All Forum Posts by: Nate Hayes

@Erik Whiting

What is it they say, luck is when preparation meets opportunity?

Its definitely a numbers game. Maybe I'm overthinking the process of finding deals. Not to say it is quick or easy - but if I'm networking and analyzing and offering at high volumes, I'm bound to "stumble" on something eventually.

@Jay Helms

My girlfriend is certainly sick of hearing about it...

The real answer to your question is I'm sure I don't bring it up enough. I've mentioned it once or twice, but since I'm just starting out I think I'm afraid of talking a big game about my hopes and dreams and then falling flat on my face. I definitely need to bench my ego and potential hit to my pride and discuss my plans and interests with more people, because as others have pointed out, nobody can help you if they don't know what you need.

So, great question. Thanks for the therapy session :)

@Chris Risi @Tanvir Sattar 

Thank you both for the replies. I think you're right, even if finding partners as a new investor sounds like a tall order. I guess it's time to double down on my local networking.

Established, long time investors and large investment groups have clear advantages over new investors like myself, particularly when it comes to acquisitions. Extensive buyer / seller lists, capital to pay cash for properties, consistent wide spread marketing...not to mention people doing it full time while many of us beginner investors are working at it part time on top of our 9-5 jobs. 

When you're just starting out, the cash is hardly flowing, and saving up for a couple of years to put that next down payment on a duplex you found on the MLS doesn't feel like it's cutting it. But finding motivated sellers to wholesale, flip, or BRRRR feels impossible when everyone knows that all you have to do is google "cash for houses" to get an offer. How many motivated sellers are sitting at home thinking "if only someone would send me a letter offering to buy this place!"

I'm trying to lose the scarcity mentality here...but how have others just starting out managed to scale beyond their first property to the first 5 - 10 doors?

I just bought a duplex to house hack as my first property and I'm getting ready to rent out the side I won't be in.

A friend's family member is a real estate attorney so I reached out for help on a lease. I figured it was worth paying to work with an attorney to make sure my lease conforms to applicable laws.

Problem is I don't like their lease. It's short, feels incomplete, and instead of "Landlord" and "Tenant" it uses "Us / We" and "You" as if I'm trying to give this lease to a 6 year old (maybe just a personal preference but I don't like how it reads)

They sent me the template and asked for $250 (saying it's a reduced rate). I'm assuming I'm not bound to pay this if I state that I won't be using their lease? They spent minimal time putting in some of the specifics of my property but they may try to charge me for their time if I reject the lease. The fact that it is family of a friend gives me extra pause as well, I'm not entirely sure how to handle it.

Thanks in advance

Hi Garfield, I'm in the same area you are and I feel ya on CT being expensive. I'm actually making offers on my first property right now - I have a couple duplex's in mind. 

If you are going to be a first time homebuyer, one thing to look into is an FHA loan with 3.5% down on a duplex so you can live there and rent the other half, then keep the property when you move out. You could ask the seller to cover the closing costs and see if they'll spring for it. Even at 3.5% though 5k will only get ~$140k for a house, which is tough to find a decent duplex or even single family in our area for that...

Still, something to consider! Good luck!