Here'e why it's good to WAIT

[Frank Adams]

Lately there have been a few threads about noobies worried that they're "missing the boat" by waiting and that "all the good deals will be gone!" I've been sitting out things for awhile now and just this week good stuff started to come my way!

I had posted the following (shortened a bit) in another thread on this subject:

The funny thing is I had called a fsbo a couple of months ago about a place he was selling, asking IIRC about $70K, a bit near the top of the market for that area, but right around the corner from one of the ones I'm getting from my buddy. It turns out that the seller knows my buddy and asked if I would be interested in buying his "at about the price you're paying John", ie; $55K.

I got it under contract yesterday for $53K and it should take me about $2500-$3K to bring it up to my "ready to sell" standards. I figure to sell it for the same $70K as the others.

This is why you WAIT when things are too hot for you to PROFIT. I get love at home, I INVEST in RE to make a PROFIT. At $70K there was no profit, in the low $50's I'm making out as shown above.

Had I jumped at any of the marginal deals I've looked at the last 3 years I might not have the time or inclination to go for this package. So I'm glad I sat on the fence.

Waiting can be as profitable as JUMPING. I'm glad I waited.

all cash