All Forum Posts by: Tom Gillotti

I know when I started, I had unrealistic expectations. I was looking to hit a home run on my first deal, and spent a couple years spinning my wheels. Finally I decided to start making offers on every duplex in my market, and slowly raise them until someone bit (I think if I had a good agent I could have saved a lot of time, because this was a terrible strategy). My first deal didn't look anything like my initial expectations, but I still did incredibly well with it over time.

I see a ton of new investors with this same problem today. They're trying to make their first deal look like the deal they saw some pro talk about on a podcast. Is it possible? Sure. But it's not very likely. You wouldn't expect to play in the NFL the first time you pick up a football, but for some reason a lot of new investors think they're going to get the same returns as the experts. Many would-be investors waste months or years, and many finally give up, because they're chasing perfection. Most would do well to buy a mediocre deal in a great market, and then let the learning begin.

This is solid advice... I should probably take it.

1 Vote

For me, I've put in more than a few offers over the past 15 months or so and I've stuck with my numbers every time, despite a few counter-offers. I try to be realistic while also airing on the conservative side. I've also tried two markets I'm familiar with (Pensacola, FL & Buffalo, NY). It could be that those markets aren't great for the criteria I'm looking for or it could be that I'm being too stringent.

Needless to say, I haven't been able to put a deal together yet. I've primarily focused on BRRRR deals but have recently considered wholesaling and flipping. Add to that, I'm living in Europe right now so that presents its own challenges.

Despite all of those details, I'm still just as excited about investing in real estate as I've ever been. Over that period I've managed to save roughly 40-45% of my net income and have been stashing that cash for when I do find a deal (of course it hurts to see a large amount of money just sitting... earning nothing haha).

2 Votes

Hey, man! Welcome! I'm in Germany right now but hoping to get back to Pensacola as well.

My agent, and her team, Dawn Marino are a great resource if you need an agent.

1 Vote

Originally posted by @Scott Thompson:

Thanks! Can you send me contact info please.

https://g.co/kgs/iBxehB

0 Votes

I will also give a plug for Dawn Marino and her team. I've been working with them for a couple of years and they are great to work with.

0 Votes

Not to stir the pot, but I have a legitimate question about someone who was on Clayton's YouTube channel a while back. Jerry Norton, who has his own channel. I'm curious if anyone knows anything about him. I've been able to find very little about him but his videos have been very informative... but, so were Clayton's... and we see how that turned out... so, anyone have any experience with him?

1 Vote

I'm firmly planted in analysis paralysis!

😁

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We've had some meet ups here in the past but it's been a while. Depending on the level of interest I'm up for getting it going again!

1 Vote

Originally posted by @Jay Helms:

@Tom Gillotti - you have the make the #s work for you. Stick to them, revise your offer and if you lose it, it never was a great deal to begin with.

Stick to your criteria!

Made the decision to walk away. A more experienced investor probably could have made it work. Good location (water and Naval base close). Feeling a little regret but also trying to trust my numbers.

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As is, with 5.5% for vacancy and 5.5% for maintenance it's a 16% cash on cash return with 25% down (including all closing costs). Obviously, this assumes that rents are paid on time by all tenants, which I do not know.

1 Vote

All Forum Posts by: Tom Gillotti

Tom Gillotti has started 6 posts and replied 48 times.

Post: What is stopping you from buying your first investment property?

Post: What is stopping you from buying your first investment property?

Post: Pensacola, FL - new to real estate and investing

Post: Agent in Pensacola, FL

Post: Agent in Pensacola, FL

Post: Clayton Morris / Morris Invest House of Cards starting to fall.

Post: Overcome Analysis Paralysis! Get Past Your Fear...

Post: Investors meet up, Military members.

Post: Offer accepted but numbers run incorrectly

Post: Offer accepted but numbers run incorrectly