Updated over 4 years ago on . Most recent reply
Just missed out on our first deal
Found a duplex. Two separate four bed one bath units on the same parcel. Neighborhood is kinda between crap and up-and-coming, great location to larger employers but corner of a busy street, rehab ready kitchen and baths. Fenced in yard with attached garage. One side vacant with a long term up to date tenant on the other side, rent on the occupied was $100 over what the mortgage payment would have been, plus the property qualified for conventional. We would have occupied the other and been perfectly capable of making the mortgage if it were to sit vacant.
Due to my cheap assery, preferably like to keep our mortgage within 1/6th to 1/8th of take home pay, and set our pre-approval for about $50k less than the listed price (house flipping intentions). We didn't even stand a chance to make an offer.
We could have gotten the pre-approval upped if it wasn't a holiday weekend, cashed out some equity on a car loan and hauled the change jar in for the difference on downpayment.
This thing was 2 blocks from where we currently live and was everything we were looking for, plus an income property!
Making some phone calls tomorrow to change the pre-approval.
Will the defeated feeling go away?
How rare is that find and will one ever come up again?
I'm sure I'm being overly dramatic. I'm also pretty sure there are rules on BP prohibiting me from explaining my actual thoughts right now.