Newbie in Fear, Needs Help!

[Ron West]

Looking for some advice... I am in my due diligence on my first rental property. It seems like a good baby step to start with as I gain more hands on experience. I live in south Georgia and the prices seem to be great for someone like me starting out. 

So here the stats. Its a single family (3/2 1300 sq. ft) built in 1958. Its was previous base housing but the base closed in 1974 and now its a neighborhood. The bones seems to be in good condition, brick on a slab with new roof and HVAC, while the inside is a little rougher but mostly dated. It has a tenant for 4 years that has paid on time each month and the reason the owner is selling is to invest in other properties. Cash flows roughly $200 per month and that's being conservative. 

So after touring this home a few hours ago I started to panic on the inside. On paper this seems good and a step in the direction I want my life to go but I have this burning fear inside me saying run away and stick to your 9-5. Is this normal and how can you overcome it? Any additional insight would be greatly apprenticed also! 

[Frank Wong]

Hi Ron,

No Disrespect but the house is $17,500 what's the worst that can happen. Go for it. Everyone is nervous or fearful on the first deal but at that price your worst case is that you lose $17,500. That's nothing to the scope of things.  Always look at the worst case once you realize its nothing the fear is gone. You still have your health and you have tomorrow to try again. Never forget that.