First duplex, paying $5,250 more than asking price .. on market

[Michael Junior]

Hey Guys! So as excited as I am about going under contract for my first house hack investment.. I can’t help but think i May have made a mistake. It’s a great duplex in a great location- smack in the middle of Two pronoun college universities, other great schools and in an all around higher income class area. I plan to live in one unit, rent the other as I will be using a FHA at 5% down. Here’s my issue. The property was listed at $350,000- Im payIng $355,250. I spotted it the day it came on market.. turns out so did 10 other guys. I went and viewed the same day it hit the market.. as did the other fellas! Property is nice, physically appealing in the sense that there isn’t any major repairs to be done ( to the naked eye ). Anyways, I asked around.. showed the property to a few contractors I deal with in the area. As well as agents, and lenders. All see it as a great investment. The numbers work, but I can’t help think that I’m doing wrong. Everything I read says to buy right ( like 15-20% below what the market bares ). Is this always the case? Or could I still have struck a fairly good deal even having to over pay a bit. P.s I’m an agent myself.. all the other offers were cash offers. Above asking- I only got the deal because I waived my commissions on it. Just figured I’d throw that out there! But anyways drop me a line.. am I making a mistake?!?!

[Russell Brazil]

If it were listed for $1, would you still feel like you over paid because you spent hundreds of thousands over asking? If it was overpriced at $400k and you negotiated down to your current contract price, would you then convince yourself you got a good deal because it was $65k under list?