What put you over the edge?- gave you the final push

Question

I've read oodles and oodles of real estate stuff, watched plenty of shows, realistic or not.... done a bunch of looking at potential flip projects, etc... researched and had conversations with various partners.... At this point... I only have one burning question... What will put me over the edge? For you was it the right deal fell into your lap? You just got fed up with waiting? Had a bad day at the 9-5 and took the plunge? I'm just curious what put you guys/gals over the edge?

*If it matters... my short term goal is a few flips each year while still working my 9-5, with a long term goal of a enough door rentals and flips to support myself and my family without the 9-5 job.

Anthony Gayden · Answer

@Rich Spiczka

Believe it or not, it was a challenge. I had a friend tell me that I was never going to do anything. That I was full of crap and was never going to invest in real estate because I was afraid.

Well nothing motivates me more than trying to prove someone wrong.

Kevin Childers · Answer

@Rich Spiczka I was tired of waiting on the market to rebound in my area so I could sell my house. I decided to lease it instead, best decision I have made in a long time.

Luc Boiron · Answer

I don't know that there was a final push for me - I had been trying to buy a property since I was 14. I knew it was going to happen.

Bought my first property at 18 in 2007. I had worked overseas for 18 months and started university with a bit of money, and was able to borrow some more. It wasn't a big push, but part of buying at that time was that a friend and I agreed that we would each buy a property, and split them both 50/50 to reduce our risk.

That didn't end up happening, we both bought separate properties though and both did well enough on them.

Rivy S. · Answer

What actually got me over the edge was the appearance in the BP Marketplace of really cheap Detroit properties :/.  Two years later, I'm finally getting rid of one of them today (good riddance!) However... since that is what it took to get me over the edge, and I have other, much more successful investments since, I don't regret jumping in with those.  It was a good learning experience, and it got me in.

Rich S. · Answer

So far the final push:

*Convincing the spouse

*tired of watching stagnant money not make money

*Fear of not providing for family

*Proving someone wrong

*Tired of TALKING and not doing

*Next step in educating was acting

*Purchasing new home and deciding to keep old

I always find it fascinating how so many different things get people to the same decision... I'm in the "tired of talking and not doing" category at this point!

Cary O. · Answer

We took the plunge when we purchased our current home, and had to decide if we were going to sell our previous home or rent it out. We had not found Bigger Pockets at that time, and had no prior experience with investment property. Thankfully, we have a longstanding relationship with our realtor who also has rental properties, and learned a lot from her as well as a few friends who had invested in rentals. We decided to rent the house due to the equity and appreciation in the previous house, and haven't looked back since as we have enjoyed great cash flows as well. We have been steadily learning along the way, and are glad to have found the resources on Bigger Pockets as we learn new things every time we get on the site as well as the podcasts. We are so glad that point in our life gave us the push needed to start our real estate investment journey.

Bill F. · Answer

@Rich Spiczka I felt that my education and research were reaching a point of diminishing returns  and the only way to learn more would be by experience. I heard all these great actionable tips and ideas in the forums and Podcast, but didn't have an outlet to put them into practice.

In one of the BP Podcast Josh Dorkin talked about RE investing being like driving on a foggy road; you can't see the end, but the only way you'll get there is by trusting you know signals your left and right limits (the lines on the road) and as you drive things will become clear.

Boy was he right.

Thomas S. · Answer

Having significant amount of cash saved up to afford to invest the final push was the realisation that recognising the risks involved I was prepared to face losing it all. It was only money. Easy to make more.

Once the thought of losing all my money was no longer a issue moving forward was easy.

Jieh Larson · Answer

The oil industry tanked and I had a baby on the way. Nothing like looming costs of a child and unsure employment to get those financial gears cranking!

What put you over the edge?- gave you the final push

Most Popular Reply