Chasing My Tail...Need Advice

[Philip Deitsch]

Listened to tons of podcasts and read a few books and I’m beginning to lose my damn mind. I’m hearing all these stories of people quitting their jobs, zero money down deals and people barely able to walk because they’re tripping over amazing deals. I’ve always fancied myself a pretty smart guy, but am beginning to wonder?...”Dunning-Kruger effect?!!!” I’m interested in buy and hold properties, but my area is too expensive (Northern VA). I’ve branched out to cities within a 5 hour drive and have been scouring the MLS and wholesaler websites for days and running numbers on hundreds of properties. My criteria has been 25% down on a single family or anything that’s multi-family. Nothing makes sense on paper if I put only 25% down. $100/mo profit at best per property if everything goes right. At that rate I’ll need 100 properties to make a decent living. That doesn’t make sense. I’m thinking I need a mentor or consultation (which I’d be willing to pay for). Where can you find a deal? Can you low-ball a wholesaler? The deals I’m hearing on podcasts don’t come close to jiving with anything I see ...

[Jay Hinrichs]

at this time in the cycle it might be best to become the bank.. you have less risk because your loan is for far less than market value and your rate of return is fixed and generally as good if not better than owning the asset.

of course no appreciation but if you think the market is going to correct then appreciation wont happen.

in the mean time you can be collecting far more than 100 a month with the same cash investment while you wait it out.

keep in mind unless a property is sold in cash.. it takes two to tango  one Equity ( buyer )  one debt ( bank) you be the bank instead of sitting there doing nothing.. at least a small diversification.. I have investors that have been stacking notes for the last 6 to 7 years and now have 30 to 40 of them and live off the income with nary a worry of a tenant  LOL.