If it's too good to be true, BUY IT!

[Ethan Bruland]

I've had decent luck in my first year of real estate investing. In what would have been me 2nd deal, was a beautiful SFH with some minor foundation issues. Comps were 130s +. I was the first the look at the house and was able to get an estimate to repair the foundation at $11,000. I submitted my bid at $60,000 and it was verbally accepted. This was on a friday and was hesitant that it was too good to be true. I proceeded not to call the bank thinking I'd think more on it over the weekend. Realtor called me Monday morning, and the owners accepted a cash offer for 83,000.....Shame on me, right.

Well, it doesn't end there. My 7th deal, or so I thought, was again on a friday. Another SFH bid at 42,000. It was accepted but, again I was hesitent. I told the owner I wanted the weekend to walk through the house one more time. Called her Monday to see when we could schedule a time to sign papers, and she sold it Saturday for 55,000. What the heck am I doing? I analyze multiple deals per day and have a pretty good idea what's a deal and what's not. Why am I doubting myself?

Moral of the story is, don't hesitate.  Real estate isn't a waiting game.  Believe in yourself and be prepared to haul *** over to the owners place and sign a purchase agreement on the spot! Verbal agreements mean nothing! Good luck to everyone! This stuff is an addiction!

[Tim Johnson]

Yeah, there's a balance.  Of course due diligence is important, but many investors suffer from analysis paralysis.  Being ready to move quickly (both financially ready and psychologically ready) can be key in getting a great deal.

Thanks for sharing, and don't let that next one get away!