I'm always searching for what's WRONG with the deal!

[Barry Je]

Can you guys help me out?  Every time I analyze my deal, I try to find what's WRONG with it, and use it as my excuse to NOT pull the trigger.

For example, yesterday I saw a 12-unit apartment deal come to me. I first looked at the area, the financials, everything. Not a home run, but certainly not a bad deal (9% COC with conservative estimates for expenses). Then I assumed there's something else I'm missing if the broker didn't give it to his preferred list. It was a mass email I could tell so I was his "leftover" recipients when he couldn't sell. So I passed.

I have wholesaler's showing me regular houses.  The killer deals are the ones that need work.  But why aren't they doing the work themselves and flipping it?  PM Companies show me houses they have in inventory to sell.  But if the returns are as good as they show, then why aren't they holding it and managing it themselves?

What I don't understand are people's motivations to leave money on the table.  Sure regular home owners looking to leave I think are good deals, but that takes a ton of work to find.  Realtors come through here in a big way, but the rates are less than 10% in terms of showing me a good deal.

What are your thoughts?  Can anyone explain to me about the wholesalers not doing the rehab work themselves on some houses but not others, or PM companies dumping their houses instead of holding them and continuing to manage for better returns?  I feel like everytime I can't find the snake in the grass, I'm asking to get bit.