So what's holding you back?

[Frank Patalano]

When I help new investors with buying their first property I often want to know what is holding them back from pulling the trigger.

So I'll ask here. What is holding you back?

[Kirby Davis]

@Frank Patalano I’d say the biggest thing holding me back right now is being comfortable investing out of state. My market is way too hot to make longer-term investing a good option. The rental rates are nowhere near strong enough to make sense when buying very inflated houses. Cap rate is around 5-6% here. Just not enough to make sense. But... as someone who has worked their butt off to build everything from scratch by managing it with my spouse, and being very hands on, it’s very scary to invest in another area and count on/trust others. It just feels very risky to buy a house without actually walking through it, hire someone to make repairs and hire someone to rent it. There has to be a lot of trust built to do that comfortably. Turnkey rentals usually aren’t that great when you look at the real numbers. And a lot of those companies are not honest or transparent.

I’m interested in single family or small multi-family properties.

[Jordan G.]

Finding deals....

[Shane H.]

@Frank Patalano

Down payments! Lol

[Chadwick Owens]

@Frank Patalano

I can tell you for me right now its about education and funding. Literally started listening to Bigger Pockets pod casts about two weeks ago and have certainly gained valuable insight. I was a Real Estate agent here in CT until about a year ago. I do plan to re-activate in the next few weeks as I venture into real estate investment. I recently was introduced to CTREIA and plan to join up with them. I have a real estate agent who is a friend of mine who has me on a drip campaign with specific criteria. I am looking but I feel that I need a bit more education. I need to start networking a bit to jump start my business. I'm not entirely worried about jumping right in but at this point I'm trying to put my ducks in a row.

[Shane H.]

@Frank Patalano

It truly is financing. I know I hear it all the time that if the deal is right the money will be there. Maybe that is true when you have the contacts. But it seems those who have the right lending contacts don't share them. I get that. Business is business. Those are the same people telling everyone the money is always there though! I'm building my bank account right now to have a down payment and windfall so that I can buy.

[Frank Patalano]

@Kirby Davis

Think about it. That blood, sweat, and tears that you have put in gives you a competitive advantage in your area and that experience is priceless.

If you are investing out of state...

Go out there and see the neighborhoods.

Build a team.

Start small.

We are at a similar point now. Sometimes the grass isn't always greener.

[Frank Patalano]

@Jordan G.

Right. That is my biggest problem as well.

My network of wholesalers is pretty dry for my criteria.

What am I doing about it?

I am expanding my network and my areas. Meeting people out of my network and going to 3 REIA in other markets.

Stay in the Hunt.

[Frank Patalano]

@Shane H.

Downpayments? That's not a tough one.

If you have a true deal you will have to partner up to get it done. Think of some possible assets as time, money, and experience. If you brought a true deal, people with money but no time to look for deals would love to partner with you. If it's truly a score, people with money will be begging to work with you. If not, try to wholesale it.

[Frank Patalano]

@Chadwick Owens

Your doing fine.

Keep up with your goals.

Keep learning. (Don't let Education be an excuse though.)

Get out there and look at so many houses a week. Meet with people for coffee. Read books on real estate. Etc.

#Motivate #educate #duplicate

The CTREIA is great though I personally love RIREIG (might be too far of a drive 😁).

[Frank Patalano]

@Shane H.

Are you willing to partner?

Have you been going to Real Estate investment meetings?

I had a friend who used to make all of his money by Wholesaling.

I meet people all the time who are begging me for deals. If you have a deal, lock it under contract, then partner or wholesale.

I've bought houses no Money down.

I've had friends do sandwich leases.

Stay positive and keep learning.

[Ryan Hotza]

@Frank Patalano

When first starting out my biggest fear was jumping the gun out of anxiousness and not getting the right deal. Buying a unit that wouldn't cash flow as well as the one i was overlooking.

[Frank Patalano]

@Ryan Hotza

And how did you overcome that fear?

[Shane H.]

@Frank Patalano

Again, everyone says that. And maybe it's my area. I regularly attend meetups. There are a handful of true investors. The meeting is full of wholesalers, and others just getting started. The investors are guarded. Most of them are really little guys themselves, who partner with the money holders to do the deals. May be im just in the wrong market. After all their are cashflowong properties on the mls that no one is interested in. And when emails are sent to the rei group, with multi units no one even asks for the info.

[Ryan Hotza]

@Frank Patalano

I had to convince myself that there is no Perfect deal to be made, just bad, good, n great ones.

[Frank Patalano]

@Shane H.

Where are you located?

[Shane H.]

@Frank Patalano

Also to be clear. I'm quite positive. I will find and secure deals. I have an unconventional out of town deal that I'm working on securing financing for right now. That's my current main focus. If I get this one or it disappears, I'll be on the hunt again. Either way I watch for deals everyday. I'm going to see an off the market sfh this weekend. I "partnered" with another investor last month to go after a bigger sfh for a flip. It didn't work out. I'm not quitting anytime soon. It just looks like I may have to wait longer than I'd like and buy on more conventional terms.

[Frank Patalano]

@Ryan Hotza

Nice job. Pick up the good ones, and beg and borrow to get the great ones. 👍

[Ryan Hotza]

@Frank Patalano

Great question by the way Frank. 👍

[Jason Levinson]

Just gotta find the next deal! Ill either find a way to make it happen or pass it on to one of my investor clients!

[Frank Patalano]

@Jason Levinson

There you go. Deals are found by hustling and networking.

[Frank Patalano]

I'll try to touch base later. My wife will kill me. 3 hours responding to this forum today.

 
Originally posted by @Shane H.:

@Frank Patalano

I messaged you and sent a connection request.

[Keith Torsen]

@Frank Patalano

What's holding me back is self-discipline.

For 7 years, I've known what I'm supposed to do, and how to get started. I simply don't change my habits to reflect my new knowledge, and am stuck choosing to not change, because its "scary"...

[Frank Patalano]

I understand completely. Try reading a book or 2 on Habits. 7 Habits of Highly Successful People, etc.

I got to be honest. No one can help you until you are willing to help yourself.

Originally posted by @Keith Torsen:

@Frank Patalano

What's holding me back is self-discipline.

For 7 years, I've known what I'm supposed to do, and how to get started. I simply don't change my habits to reflect my new knowledge, and am stuck choosing to not change, because its "scary"...

[Keith Torsen]

@Frank Patalano

That's actually a book I've been wanting to pick up for some time now. Thanks for the recommendation!

[Clayton Collins]

fear.  I’ve done a few houses now and want to do a large multi family syndication or medium storage complex.  I probably really just need someone as an accountability partner in the form of a coach or more investors to add to my list I’m putting together