Nervous Newbie from Sacramento CA

[Tommy Johnson]

Hi everyone, so I recently discovered BP and I have been addicted ever since. But let me go over my thoughts. I have been wanting to invest in real estate for 10 plus years now but I have not had the confidence to actually follow through. I actually bought a home in 2011 that I lived in. I got married in 2012 and have been renting out this 3/2 in the Sacramento Ca area since then. The tenants have been good but one day I received a call on Christmas Eve about the toilets backing up...Total sewer replacement for 6k 😢. Ouch. I owe 95k and the houses in the area are now going for 300k +....now is the time, I really want to do it. I want to do a 1031 and with that equity I should be able to get a multi family home. Today I am going to contact a real estate agent...but hold on let me read some more blogs, and listen to more podcasts. I need to be ready, I don't want to make a mistake. Each podcast is so informative, and I feel ready to finally change my life. But change is scary, I have been in the same job that I don't like for 18 years. Ok let's do this this time, I'm ready to do this!! Wait, I need to find a mentor, I have other stuff to do. Dammit I keep sabotaging myself. I'm going to write down some realistic goals, I can do this! I need to do this! I know others feel this way, I'm glad I can see it in the posts. Anyways so glad I found this community, I feel that with the support this time will truly be different.

[Brandy Phillip]

Tommy,

What I always tell my partner/husband is that it is easy to come up with the reasons or justifications on why not to set future goals or take that next step forward.  It's easy to let others postpone you from doing something you're interested in.  The hard part is believing in the reasons that you should.  CHANGE your perspective, so you will CHANGE your attitude, to allow you to get into ACTION. 

Change some of the things you said such as:

I have had tenants renting my property for a few years and so far have only had a minor set back that ran under $7,000 so I am going to adjust the amount of money we set aside for repairs when I purchase my next property.   We purchased in a great area which is going to allow us to do a 1031 for our next property.  I know that I'm going to make some mistake but it's great learning from others through the podcasts, blogs, and forums.  Although change is scary I am excited that I'm going to create income to allow me to leave my current job to do something I enjoy. 

Step 1 isn't finding a mentor it should be speaking words of affirmation to yourself.   We are closing on two properties this month and I am already looking for a multifamily home.  My husband thinks were moving to fast; however, I think that we're not moving fast enough to achieve our goals.  He wants ten properties I think we can do 100.  I would rather set high goals and expectations and fight to achieve them, then live in the should have-could have moments. 

Looking  forward to reading about your next property purchase.

Phillip Crew