When is enough....enough

Question

Question for the veterans in the room...and everyone for that matter...when it comes to doing your due diligence on an investment prop...I tend to lean more towards the philosophy of "some is good, more is better and too much is just enough". Does there come a point in your process when "too much is too much" and you talk yourself out of the deal....when do YOU decide to just "pull the trigger"...

Matthew McKee · Answer

In spirit of the title I’ll revert to a past life which was engulfed in psychology; some people just don’t have the investment ‘spirit’. As much as they may want to and as much as they know if a deal or good or not they just can’t bring themselves to pull the trigger or worse, when they do, they’re riddled with doubt.

In no way am I suggesting this is you, I’m merely suggesting that instead of asking others when to pull the trigger you should reflect on whether you’re an investor or a monkey with its fist in a tree.

reference: Robert Kiyosaki, Unfair Advantage chapter 2

Nathan Gesner · Answer

I have goals. I work until I meet those goals. When I exceed those goals, then I may consider stopping. It's more likely that I will continue to grow just because I enjoy real estate and I know the extra income can be given away to those in need and projects I care about.

Galen Ikonomov · Answer

Ryan, I bought my first deal by looking at the numbers, looking at comps and ..... just made the offer that was accepted.

I promise you man, it is going to work as long as you did your due diligence on the numbers. Don't worry, you can always make money if you loose some, but the lesson you are going to gain will save you 10x more in the future if you are serious about Real Estate investing.

Too much would be if you watched hundreds of hours of BP content and read all the books out there and if you have not pulled trigger after all these actions, then the FEAR of "I am doing the right thing" steps in. Your first deal won't be perfect and you won't know anything until you actually make the step towards it.

Make the OFFER BRO !

Dwayne Poster · Answer

assuming I'm satisfied with the numbers, there is one more thing that needs to satisfy, and that is if the property is saleable. In fact, that often must be satisfied before hand. I don't invest in properties that aren't liquid.

Steven Foster Wilson · Answer

Id lean towards "run your numbers - pull the trigger", especially in this market, if you take too long in you due diligence, the deal is gone. Also when you become familiar with an area, with prices, and rents, you know right away when a deal pops up!

Jon McCarron · Answer

Hi @Ryan Taylor

I would say, know your goals. If you are trying to live off of cash-flowing properties, then you got to buy some properties! And, know the area you are investing in. Town, neighborhood, street, etc. If you feel good about the area, then run the numbers on the properties you are looking at, and make conservative estimates on repairs, cap ex, maintenance, etc. If the numbers work for you, then go for it. I have bought 3 properties myself, and have been nervous every time. I am sure I will continue to get nervous whenever I go for the next.

One thing I do after I buy, is stack a bunch of cash in reserves until I see how the property runs. That way, if anything goes sideways, the cash is there to remedy any property issues.

Hope this helps!

Jon

Curtis Mears · Answer

@Ryan Taylor

I generally like to know all I can going into the deal. If issues that were not know come up, I ask for price drop. But, I use the inspection report as a guide for my contractor to do list.

Ryan Taylor · Answer

Thank you all for your insight and wisdom...its is truly valuable.

Ryan Taylor · Answer

Galen...

Thank you for that...I know you just have to go for it sometimes...and I am...I am learning to "turn off" the "what if" thoughts and just go for it...if it all makes since of course...but I am still going to watch all the videos and read the forums...lol...probably in excess😁

When is enough....enough

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