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Updated over 4 years ago,

User Stats

7
Posts
0
Votes
Jay Batista
  • Real Estate Agent
  • New Jersey
0
Votes |
7
Posts

How to not fall in love?

Jay Batista
  • Real Estate Agent
  • New Jersey
Posted

Hi BP!

After many years of prepping and listening to Biggerpockets since Josh Dorkin was the host and Brandon was the funny co-host. Now, my wife and I financially ready to make offers! I was thinking this was great! We can finally buy a duplex or triplex house we wanted to house hack, or so we thought. I was totally unaware of how competitive the home buying really is in New Jersey. After multiple "Highest & Best" offers we started to slowly adjust up our numbers, writing more heartfelt cover letters, and basically stay glued to the market and make offers to basically any multi-family we see pop on the market. We did have one home that we had an accepted offer on which got us all excited just to have the owner short-sale it behind our back to the bank. Time and Time again we keep falling in love with homes building up our excitement and offering as much as we can possibly afford (Most offers are about 40k over ask) just to not win a bid. I even picked up the talent of asking why my offer wasn't accepted and adjusted and re-presented my offer, yet for some reason, it seems like an FHA loan is very undesirable to sellers in this market.

In any case, my question is simply this. How do we investors stay emotionally unattached? As a realtor that would like to help fellow investors, how can I prepare myself and my clients for the potential setbacks and disappointments? What do other BP Members do to not fall in love with a particular house?

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