All Forum Posts by: Daniel Whitmore

@Karen Lee thank you! I love your advice to “have fun”. No one ever emphasizes that. I can’t put too much pressure on myself as a beginner. Thanks for your advice! I hope to implement a similar strategy and put down as little as possible so I can sooner find my next property.

@Ian Walsh thanks for the feedback. The brand new guys in your market have found a formula that works! I will not settle. Hopefully thru hard work, analyzing deals, learning the market and being persistent I will achieve similar results and find a lender willing to finance my deals.

@Mike Dymski wise words! Thank you for the advice. I think concrete weekly goals is definitely key and something I can work on. Today I made my very first offer! I spent a big chunk of the day analyzing the deal. If I’m able to achieve my goal of analyzing 10 deals per week, I will get faster and more confident which will lead to more offers and hopefully a sweet deal. Thanks again for sharing your wisdom.

@Jeffrey Vazquez thank you!! I appreciate your support! I think you have a great strategy and mindset. I’m always impressed by the posts on BP where people focus on the learnings and takeaways from past mistakes. I have to be OK with the fact that I will make some mistakes but I can learn from them and grow. However, the more I prepare and educate myself, the more I mitigate risk and roadblocks. Good luck with that first notch and keep in touch!

@Tylor Williamson I appreciate your advice! Wise words! I definitely want to ensure my first deal is good experience so it doesn’t leave a bad taste in my mouth and potentially I give up. Knowing myself, there is a high likelihood I would in fact give up if my first deal was a bad experience. I would love to connect with you and talk about the UT market and your experiences.

@Heather Schmidtknecht thank you very much! This is great advice! I do need to start small and consider the worst possible outcomes so that there aren’t any surprises that I’m not prepared for financially. I think your strategy is fantastic and I hope to achieve the same results you have someday. Having your rental income “pay the bills” and cover all expenses is a beautiful thing. I may not get so lucky on my first deal but it’s something I will strive for. Lastly I just wanted to say I’m jealous you have a W2 job you love! That’s a wonderful thing I’ve never quite been able to achieve. Which I why I’m so eager to get started with real estate!

@Amy Kendall thank you for your support! As a UT agent, you’re very familiar with all the challenges I face. The market is a lot more competitive than I thought it would be. I appreciate you assuring me that my strategy is sound. Fingers crossed I can find a small duplex or mother in law soon (my goal is to do my first deal by end of Dec). As you mentioned, if I live in one unit and don’t see positive cash flow (after considering all expenses), it’s not necessarily a bad deal. I’m still getting help with paying my mortgage which will allow me to save additional income to put forwards future RE Investments!

@John Barrows thank you for the great advice. I think it’s wise to find other investors (through networking events/meetings), learn from them but not necessarily follow them. I have to forge my own path based on my goals and experiences. To your other point, I need to have more courage to look at smaller markets further out where other investors are few. I’m currently focused on a few markets that are very hot. When everyone goes right, I would be wise to go left.

@Joe Facenda you bring up a good point. I need to get more clarity from my lender. I’m in a bit of a unique situation because I don’t have a consistent W2 job and will need a co-signer. I’m also not totally sure I will live in one of the units. I’m not exactly clear on how these two points will affect my interest rate. However as I understand it a better W2 income would lower my rate.

@Jonathan Bombaci You have a beautiful system in place that seems to be working well for you. I envy you and hope to someday follow in your footsteps with the large multi family focus. But I realize it will take a lot of work, practice and persistence as well as overcoming mental blocks.

Thanks for your insights. Luckily I’m working with a great agent (also small broker) right now who is an investor herself locally. Just make my very first offer with her today! She will be key in helping me find deals!