Passed on our 1st property

1 Reply

After 8 months of putting in offers we finally got one accepted in November. After the offer was accepted we found out that the owner was going threw bankruptcy. Long story made short we passed 6 months latter. We now own 2 buildings on 1 lot with a total of seven rental units and at the closing we were told there was an other empty lot behind it that has street frontage on the main road(keeping our fingers crossed).
Those just starting out. Be patient. Only fall in love with the numbers. Most of the properties you look at won't work. The ones that do work there is a line waiting to buy. My wife and I put in offers in on a few that worked only to come in 2nd or 3rd in the bidding. We kept on looking (2,3 and 4 families) and ended up with a 7 family.
Now we are on to the next phase.

Thanks for reading.

John Mc

Thanks for the informative post and I hope it works out for you. There are definitely opportunities out there but you need to work to get them. I work for a home building company in Westchester County, NY, and even though I am not as familiar with the rehabbing market I do know that the value is in the purchase.

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