Trying to find balance between patience and paralysis

13 Replies

I am in a very frustrating stage in my life. I want to buy my first property but me and my girlfriend agreed that we will pay off all of our dept and then we will save up 25k before looking to house hack. Even though we should reach these goals by June 2019 which isn't that far away, it just gets frustrating some times when all i read and listen to is anything real estate related. I want to start analyzing deals and i want to attend more REA meetings while i wait for man, this waiting game can become really frustrating. I am not really looking for advice, just want to air this out............ Feel way better now.

It's not really paralysis if you are not yet ready to buy. Sounds like you all have a good plan and it isn't THAT far off. 

Originally posted by @Ronny Tiburcio :

Thanks. @Derek E.

 No problem man. I know what its like to be in your shoes. I was once there as well, but waiting that extra year was the best thing I ever did. Also VERY important to have a spouse that is 100% on board with you. If that means waiting an extra year until she is completely comfortable with the investment then it's totally worth the wait.

Thanks for the feedback and i hope waiting a year benefits me as much as it did for you. @Derek E.

You do have a good plan, what’s important is to execute when the time comes.
Many people have a Plan but sometimes life gets in the way.
Just remember you don’t need to be 100% debt free to start investing although it does help.

I had to find the middle ground with my spouse so that included being debt free before investing in real estate. @Raul R.

Originally posted by @Ronny Tiburcio :

I had to find the middle ground with my spouse so that included being debt free before investing in real estate. @Raul R.

If that's what it takes to make her comfortable then so be it. I would encourage you to start crunching numbers and make her see things from a numbers perspective. I also am investing slowly right now, so we are kind of meeting in the middle.

I had to make her realize it wasn't worth paying $30k to pay off some student loans that will clear up around $3-400/month in payments when I could (and did) take that some $30k buy a house and rent it out for $800/month. Now we can use that rent money to make the loan payment AND have an additional $400+ to do whatever we wanted/needed to do each month.

I know that's not taking into account the numbers/expenses of owning/upkeeping the house, so what. Those are some rough numbers you can show her. If you try to get into all the specific numbers up front it will just bore her to death (if she's like my wife.)

So we now alternate. I buy another rental. We save up some money and pay off a loan or something. Then we save up and buy another rental and repeat. Honestly, I kind of like doing it this way. It's working out great so far. 

Sounds like a win/win to me. Thanks for that info. Ill be relaying that to my spouse. @Derek E.

Originally posted by @Ronny Tiburcio :

I am in a very frustrating stage in my life. I want to buy my first property but me and my girlfriend agreed that we will pay off all of our dept and then we will save up 25k before looking to house hack. Even though we should reach these goals by June 2019 which isn't that far away, it just gets frustrating some times when all i read and listen to is anything real estate related. I want to start analyzing deals and i want to attend more REA meetings while i wait for man, this waiting game can become really frustrating. I am not really looking for advice, just want to air this out............ Feel way better now.

 Nothing wrong with that plan and nothing wrong with building your relationships now until 2019 when you make that first investment. Good luck!

Originally posted by @Ronny Tiburcio :

I am in a very frustrating stage in my life. I want to buy my first property but me and my girlfriend agreed that we will pay off all of our dept and then we will save up 25k before looking to house hack. Even though we should reach these goals by June 2019 which isn't that far away, it just gets frustrating some times when all i read and listen to is anything real estate related. I want to start analyzing deals and i want to attend more REA meetings while i wait for man, this waiting game can become really frustrating. I am not really looking for advice, just want to air this out............ Feel way better now.

you can analyze deals now and do reia meetings now. In fact, you want to spend as much time on education so when you're ready to pull the trigger financially, you knowledge base is prepared to capitalize.

Worst thing that can happen is you WAIT, and then the money is finally ready but you aren't.

Also, I tell people there are 3 things you need to be successful in RE: education, networking, and capital. Capital is the least valuable, so you can start now. read everything you can, and talk to everyone you can, you'll be surprised how far  you can get without spending a dollar.

@Ronny Tiburcio

What kind of debt is it?  Some people loathe all kinds of debt, regardless of terms and what it is.  Some have a more balanced view of it.

for example, credit card debt with high interest rates - definitely pay those off of course.  Student loans with low interest rates - it may be ok for you to keep that, make timely payments and use the money to buy properties that will yield a higher return.

If it's the bad kind of debt, maybe you can wholesale to at least get in the game with little initial money. That way you can build your network and real life experience. I was in your shoes once and was driving myself crazy because I wanted to get into REI. Channeled my frustrations into energy to educate myself on anything and everything REI and once ready financially and mentally, pounced on the deals.

Its student with low interest but my spouse has bad debt so we agreed to pay that completely off before we begin to invest. @Paul Choi

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