Updated over 2 years ago on . Most recent reply
New and scared rookie kicking themselves
I made a decision this week to get serious about investing in real estate. So, two days ago, I went to the BiggerPockets calculated picked up a property that seemed out of place in an area out of my state near my family, and ran the calculations. The numbers seemed too good to be true because I thought I underestimated the rehab cost. I know nothing about construction or rehab costs. (I can tell you what a wrench looks like and where the closest Home Depot is located.) So, I put my calculation aside and continued to finish reading the book on Rental Property Investing by Brandon Turner. (GREAT BOOK!) But that property kept niggling at the back of my head...it wouldn't leave me alone. I didn't check it yesterday because of family errands. Today I checked the listing and (you guessed it)...there was an offer pending dated... YESTERDAY!!! GAH!
Please post some advice on what to do when this situation happens again in the future.
Most Popular Reply
@Raushanah Glinton
This happened to me multiple times before my first deal and it still happens today. Analysis paralysis is real and you just need to take the leap at some point. The right deal will come along and things will workout, you just have to take action.
If the numbers really are that good, get the property under contract, negotiate a super low earnest deposit, and get your inspections done. This gives you extra time and will help ease your nerves before committing to the property. A $300-$400 risk is nothing if your conservative numbers ROI is 100x+ that.
Good luck with your investing journey and on your first deal!