Looking for the "perfect" deal

15 Replies

I'm actively looking for my first multi unit investment property and I have come across ok deals, but I think I'm over thinking and looking for the "perfect" deal.

How did you get through that and what tools helped to close the first deal?

There is no such thing as a perfect deal.  If you are looking for one, you will look forever.

Underwrite a lot of properties.   After a while, you will be able to easily see which ones are financially viable vs the ones that make no sense.  Then you will be able to distinguish good deals from bad deals.  

My only caveat to that in some locations it may be impossible to find any deals that make sense.  I am a cashflow investor, so I wouldn't even try to find one in a place like San Francisco.

@Jose Manuel Castro  

You're afraid to pull the trigger.  

You're "perfect" deal will be on the other side of your fear.  

Figure out what that fear is and overcome it if you want to "Play to win vs playing not to lose".

It's natural to be afraid.  Just don't let it sabotage your opportunities.

Good luck warrior!

The first deal will just be a good deal. Some will hit a home run but most just hit a base hit. Get on base that's all you need. Fortunes can be made just getting on base and playing the high % plays.  The perfect deal will find you and one day you will be at the right place at the right time but getting started is the most important for your confidence and psyche. 

@Jose Manuel Castro stick to your investment criteria, you want a sure thing even if it takes you more time to find it, you don’t want to risk your and people’s money if your planning to be raising capital from passive investors.

What exactly is perfect defined by your criteria? What I started with was single family and I wanted something I could BRRRR but I found a good turnkey that provided a safe investment for my capital and that's really what I was looking for. I got it at a good price as the family was looking to move back to their home town. I made $9K more a turnkey on the buy. It cashflows well and I'm grateful I went in and learned from that.

You just have to trust your criteria and analysis from the research and work you've already put in to get to that point. Don't rush in and if it takes time, then so be it. As long as you are comfortable at the end of the day is all that matters. 

@John Fortes @Theo Hicks thank you for your advice. Just to update you I'm currently under contract and looking to close the 28th of this month. My plan was to house hack and I found a multi unit where I could do just that. The price is good and building is in good condition. I used the tools available at bigger pockets and did the research i needed to do. I posted this about 2 months ago and I discovered as I went with the process my vision got clearer and some of my fears diminished. I'll keep you updated as I go along. Thank you for taking the time to point me in the right direction.

Originally posted by @Jose Manuel Castro :

@Immanuel Sibero good analogy! Are you happy with what you found?

Congrats on your deal! Way to go!

Yes I'm very happy with what I found. She's the best which to me means "better than the rest". Is she perfect? I don't know because I was no longer looking for the "perfect" one. But my feeling is that later on I will discover that she is the perfect one all along. If that makes any sense ... lol

Best wishes on your future endeavors.

Cheers... Immanuel

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