Just say No!
My business partner and I recently made an offer on a REO. Great opportunity to cash flow, 10% COC return and forced appreciation due to bank renovations.
Why did I say no?.... Well after two days of intense negotiations the bank stood firm on a purchase price that would have caused me to sacrifice my numbers and desired return and I SAID NO.
I tapped out because I followed the advice of BP by having investment criteria. I didn't become emotionally attached to the deal and when I noticed it wasn't going in the right direction I back off the offer.
As a new investor I'm glad I had this experience and even more excited I said NO.
Has anyone else walked away from a deal that looked great in the beginning but took a turn the other way?