First Ever Deal Accepted (4/5 Unit) and I’m freaking out!

[Lauren L.]

So the first offer I ever made on a rental property has been accepted and I am feeling all sorts of emotions.

I hope to replace my W-2 income with a combination on multi-family properties and vacation rentals. This is possibly the first step for me but I am seriously nervous.

- I am terrified that my offer was accepted because I am overpaying for the property

- Terrified that the tenants will abandon me and I can’t find new and I am entirely SOL and send my family into financial ruin

- Terrified that I will have to spend significant efforts on this whole landlording thing and I have less time and less flexibility than ever before, when my goal is to have more

- I am nervous the deal just isn't good enough, it only cash flows $500/mo with a CoC of 10%. Will it lead me to other good deals or just be a headache while I have to keep my W-2 job?

I’m sure these aren’t even all the things I’m afraid of. I bet there are more I’ve momentarily forgotten.

I’m hoping someone can tell me my feelings are normal and you got over it and enjoy the extra income!

Also, do you have any best practices or words of wisdom? It is safe to say I need them!!!

Thank you for your support!!!

[Marc Rice]

@Lauren LiGreci Brown

10% CoC and $500/mo cash flow + APPRECIATION AND LOAN PAYDOWN.

Numbers seem great, just send it and it’ll force you to make it work. If you over analyze you’ll be working a W2 until you’re 70.