Good evening BP community and thank you in advance for sharing some of your time.
I’m new to real estate investing; but after listening to BP podcast for years, watching hundreds of YouTube videos, and saving up funds to feel a comfortable safety net I have finally decided that 2021 is the year I start.
I currently have an offer on a duplex near BHS and after running the numbers I won’t be making a significant amount of cash flow, but will be making some.
As a new investor I still have some fears/worries in regards to my upcoming purchase.
My quest to you is “If you could go back to your first investment deal, what would you do different and why?”
Hi @Joe Rojas
I think you definitely made the right choice by coming to BP to address your concerns. There is so much value brought by not only the content like you mentioned, but the members and their experience as well.
As a new investor it is definitely normal to have worries about your new potential purchase, but these are all things that can be taken care of and explained if you are working with the right person, or maybe they cant be and that person should also be willing to tell you that as well.
My answer to your question is actually rather simple, I would buy more and go faster. In the end, I think that the fear to make a move stops a lot of people and the fear of losing money stops even more people, and in all reality you will make a mistake and more than likely, many many mistakes. As long as you protect yourself the best you can through education and building a smart team, then I think those mistakes will get offset over the long term and you will end up doing pretty well.
Feel free to PM me as well if you would like to chat further. Best of luck on your potential purchase!
@Joe Rojas - Remember, too, that cash flow is just one part of the equation. Remember that for the term of the loan, your tenants will be paying down your loan for you, and every year your net worth will increase. Every purchase we make is a learning experience and helps to get us to our goal. There may also be ways for you to increase cash flow, whether through increased rents, billing back expenses to tenants, management, etc.
Keep your head in the game!
Happy to chat if you want to!
I am pretty new to BP and to real estate investing. I haven't made my first purchase yet but I am also looking for a duplex. I was just curious as to if you have closed yet and how that process was.
I would contact Sanjeev advani a local realtor and property manager in Bakersfield California . I hope this helps . All the best .