What Have Been Your Greatest Frustrations In Starting Out?

Question

Hi Everyone!
This is a great site!!!  I have been coaching some new investors over the last year and decided to start writing down the basics for they and others that I can share with in the future.
I have addressed some of my own frustrations as I learned the ropes but my experiences are of course different than what others have experienced.
I would love to hear what you found the most frustrating or what was your biggest road block to getting started in real estate.
Thanks for your insights!

Timothy W. · Answer

Hi Sue,
I would have to say my greatest frustration was that I deviated from my original strategy and got sucked into a local REIA where everything was based on chasing the fast buck.  I had the greatest investor I knew personally at home, my own father, and ignored what he told me for 3 years while I ran around trying to make quick deals happen.  It was 3 years of wheel spinning while he increased his portfolio by about 5 million dollars and another $30,000 in monthly rental income but it was my own fault.  Lesson learned.  I now do what he tells me to do and my success has slowly and steadily skyrocketed.

Tim

Amy Vasquez · Answer

Thats an easy one.  My biggest frustration in starting out is STARTING. I have not done it yet, really.  I have become paralized over the fear of talking to people, of addressing my lifelong inadequacies and problems which need addressed so I CAN be successful.   :violin:

Joshua D. · Answer

Hey Sue.  I'm glad you like the site!  Can you tell us about your experience in real estate prior to coaching?  Perhaps you could introduce yourself in the new member introductions area . . .

As for the question at hand, my answer to frustrations would be Flaky people.

Jason Hanson · Answer

My biggest frustration was getting over my own mental blocks.  This business is very mentally tough....anyone can do it, but most people will not get over the mental walls they create for themselves.  That is why you have to read a lot of positive books.

Alfred Castillo · Answer

That will go for me to. I am afaird of the deals not going thru and getting stuck with a property that makes no income.

Eduardo Fernandez · Answer

My biggest frustration was feeling that I wasn't doing enough.  I wanted to be at multiple places at the same time but physically couldn't.  Then when you reach out to people that you believe could help, they never come through.  I believe that this forum will help me find people that are dedicated to their craft.  Just by being here we have taken a step in the right direction.

Vernon B · Answer

There are sooo many but I would say.

Contractors
Tenants
Competing Investors
Gurus who are out for a quick buck
Contractors
Learning
Negotiating
Juggling investing with Family
Contractors
Closing Deals
Local government
finding good deals
oh and contractors

You think you might be able to figure out what my biggest frustration was....?  :D

Mark N.A · Answer

My biggest frustration since starting out in the rental business are tenants.

I swear to you, get rid of all the tenants and this would be a wonderful business.

Alfred Castillo · Answer

My biggest fraustion is thinking that I am not going to make it. Every morning I look at my favortite car and tell myself if you are going to make it and you are going to be driving this soon, focus alfred.

Michael Rogers · Answer

I would have to say my biggest frustration was dealing with sub-contractors when I was building my triplex.  Especially, the ones that quoted low and then wanted to charge more, because it took them longer to do something.  I understand sometimes legitimate unforeseeable events happen, but sometimes I think their problems are a result of poor planning.

If they are going to bid low to get the business from their competitors, they need to be prepared for the occasional unprofitable job.  Otherwise, it makes it difficult for the investor to analyze which sub-contractor's quote to pick.

What Have Been Your Greatest Frustrations In Starting Out?

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