All Forum Posts by: Michael Carbonare

Mario, Paralysis of Analysis is a virus worse than Covid.  It infects just about every new investor.  It's human nature.  We all want to know everything before we do anything.  Of course, we can never know everything and so time marches on and we remain standing in the same place, week after week, month after month, even year after year.  Personally, I frittered away three years before I finally stopped the BS about studying and thinking about real estate and actually took charge and began investing in real estate.  That was 28 years ago.  Best advice I can offer is to settle on ONE strategy, and block out all the noise and distractions by turning off the machines.  If you can slow things down and simplify the process, you'll speed up the process and your learning curve.  Sounds illogical, I know, but it will help.  Best wishes for success!

@Sara Booth  What Jason said.  Doing long distance, or virtual deals as we call them, can be a profitable endeavor and a path to expand your real estate wheeling and dealing.  But for someone with limited experience it probably isn't a good jumping off point.  Even a small problem becomes a big one when a rental property is 2000 miles away.

@Curtis Lipsey @Sarah Lindberg  If you know what you're doing and approach virtual real estate deals using a safe strategy, you can work deals as easily as if you were working them in your own neighborhoods.  For over a decade I've used cooperative assignments, which is a type of lease option strategy which can mitigate risk and allows you to flip properties without the need for being on site or having a team of people on site.  Smart way to break into doing deals at a distance.

This isn't any "best place".  The type of loan you can get will be determined by the specifics of the deal you are looking to finance and your personal financial factors such as credit history, employment history, income, etc.

I'm sure your father is going to want to review everything to make sure the deal is a good one for you.  Show him the numbers, the deal, what you're planning as your exit strategy, etc. 

In all states, the age requirement to sign a contract is 18 years of age. A child under the age of 18 is considered a minor and is unable to sign a contract unless it is for essential items. Essential items include medicines, food, and medical services. Otherwise, the minor child must have a parent or guardian consent to the contract in order for it to be legally binding.

You described a classic case of Paralysis of Analysis.  Book smarts make dinner conversation, street smarts make money.  You're going to need to change your approach or you'll find yourself standing in the same place a year from now.  You know more than you think you do.  Now, lose the fear, loosen the shackles, and turn off the machines.  Call some homeowners, look at a few properties, make an offer.

I've been investing for 28 years.  It should be 31 years.  Why?  Because I wasted 3 years studying, talking, Bee-Essing about real estate.  Paralysis of Analysis.  It's a nasty virus and you've been infected.
Here's a quote from one of my favorite authors, Seth Godin:  The best way to get unstuck? Don't wait for the right answer and the golden path to present themselves. This is precisely why you're stuck. Starting without seeing the end is difficult, so we often wait until we see the end, scanning relentlessly for the right way, the best way and the perfect way. The way to get unstuck is to start down the wrong path, right now. Step by step, page by page, interaction by interaction. As you start moving, you can't help but improve, can't help but incrementally find yourself getting back toward your north star. You might not end up with perfect, but it's significantly more valuable than being stuck.

In other words, don’t let your fear of what could happen make nothing happen.

Hi, Martin.  There are many variables involved that will determine your best path to getting started.  Can you fill in some blanks?  What are your goals?  What are you thinking might be your starting strategy?  What about your current financial situation?  Do you have cash on hand?  Can you obtain financing?  The answer to these and likely a few other questions will help both yourself and anyone replying to your post.
For what it's worth, many new investors are drawn to wholesaling as their starting strategy.  It seems to be pushed as the best strategy for the new kid on the block.  I don't agree, unless you're good at consistently negotiating deals with sellers for .40 on the dollar.  If you're starting out with limited cash and experience, I would suggest taking a look at lease options.  Worked for me back when I was getting started in this business.

Hello, Andrea. Having dual citizenship has its advantages, so you are fortunate in this regard.  I also have dual citizenship, USA and Italy.  I was born in NYC.  My grandparents were from Naples and Ischia.  My wife and I get to Italy every chance we get, although this past year it hasn't been possible with this WuFlu BS.  We've discussed buying a property in Italy and living there part time and here in Florida.  Where have you settled in the US?

PS:  that pizza in my profile pic isn't up to Naples standards, but it was still pretty damn good.  Working on my pizzaiolo skills frequently.  Oh, and my wife speaks Italian and is always looking to work on her language skills.  Don't be surprised if she jumps in here wanting to talk, talk, talk. . .