Originally posted by @Jonathan Twombly:
I'm reposting the original post in this thread, to save everyone the bother of having to scroll back to figure out what the thread is about.
Originally posted by
@Jonathan Twombly:
I've come a pretty far way in my investment journey, having acquired 400+ units in the last two years. When I was first delving into this business, I was afraid that I knew nothing, and that I would lose money. And both of these things were true: I knew nothing, and I lost a bunch of money at first. But I stuck with it, now things are paying off, and I am looking to expand my business and grow further.
But, I am very curious: if you are just thinking about getting started, what are you afraid of? Is it not knowing what you are doing? Looking foolish in front of more experienced people? Being taken advantage of? Losing money? Starting something new? Being your own boss?
I am sure the answer is different for each person, but I would love to know what people are thinking. Tell me your own story . . .
I joined BiggerPockets May 1st so I'm approaching a month here. I've been reading forums, blog posts, and podcasts here and certainly plan on taking action in the next 2-3 months. I love "Go for No"! And I also recommend Failing Forward by John Maxwell.
Here's what keeps me up at night:
- Financing: I don't have regular W2 income and am now self-employed. My income fluctuates monthly between Legal Shield and vacation renting. From reading here, I need 2 years tax returns. (Solution: Buy 1st property on my husband's credit & income. He's completely open to it. I'm trying to focus on one project at a time. To accumulate more than one property after getting this first deal, consider JV/partnerships/private lending/hard money lending and to get more capital, I'm considering wholesaling. It's just ALOT, because I'm thinking past that first deal and getting tangled in all those situations is going to take some REAL HARD WORK). In this case, I'm afraid of failing.
- Finding Deals: I've read everything and back on this here on BP, but still feel inadequate. I juuuuust figured out how to find info on my local county site (tad.org) Tarrant County and I've done driving for dollars. I plan on trying the other methods (signs, yellow letters, etc.) I still don't understand how to dig up info like market research (is this a good area to invest in, will the property value go up, etc), but continue to search site. (Solution: Continue searching and finding the answers.)
- Getting more than a few properties: I read a blog post here on BP about going for 100 properties a year. Even if that goal isn't reached and you get to say 50, that's a hell of an accomplishment. In this case, I'm afraid of what I don't know. (Solution: Networking!)
- The HUGE debate on LLC or not: Oh Lordy! I won't go to deep into this, but I want to launch my business correctly and the right way. Even in consulting with an attorney, they give you facts and leave it in your hands. Oh vey! (Solution: Just make a decision.)
You'll notice I've got hypothetical solutions for each of these. Everyday when I'm reading and find a new method or piece of advice that will help solve each of these, I jot them down. I'm ready to get this party started!
Thanks for initiating this post. Very thought provoking and it's interesting reading the response of other BP members. I can definitely attest to their concerns as well!
