All Forum Posts by: Kate Barry

@Shane Cloutier thank you for the encouragement!! I am not giving up.  I like that you are doing the rental thing - it does kind of feel nice to be somewhat flexible and not have to worry about anything.  I actually might approach the owners of where we are now and see if they're interested in selling...its a renovated duplex and we could easily Airbnb the other side, which currently has a traveling nurse but her lease is going to be up soon

@Shane Cloutier agree with you 100%!  I''m onboarding 2 new agents to my team to help with the workflow, take some pressure off of me with the unending leads coming in.  So many great ones have come from this very forum! Its another reason why I want to get a deal done so we can have our permanent housing for as long a we need.  We currently are on a month to month rental that is somewhat open-ended, however it burns my soul paying rent when we used to house-hack

@Dennis Wayne Oh yeah I'm not even close to looking at the MLS. All the MFs on the MLS have been on the market at least 30 days because they're so overpriced. And they all come with tenants paying below market value, and you can't turn them over due to COVID. And we need at least one of the units vacant so that we can move into it. I definitely got to get leaner and meaner.

Thank you for letting me know your rejection rate, even with motivated sellers.  Thats good perspective to keep

@Ola Dantis  Thank you for the encouraging words!! I am back at it - I've got another showing set up this week for another off-market property.  I know that real estate never stops

@Michael Dumont II  I would love that!!  My real estate career is also busier than ever so I think its just I'm at burnout, trying to handle it all at once.  Sometimes I dream about just being a full time investor.  Maybe someday!

@Steve Morris  I know I do.  Its tough when things used to just be so easy for me (tiny violin!!).  Our market never was very competitive, and now with COVID its EXTREMELY competitive, and I haven't adapted.  The extreme lack of inventory, seller's hesitation for change, and simply living in a rural state (Vermont) makes it so that when I do find that screaming deal its like finding a great jewel.  And both were so darn close to coming through.  And as a realtor I fight tooth and nail for my client's deals, and I always thought that if I just out-worked everyone else, it would come together for me. And its not just for me, I'm trying to provide everything for my family right now so when I come up short, it feels like I'm falling short at being the provider. 

So definitely some tough lessons.  I was feeling down again this morning and decided to just let it go and try again.  I need to find a new angle, and I haven't gone the direct mail campaign yet.  I started thinking "Oh maybe I should change course and start looking at flips"  but that doesn't make sense for us right now.  So I have to stay tough and get leaner and meaner

@Todd Rasmussen  I agree.  Its not a loss.  I have done so much work and its not for naught - its actually created a lot of momentum in many ways.  I think because this is a personal deal - I need to find a permanent home for my family and my child - its hard to not take it personally because I feel like I'm failing my family.  But I can't let that mindset get in my head.  Going to listen to some podcasts today to get back in the spirit

@David A Lisowski For sure! We have an extreme inventory problem where I live and why I've only made 2 offers. Town of 11,000 people, and there are I think 3 active multi families on MLS right now? Its bare bones to start but I'm not giving up!

Hey BP

I'm looking for advice, encouragement, anecdotes, anything really that can help me find the spirit to keep at this.

We have had two seriously fantastic deals slip out of our hands at the last minute.  I know, only 2 deals isn't that many, but both were literally one step away from being secured.  The first one was one we had a back up offer on that was supposed to fall apart, but in the 11th hour the first buyer came through.  This last one really hurt - seller financing deal.  Seller loved our offer but passed because they decided not to sell after all.  That one I had been working on for a solid month.  Both of these deals together I have easily put in 100+ hours of work. The seller decided to pass due to all the uncertainty of COVID, politics, etc. I told them our offer stands, but it doesn't change the fact that we need something soon.  

It really stings the most because we are looking to house-hack a 1-4 residential MF.  We have a 4 unit all rented, a studio condo bringing in Airbnb income, but we are currently renting a 2bedroom in town.  We have to live in one of the units, and it has to be a 2bed or more because we have a child.  We have secured private money financing and even a financial partner.  We are experienced, motivated, capable, I'm a REALTOR and I can't put it together.

The ease that we got our first deal has spoiled me, and I just feel like all the wind is out of my sails.  Would love to hear other's stories if they have gone through this to help get me back up on the horse.  

@Brooke Hallock Local lenders know a lot more about the local market and they are a lot easier to work with (usually).   They can have more flexible and creative lending options for you and once you start a relationship with them you can build on it