First Property and looking for opinions

[Adam Hughes]

I’ve sat on the couch for the past 10 years and read book after book on real estate, spent 10 years in banking watching everyone from developers to section 8 land lords make deals, and am ready to do something about it.

I currently own a single family but it was only because we didn't want to try and sell 6 years ago. I've been fortunate in that the same family has been in that property for the entire time. Now I'm looking at it as an investment. I've created my spreadsheet to calculate NOI and cash on cash. So far all the deals I've looked at (other than my single family) are around an 8-10 cash on cash with some fairly conservative estimates on expenses. I've included 5% of revenue for maintenance and 5% of revenue for vacancy. In addition I'm only looking at top school districts.

What am I missing?

What other advice might some of you have?

Thanks in advance.

Adam Hughes

[Patti Robertson]

My advice is to stop with the Analysis Paralysis and get started already!  I bought my first rentals in 2008, the same time that you started reading.  I now have a large portfolio that is almost paid off - with the tenant's rents, and you are - well, you just said it. ;)  Set whatever criteria you want, but until you buy a house you aren't getting started.

You are Banker.  You know what to do.  You clearly have both the resources and the knowledge to make it happen.  Now let me just give you the kick in the pants you need to get started and do it already!!!

I hope you take this message the right way.  I'm not trying to be hurtful.  I'm trying to playfully show you what you have missed out on by way overthinking this simple business. It is hard work, but it is not a hard business.  You can do it!!!!!