Should I take this deal or keep it moving?

[Shakia Morrison]

I accidentally offered too much for a wholesale deal. They were asking 299 and I offered 270. They responded that they would consider 280. I'm going to offer 275. I am wondering if I can still make a decent profit after all the fees associated with closing. The property is a 2100ft 4 br home with attached commercial space and finished basement. It is located near the beach in a decent area of New Bedford MA and the seller says it can be made into a duplex if you don't wish to use the business space. I also kinda just want to go through with it just to learn the process and I am anxious because this would be my first deal. It is simple, no realtor involved and I already have a title company and contracts lined up. What do you guys recommend ?

[Joe Villeneuve]

Run.  Reasons why:

1 - "I accidentally offered too much for a wholesale deal. They were asking 299 and I offered 270. They responded that they would consider 280. I'm going to offer 275".

Why in the world would you increase an offer if your original offer was too high to begin with?  This is a statement by someone that is more interested in the property than the deal...and that's backwards thinking, that will get you in trouble fast.

2 - "I also kinda just want to go through with it just to learn the process and I am anxious because this would be my first deal".

See my comment for #1 above.  It applies here big time.  Real estate investing isn't something you learn by making mistakes.  You will make mistakes along the way, but don't start rationalizing that the mistakes are OK because you are learning from them.  If that were true, then you should want to meet the REI that made the most mistakes, and learn all you can from them...that's if they aren't broke, and out of REI.

Your goals should be to make money through flipping/renting good deals.  Your goals should never include a phrase that includes any arbitrary timeline/deadline to get a property.  That's a sure way to make really bad deals, that have an impact on ALL future deals.