I have been reading and learning over the past year and my goal for 2015 is to make my purchase. This past week I found a deal that I am really excited about. A motivated seller for a home that needs mostly cosmetic work. I have looked over the numbers multiple times and looked at comps in the area but there weren't many that are similar to the property I am looking at. the numbers seem to work and I have a large margin of error. But I am having trouble pulling the trigger. How did you guys work up the courage to make that first purchase and take that risk? I think part of the reason I am concerned is that the numbers even when expenses are doubled still leave room to make money. It almost seems to good to be true. I don't want my first purchase to be a bust because I have been saving for a few years to make my first deal.
Just looking for a little motivation.
Being nervous is perfectly normal when you have so much money on the line. One thing I would suggest would be to post the actual numbers you're looking at. That will allow more experienced folks to see how you are reaching those numbers and to play devil's advocate.
Congratulations on getting this far.
Congrats on locating a motivated seller and locating what appears to be a great deal, @Chris Puglisi . Are you funding this conventionally with a mortgage? Is this your first purchase period, or do you own your own home? When I am hesitating on pulling the trigger on something, I ask myself the why question. Why am I doing this? Is it to improve my current or future situation? Will this decision matter in 5 years? Why gets us past this pay period. Before you close, have a quality home inspection done. Might ease some of the fears you have of too good to be true. Good luck and keep us posted!
I agree post your # to make sure you're not missing something.
Thank you so much for all the quick responses. I made the phone call today to submit an offer and unfortunately I waited to long and someone came in and took the deal paying asking price. Which now makes me more confident that it is a good deal because my offer was under the asking price.
Lesson learned, trust yourself and don't hesitate when a deal comes up. Still have 11 1/2 months to reach my goal.
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