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Updated almost 9 years ago on . Most recent reply

User Stats

21
Posts
2
Votes
Chuck Williams
  • Detroit, MI
2
Votes |
21
Posts

How to walk away from a potential deal.

Chuck Williams
  • Detroit, MI
Posted

I am a fairly new investor with a few SFHs under my belt. I have walked away from deals before when I thought the value wasn't right. I've read about the 2% rule and a few others when buying potential rehabs. My problem is, I found a beautiful home (at least "I" think its beautiful) with some nice features that needs a little work. The main thing is a possible roof repair/replacement. The house is a 3/ 1.5 SFH. It's currently priced at the very top of its local market, as I've seen comparables that sold for 10k less. I'm not sure if those comparables needed roof work. Even with a new roof, the house is still expensive for the area. On the other hand, its a sure rental in a good neighborhood, and I can see myself holding on to this for some time. Am I crazy for wanting to buy this property anyway?

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