Just a shout out to all the folks looking to build their wealth through real estate. I have been an owner of rental property for a little over six years now, and I never thought I would get to the point where it looked like I was going anywhere. I certainly not in the same league of investors as some of our more accomplished forum members, but I guess I feel like a word of encouragement is in order.
DON'T be let down if you struggle to find the first great deal. Without a doubt you will look at a bunch of deals that are bad, fair, OK, maybe even good, but until you can look in mirror and sell yourself that you found a super deal, you will feel a great deal of anxiety. Until you have waded through a ton of numbers, talked to many people and crunched numbers until you spew cash flow metrics in your sleep it is really difficult to take that first great leap. You can do this! The people here will help you, but it is up to you to grit your teeth, do the dirty work and do this.
I remember sitting at my first closing, nervous to the point of having a queasy stomach. I had to keep telling myself I did it right. Small deals. Numbers are good. Have enough cash in reserve to suffer a setback. Want to do this. Want to do this. Want to do this.
I did it. Twice. Third time. Fourth time. It gets easier, not easy, but easier. This last December my wife and I closed on our biggest deal to date. Quarter million dollar property (six plex & house on one site). All done with the original funds from my first deals that were each under $6000 out of pocket. No carrybacks. 10% down and mortgage insurance.
I am uninterested in blowing my own horn here. I am a minnow in a small pond, but please hear me when I root for you to believe you can do this! YOU CAN DO THIS. DON'T STOP TRYING! GRIND IT OUT! Your future is worth it.
DON'T be let down if you struggle to find the first great deal. Without a doubt you will look at a bunch of deals that are bad, fair, OK, maybe even good, but until you can look in mirror and sell yourself that you found a super deal, you will feel a great deal of anxiety. Until you have waded through a ton of numbers, talked to many people and crunched numbers until you spew cash flow metrics in your sleep it is really difficult to take that first great leap. You can do this! The people here will help you, but it is up to you to grit your teeth, do the dirty work and do this.
I remember sitting at my first closing, nervous to the point of having a queasy stomach. I had to keep telling myself I did it right. Small deals. Numbers are good. Have enough cash in reserve to suffer a setback. Want to do this. Want to do this. Want to do this.
I did it. Twice. Third time. Fourth time. It gets easier, not easy, but easier. This last December my wife and I closed on our biggest deal to date. Quarter million dollar property (six plex & house on one site). All done with the original funds from my first deals that were each under $6000 out of pocket. No carrybacks. 10% down and mortgage insurance.
I am uninterested in blowing my own horn here. I am a minnow in a small pond, but please hear me when I root for you to believe you can do this! YOU CAN DO THIS. DON'T STOP TRYING! GRIND IT OUT! Your future is worth it.
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