I wasn't scared of maxing out my house to get my hands on some cash...I wasn't scared to spend to advertise...I wasn't scared talking to sellers...I wasn't scared making offers...and now I found my first deal. Now we've come to agreement, the numbers are comfortable....we're signing tomorrow...NOW I am TERRIFIED!!!! I can't stop secondguessing myself. I keep crunching the numbers over and over getting the same result, and the numbers work! I am a wreck over this. Its been exactly what I've been looking for, and I got it, and NOW...god help me.
I'm not sure what you are scared of but, maybe something a good friend once told me will help.
If the possible loss of material gain has you concerned, then consider this thought: "Given enough time, everything you see will turn back to dirt".
If you went over the data and it all checks out. Go for it!
The first deal jitters are pretty normal, and I like Dick's thoughts on the subject.
We've all been there on our first deal. I remember when my older brother started investing. I was already pretty seasoned, so he leaned on me a lot for advice. The couple weeks before closing, my brother called me more than he had ever have in my life. It was normal for him to call me 5 or 6 times a day. He would be recrunching numbers, and he was worried about this, and his insurance agent said that. It was a little $25,000 house and it was a good deal, but he just couldn't stop thinking about it. It took me back to my first deal and all the sleepless nights I spent recrunching the numbers and worrying about this or that.
Just remember its normal when you are stepping out into something new to have some anxiousness and worries. It's a big investment, and it means a lot, but trust your numbers and keep moving forward.
Is there any way to view your fear as excitement? HOW EXCITING that you are working your first deal!! HOW EXCITING that the numbers work everytime you crunch them!!! Catch my drift? Trust yourself that you have done the research and have the knowledge and capability to accomplish your goal with this house. Stay clear in your vision and know that you can reach out when you need to....
Would love to hear how things go!! Keep us posted!
how did things turn out?
good i hope?
let us know.
I hope you're feeling better about your first foray into investing Minna! The interesting thing is that based on your post, it's obvious that you own your own home and I would bet you paid more for that than the investment you are currently looking at. Did you labor/worry as much over that purchase? The fact is, many of us have more at risk on our primary residence than we ever will on an investment property. Granted, it serves a much different purpose - provides a roof over our head, gives us personal joy as our home, etc - but bottom line is you've already taken the plunge once even though it may not feel like it. And I suspect you didn't run numbers on your personal residence like you have on this one. Good luck!
that's a good point T.
most people do not disect their own property like they do an investment property. with an investment property, it's all the "unknowns", like what if the tenant doesn't pay or no one buys it or this or that.
but with primary residence we don't look at the same unknowns like, what if i lose my job or my income sources, what if i lose money on it, what if this or that.
it's all basically the same thing. OF COURSE there are differences, but that's an interesting way to look at it.
Well...I got over it..lol. We are closing in Feb (by signing I literally meant signing the contract), but inspection is all set with no surprises, everything is rolling smoothly, they just needed a little more time to have carpets installed in their new place. Now I cant wait to just get started on the rehab, and meanwhile I'm still looking for more good deals out there. I mean at some point you just gotta trust you've done your homework I guess. We'll see at resell time- lol..
And actually I did stress my own house and the one before that...there were always those few days before that I started thinking "oh my god...what if I'm getting in over my head...What if I don't make it..what if I end up on the streets...etc" Obviously not in the same way, but still the jitters. But hey, at the end of the day -no risk, no reward right? I could spend the rest of life in my "safe" day job to feel secure and just daydreamink about what I really wanna be doing instead.
people ask "what is the purpose of life?"
the answer is simple -
"Live it to the fullest extent possible. Work hard. Do good deeds for the sake of just doing good deeds. Expect nothing in return. Simplify."
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