineering your goals and objectives. However, I think you're undercutting your end goal. Try thinking about WHY you want to invest in homes and create cash flow. There has to be something much "deeper" than the money. I suggest tapping into that reason as your "why" and keeping that in mind as you go through your daily tasks. 

As far as your second question, I suggest doing a couple searches here and reading through some of the blogs on how to get started. There's a lot to consider when determining which route to go and only you can make that decision. If capital is an the issue, there are plenty of ways to generate capital to help you get started. Message me and I can make a few suggestions.

Hope this helps.

Joseph, the good news--there are like a hundred books on the topic of small scale lanldording and investment in real estate through buy and hold strategies. I put just four in a blog post (see classics of landlord literature on my profile/blog). ....most should be in the,library or a for a couple of bucks of used...

The bad news... It does happen that people don't pay but rarely if ever if you get the right people.. Out past a decade I have had very little to no nonpayment issues, a few late pays here and there but nothing major.. Tenant selection and communication helps you here... Message me for more concerns or ideas..best of luck

Thank you everyone that looked at my post, I've been doing some more research and i think im ready to start putting together my first deal. 

I just have a few questions

Should i look for the deal first or the financing for the deal?

I think it is important to find the money for the deal because i would be searching blind because i dont know how much i could afford. 

I want to get the first one under my belt so im not stuck in analysis paralysis lol. 

This is all exciting stuff!  I wish i could have someone to talk to on the regular about it so we could bounce ideas off each other. The people that i am around now are on the "you cant do it" vibe. I need more GO GETTERS around me. 

Joseph Clergiot,

First let me say that everyone here at one point was in your shoes when first starting real estate in one shape or form and that although niche's vary, the general concept remains. At some point, at some junction, you have to actually jump in. I could elaborate but I'm sure you get it already.

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