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Updated over 1 year ago on . Most recent reply

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Sam Hum
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1
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Have $$ confused where to start

Sam Hum
Posted

I'm struggling with analysis paralysis and too much reading and peer advice.

I can't decide what I want to do but it definitely is RE.

I'm a first time home owner, been living in this first residence for 1 year now, have some small funds in stocks I want to pull out to begin RE ventures with.

STR/LTR/BRRR/Flips all sounds really appealing to me after alllll the researching and self-educating that I've done. I'm driven to commit all the way through ups and down.

I'm a tech w2 by day and want out completely.

Every agent i talk to tells me "go find something to buy, it is easy and with your credit and DTI and funds you will have no problem getting your first door - just be sure the numbers add up"

so wtf are these "numbers"? is there a list somewhere in a solid article I missed somewhere?

I have "numbers" like land cost, or purchase price, and rent rates from whichever area's craigslist I look into and also airdna. 

what other numbers do I need to build a solid business case to find partners?

at the top of my list right now I find myself most interested in finding land for under $80k and dropping a prefab on there to start out a STR.

thanks for help.

Most Popular Reply

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744
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Chad McMahan
  • Residential Real Estate Broker
  • Sedona, AZ
496
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744
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Chad McMahan
  • Residential Real Estate Broker
  • Sedona, AZ
Replied
Quote from @Sam Hum:

I'm struggling with analysis paralysis and too much reading and peer advice.

I can't decide what I want to do but it definitely is RE.

I'm a first time home owner, been living in this first residence for 1 year now, have some small funds in stocks I want to pull out to begin RE ventures with.

STR/LTR/BRRR/Flips all sounds really appealing to me after alllll the researching and self-educating that I've done. I'm driven to commit all the way through ups and down.

I'm a tech w2 by day and want out completely.

Every agent i talk to tells me "go find something to buy, it is easy and with your credit and DTI and funds you will have no problem getting your first door - just be sure the numbers add up"

so wtf are these "numbers"? is there a list somewhere in a solid article I missed somewhere?

I have "numbers" like land cost, or purchase price, and rent rates from whichever area's craigslist I look into and also airdna. 

what other numbers do I need to build a solid business case to find partners?

at the top of my list right now I find myself most interested in finding land for under $80k and dropping a prefab on there to start out a STR.

thanks for help.

Yep. Analysis paralysis also stems from reading and listening to bad (or even good but overly complicated) advice. I recommend you stop asking the masses, and start having 1 on 1 conversations with top seasoned investment specialized agents that service market areas you would be open to. Be transparent with them and make a short list of your next 3 steps. Choose a real estate agent to start with, then take those 3 steps. You'll own property before you know it.

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