I screwed up already

[John Zackery]

So I bought this house and I think I may have screwed myself. I am going to have to thread a needle to get my profits. I will do it no matter what it takes. Guidance through the forrest would be really nice. If I turn this deal and at least break even I will have broken through. I will post specs for the house if that helps. Its 47,000 and $2000 paid as a down payment. 565 a month payments. 318 closing costs. Needs some repairs but nothing major. Built in 1950 and still holding well. I plan to repair and sell. Hold only if necessary.

[Eric F.]

@John Zackery well you already bought it, I would go through with the repairs and sell it. I am assuming this is your first deal. Even if you break even or take a small hit you will learn enough to make it worth it. It sounds like you are not going to take a big loss since you still think profit potential is there. Also, since this is your first deal it is natural to immediately have doubts once the papers are signed. The first wholesale I did I signed the papers and immediately though "I know I missed something, I'm never going to sell this, man did I screw up, etc. etc." and 48 hours later I assigned it for over 15k. Fear and doubt is natural when starting out.

People pay Fortunebuilders 50k and never do a deal. You will learn on this one so you can prevent losses in the future. I barely broke even on my first major rehab but I learned so much it was worth it 10x over. Even if I would have lost 5k I would have learned 25k worth of information.