Investor · Chattanooga, TN · Member since 2019 · 137 posts · 122 votes
Have invested time in Bigger Pockets for a year: reading, podcasts, analyzing, drive-arounds, learning, learning, learning. Thought my first deal was done, only to have it fall apart in the eleventh hour.
So many of you pros talk about hard times...but man, it is tough! And difficult to face up to my rookie mistakes that broke this deal.
I'm not asking for sympathy...but do want advice that will get my face out of this bag of chocolate and put my boots back on the ground so I can find my lost grit.
Investor · Santa Barbara, CA · Member since 2013 · 658 posts · 315 votes
7y
You can only learn so much reading and now you are learning while taking action. That's real progress.
You learned a whole bunch making rookie mistakes and it didn't cost an arm and a leg. Sometime those rookie mistakes are measured in 10's of 1000's of dollars.
Accept rejection and keep making offers that will work for you.
Thanks for the encouragement, Josh! I see you are in Montgomery. I'm planning to look in Birmingham, where my son lives. Do you have any experience of the market there?
The seller was required to fix several high-ticket items in the house, and vendors were promised (by me and the seller) to be paid at close.
Closing was pushed out several times due to my continued efforts to 'make it work.'
In the end, we didn't close because of my DTI, and the process was strung out almost 2 months. Meanwhile, the seller was required to fix appraisal/inspector items and couldn't pay the vendors.
Thanks for the encouragement, Josh! I see you are in Montgomery. I'm planning to look in Birmingham, where my son lives. Do you have any experience of the market there?
I'm sorry you feel lost. As a newbie, I am completely surprised at the amount of encouragement and support given when I asked. Maybe you could start a new thread with details about your obstacles? People seem really willing to help on BP.
Developer · Vancouver, WA · Member since 2018 · 21 posts · 7 votes
7y
@Renee Yarbrough
Bet you learned a lot on this deal and what not to do next time. Treat it like a game - you’ll find another deal and make different mistakes, you’ll develop a feel and your game will improve. Best way to learn is to just do.
Investor · Chattanooga, TN · Member since 2019 · 137 posts · 122 votes
7y
@Ned J. Lots of valuable lessons in this process, but making sure the financing is solid is right at the top of the list. Thank you for taking the time to respond. The posts on this thread are so informative!
I really like what you say about building a team, but I'm unsure how to connect with an experienced partner until I have more to offer...which translates to me as more experience.
Oh...MAN! Your situation is way more intense than mine. I so hope your deal goes through. Your words have jerked me up to be a grown-up in this industry.
I'm beginning to see that the growth along the way is a benefit often overlooked. I like the person I've become through this, and have also discovered a challenging industry that I love!
Montgomery, AL · Member since 2019 · 3 posts · 1 vote
7y
@Renee Yarbrough no I have yet to a deal, but I'm working on it. First I'll start in the Montgomery area. Once I have a few deals under my belt I would like to venture out into Birmingham & Atlanta.