Who else has experienced a lot of anxiety and feeling sick with nerves when purchasing their first investment property?
I was shocked that our offer was accepted and now everything is moving so quickly. I was excited for 10 minutes before the panic set in. We’ve been sitting on the sidelines, saving and analysing for two years.
We have an accepted offer on a condo to rent on Airbnb in a popular mountain town. The numbers work in the long term, regardless of short term uncertainty.
But now that its here and real its terrifying (which i totally wasn’t expecting to feel). Would love to hear your experience and what helped you get through it!
Realtor · West Michigan · Member since 2017 · 105 posts · 53 votes
2y
@Lauren Hawthorn - This is totally normal! The first deal is the most agonizing. It will get easier as you go along. My experience is the first deal is usually the most stressful and then you almost get addicted to the excitement of finding the next deal and more. Hang in there!
Realtor · West Michigan · Member since 2017 · 105 posts · 53 votes
2y
@Lauren Hawthorn - This is totally normal! The first deal is the most agonizing. It will get easier as you go along. My experience is the first deal is usually the most stressful and then you almost get addicted to the excitement of finding the next deal and more. Hang in there!
Real Estate Agent · Austin, TX · Member since 2022 · 121 posts · 67 votes
2y
Good for you for pulling the trigger! The first deal, as already stated, is the toughest but YOU DID IT!! I trust you did your due diligence and ran the numbers every which way for the past two years to find this deal, so I believe you are well prepared.
I say this as an encouragement but, the work has only begun and now the fun part starts with you utilizing or growing your hospitality skills. See what works and what doesn't, that's part of the journey! Be creative and continue looking on these forums for different opinions and ideas. Find what complements what you are good at and able to do and that will take you far!
For us, it happened all rather quickly as well and knew little about what we were doing. We have a LTR and are looking for a possible STR. Honestly, we are all still learning, no one is perfect and all have felt this way to some degree. You are not alone, that is for sure. So, I commend you for posting and being honest, I'm sure others responding will help.
Investor · Hopedale, MA · Member since 2021 · 321 posts · 212 votes
2y
it'd be weird if you WEREN'T terrified!! i lost so much sleep during closing on my first property, and even after we closed, because 'i didn't know what i didn't know.' but i guarantee you've done way more homework than you give yourself credit for; you know more than enough to get started, you can do this!! and no matter HOW MUCH homework you did, there WILL be curveballs. it's not if, it's when. stuff will come up that throws a wrench in your plans + your job as an investor is to roll with the punches, stay calm, and figure it out. also keep in mind: the worst case scenario is NEVER THAT BAD!
Rental Property Investor · Ellsworth, ME · Member since 2021 · 1k+ posts · 2k+ votes
2y
This is the beginning of the end. Prepare for financial ruin.
I've bought 6 houses and have felt that exact way every time that an offer was accepted. It's normal. And you are not a proper RE investor until you ask yourself "Why did I think this was a good idea?" or "What the heck did I get myself into?" several times.