I was wondering if the Newbies and the seasoned investors would mind sharing their biggest hurdles, both past and present in getting their first deal done?
I know I had a few demons to overcome that I will post later on. You may be surprised at my background and the problems I had before my investing finally got off the ground.
Thanks in advance for all who will take the time to post a response. Take care and God bless.
Lake Mary, FL
This was about 18-20 years ago I guess.
My biggest hurdle was just doing it. Sat on the fence for awhile, lost some deals (afraid to move forward). Thinking of all the bad things that could happen as opposed to the good things.
Taking the big step I guess.
Glad I took the step
Still trying to jump off the fence… I am finding the deals just having the trouble finding the financing do get the ball rolling. I am not giving up though as I still have a few irons in the fire.
First deal from what I am told is either too small or too big for a first deal.
I would liek to hear about some success stories from some of the seasoned people though and how they got through the hurdles they came to.
Nice idea of a post!!!
The hardest part of getting into your first deal is(as stated above) just doing it.
“You cant run with the big dogs if you dont get off the porch”
How long did it take you guys to do your first deal when just starting out???
I have found a couple but only been looking and trying for about 3 weeks now. I have had 7 turndowns as the deals are too small. I have spoke with many here and think getting off the porch is not as easy as some may think but that is a case by case scenario and not an excuse because I WILL get this doen before May1 for our family to move into. I am determined to get a new porch to sit on.
Hmmm lets see
If we count the Carlton S. Course, I went through 200-250 offers without getting 1 deal, but I did amuse many.
When I think about it today, and look at those offers I now amuse myself…LOL, I will share some of these offers 1 day when i need a good laugh
When I learned the real way(yes actually using your money or someone you knows’ money I probably let about 7 deals get away in about 7 months before i said @#@#@#, and just jumped in. My first deal was a big loser, I bought when market was high and within a few months the market just tanked and i was upside down(owed more than it was worth by about 60K). I had to hold that puppy a long long time over 10 years to re-coop. Lesson learned.
It got better from there as I got smarter.
Another thing when I first started - thought i knew it all and didn’t need any help. Big mistake and was cut down to size quickly.
Now that would be interesting reading on seeing those blunders.
I by far can honestly say that I dont know everything in fact I am about an inch ahead of the snail leaving the porch. I am just persistent and determined to get a HOME not just a house with some equity to get started. I have not bought the Carleton Sheets thing nor too many other books on “Buy Real Estate to become a Millionaire” stuff. I am only walking along the path of life and trying to follow the ones who have succeeded and learn from them. Just call me grasshopper I wont be offended. LOL A grasshopper who learns along the path of life who measures his riches by what he has that money cant buy and only trying to improve on that.
Not trying to be offensive nor pompus and believe me I can be quite annoying as I rank with the best of them for stupid questions…
Hers a thought…instead of motto or thought of the day I should ask a question of the day… Stupid question of the day should be good for a chuckle to the seasoned and good learning for me LOL
That is the spirt!!!
I am very impressed by your attitude. I am sure that you will make the deal by May 1, you have the perfect motivation (family). The new porch is yours.
Please let me know how it works out.
BTW, when I was starting I sat on the porch and watched several good deals go by, I was not timid, mind you, instead I was waiting for the GREAT deal. When it came I leaped from the porch and devoured it. You can not be timid or shy in this industry, YOU make the deals happen.
A wise man once said, “but my products and you will be wealthy” then HE became wealthy.
You are on the right track, listen to the advise from our colleuges here, I have read most of the postings of the “older” investors and agree with most of what I see. You are not required to pay thousands for an education. The best way to learn is to do it.
"those who can…DO, those who can not…teach.
sorry typo…“Buy my Products…”
There has an abundance of learning in here and with what I have read. Besides Grasshopper has to save his pennies to be able to do a first deal and cant afford a coupel thousand on a program. LOL
I have been able to learn enough in which I am now officially dangerous to myself.LOL
There is quite a few here who are willing to teach and assist as well. This has been very helpful and from what I have learnt from this site alone is worth any amount of humility I may have to face up to later. When I get my new porch I will invite those over for a BBQ. Those who live too far away will have to settle for Mcdonalds and a postcard…LOL
Hey mike, I will bring the ribs!!! 8)
My BIGGEST hurdle was actually doing something. I was in this 40 hour a week mindset and i new what i made and that would get me by. I did not have enough to just throw away. I started small like many with a fixer upper, rented (made absolutley NO money on , either in rent or at re-sale), but i accomplished one very important thing, i did it. I read alot about these courses and what they do, but my honest opinion is it is a individual process. Surround yourself with enthusitic, like minded individulas that want to succeed and are not so greedy as not to share. These forums are such a belssing, because it opens the door to every individiaul that has a desirte to larn and succeed in this. Hats off to all of you for making these posts, and to the newbies for having the motiviation to get out and look for these forums and be smart, take every bit of information with a grain of salt. There are a lot of crooks out there looking to take advantage, but they will soon enough be uncovered. Best wished to everyone in the newes investing ventures
I’m currently in the process of getting my first investment property. I, too, was reading anything I could get hold of pertaining to REI in the hopes of getting the last bit of information. Finally, this past January, I said “Enough!”, and started making offers. I’ve bid on about 18 HUD foreclosures since mid-February, and one finally came through. I won’t make much money on it, but I’ve learned more in the last month dealing with this one property than I have in the previous six months reading. I’m not saying one shouldn’t learn REI beforehand to get knowledge, just don’t depend on a book to make a property land in your lap. You have to make offers.
I guess to summarize, my biggest hurdle to date has been extending my comfort zone.
Just wanted to bump this back to the top and see if we can get more responses from the newbie crowd as to their biggest obstacle and from the pros as well so they can share their biggest hurdles they overcame.
I told you all in my first post I would let you in on how much I screwed up what seemed like the first couple of dozen deals or so before one stuck to the wall.
My background is public accounting and I had worked in commercial real estate for about 15 years. Many would think that this would be a great advantage when determining what a good deal looked like.
WRONG! I over analyzed the numbers until they screamed for me to stop. I know I had found a good deal, I just couldn’t stop looking at the deal from every angle, sideways, upside down, and inside out. As you might guess, by the time I made up my mind, the deal had been snached up by a more experienced investor who knew right away a deal was there and jumped on it.
This went on for about three months. Granted, I had even spent some serious money on seminars and boot camps that were expensive. Looking back, I would do it again, because it helped me to focus and it also taught me new techniques that I never knew existed.
I still ge to seminars and buy programs because when the time comes you think you know it all, there is something new to learn. I do stick to the core techniques I know to work this business and they have served me well.
Bottom line is to the new people, make offers. I have never had any seller come to MY door with a contract in hand asking me to do a deal. You must get out, get into the sellers living rooms, and present many offers. If a screw up like me can find and do deals, anyone can.
Take care and God bless.
lake Mary, FL
Biggest hurdle for me was figuring out how to finance a deal. I wanted to own my own rental property but I had a 598 FICO and $200 in the bank (lenders didn’t like me much). Regardless, after finding a couple deals that were super all-stars and not being able to take them because I kept making excuses for myself that I didn’t have enough money, I sucked it up and started asking. To make a long story short, I asked EVERYONE I know for money: friends, co-workers, old friends, former college roommate, cousins, uncles, aunts, grandmas, grandpas, and even a guy in line at Safeway, FINALLY I convinced my dad to loan me some down payment money and the ability to use his credit score. I showed him that he would be getting a 6% return on his money and he decided it would be good for both of us if he helped me out. (hey, I know 6% is not great, but it’s better than the 2.4% he’s getting in his money market - also he’s my dad so he was nice and turned down my 15% return offer to help me out).
I think everybody’s hurdle is fear. It may be fear of rejection of offers, fear of losing money, fear of WHATEVER - in my case it was fear of asking for help.
Get over it you wusses - you owe it to yourself to stop being a little 'fraidy cat and get out there. Find out what you’re afraid of and defeat it.
Hello Everyone Im alex,
I recently started learning how to invest in realestate read a few books, But 4 months later I still havent made an offer and id have to say my biggest obsticle is financing, I just started Building Credit about 1 month ago, And I make about 1k a month, Going to be tough to get a Loan, I was wondering if anyone has experienced this situation and Got over this hurdle?
Thanks for the post, I have a philosophy about the fear of losing money:
I came into this world naked and broke, I will at least leave with a suit and tie.
In other words, whatever happens in between is going to happen so why worry.
Lake Mary, FL