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Updated almost 4 years ago, 12/30/2020
HELP! Am I growing too fast!?
Hi everyone,
My question might seem a bit odd and maybe I need to speak to a psychologist rather than this thread lol, but I find myself questioning my rapid growth and trajectory in real estate. Here is my question: Am I growing/Buying too many properties too quickly? Backstory: I have been a realtor for 3 years. I started flipping two years ago and finally started investing this past year. Over this past year I have purchased 3 properties with 2 more under contract currently. The first I purchased with my brother with just a regular conventional mortgage and while I now realize there are better options (BRRRR or Househack etc) it still has a VERY strong $ on $ return ($600 per month pure cashflow). The second property was a home run, I purchased a 2 family, successfully BRRRR'd it and it cashflows $960 a month. The third property is a SF home, I again successfully BRRRR'd it and it's set to cash flow about $730 a month. I am currently under contract on 2 more properties (both are 2 unit multi families). They both will be BRRRR'd as long as I don't back out and I feel they will be very successful in terms of having to leave little to no $ in the deal.
So if you've read this far: I am constantly having the fear of.... Am I moving/growing too quickly? Are these homes ACTUALLY great deals or am I just forcing the numbers? I am meticulous with my comps and ARV projections, so I trust my numbers, but I still find myself doubting if I should be growing this fast. I know this sounds like a stupid problem to have, but I come from a family where no one has ever purchased and held realty like this, especially this quickly. I even vividly remember telling my family at a party that I was going to own 10 properties in 5 years and most of the people at my table laughed in my face. Sometimes it's hard for me to open up about these insecurities to other people.
Sorry for the long post! If anyone read this far and has had similar experiences or feelings, how did you overcome that negative self talk and what was the final outcome. Also, if anyone does think maybe, I am moving too fast or buying too many too quickly, I am totally open to constructive criticism.
Thanks all,
James