Real Estate Investor · Elkridge, MD · Member since 2014 · 32 posts · 11 votes
Just figured to share what happened to me...
I had to decline submitting an offer with an agent today because I felt the margin was too close. I wanted to badly put this deal in contract today as my first deal but couldnt.
Although I'm putting zero into the deal financially, I am putting in the sweat labor of finding a good deal.
I found a deal that I thought was good at one point however because of a miscalculated rehab cost by the realtor in comparison to the true rehab estimate by the gc's, the margins became closer than I felt comfortable with for my partners money.
I told her that I would treat her money as my own and we agreed to the points of bowing out of the deal. I explained our position to the realtor and gc's ..all was good.............on to the next one...got 2 lined up!! Theres always another deal.
Rental Property Investor · Annapolis, MD · Member since 2014 · 214 posts · 140 votes
11y
@Vinny Gaines Last time I toke my realtor's advise/input on a rehab i worked my ..ss off for 4 months and broke even on the property. And my realtor friend made two easy commission(buy/list) of about $22,000!
And he was a good friend was not out there to screw me. I did take a while for me to realize that he is not a rehab expert rather a sales expert!
Good luck to you be persistent it does pay off soon!!!
Investor · Louisville, KY · Member since 2010 · 55 posts · 42 votes
11y
I was eager on my very first deal, and looking back, I realize now it was not a good deal. Luckily, my plan was to buy and hold. I still have the property today and it's close to being paid off. In the beginning, I failed to calculate all costs involved, not just the repair costs. Their were little things like the electric bill during a winter rehab, real estate commissions, etc...
Investor · Cleveland, OH · Member since 2015 · 6k+ posts · 2k+ votes
11y
@Vinny Gaines Very good attitude, treating you financiers money exactly as you want to treat your own; and knowing when to walk away is half the battle, in this case: battle won. Cheers...
Rental Property Investor · Annapolis, MD · Member since 2014 · 214 posts · 140 votes
11y
@Vinny Gaines Last time I toke my realtor's advise/input on a rehab i worked my ..ss off for 4 months and broke even on the property. And my realtor friend made two easy commission(buy/list) of about $22,000!
And he was a good friend was not out there to screw me. I did take a while for me to realize that he is not a rehab expert rather a sales expert!
Good luck to you be persistent it does pay off soon!!!