Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
×
Take Your Forum Experience
to the Next Level
Create a free account and join over 3 million investors sharing
their journeys and helping each other succeed.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
Already a member?  Login here
Buying & Selling Real Estate
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 6 years ago on . Most recent reply

User Stats

4
Posts
1
Votes
Linda T.
  • NoCal
1
Votes |
4
Posts

Still regret not putting an offer in a great property 5 years ago

Linda T.
  • NoCal
Posted

I’m writing less about investing and more to get your thoughts about how to get over not making an offer five years ago on what turned out to be a great property.

Story: I'm not an investor, but I accidentally became a house hacker. It happened because we realized we couldn't afford a SFH, so we went the route of a duplex.

Looked in zones that allowed two units, but were still in the mindset that we would renovate what we bought.

Saw House That Got Away (HTGA), priced about $150k higher than our budget, lot was 35% larger. Didn’t even make an offer. Didn’t share the info about the site with our coinvestors (big mistake), since it was already out of the range we all agreed on. Location was quiet and not a lot of development there yet.

Saw another duplex in a less-than-ideal location (by alley and underused commercial, adjacent to big thoroughfare). Was within budget. Put an offer on it, and managed to get a discount from seller. Ended up being roughly $130k less than what the HTGA final price was (final price for HTGA was $20k less asking).

What we bought: Duplex, but turned out renovations weren’t worth it. Was able to get cash out to do ground-up on two units. Live in one, rent one. Rental in one covers construction loan and prop tax. We pay about half of market price for a comparable rental for our unit, which goes to pay the remainder of the mortgage. After land value and construction, appraised for about $400k more than we spent (lot of sweat equity went in). Quality of life is meh, it’s a little loud and there is nuisance from alley+commercial.

HGTA today: Land alone is worth about $1 million more than purchase price. The person who bought it did ground-up too, nearly same project as ours. I learned they plan to rent both. The area is BOOMING, about 10k new high-paying jobs moving in, tons of new and expensive restaurants within walking distance, lots of wealthier people moving in.

What we bought is only 1.5 mile from the HGTA, but seems like a world away. I can’t help but hear the noise from the street and think that it would be so different if we lived in HGTA. I regret not sharing with the coinvestors who turned out to be able to finagle extra income to pay for ground-up two units. If I knew that was the case, we would’ve snatched it up.

Thing is, I need to get over this. Regret doesn’t do anyone good. Even coinvestors told me to get over it. I need help/advice from others who’ve had similar situations. How did you move on?

Most Popular Reply

User Stats

43,048
Posts
63,547
Votes
Jay Hinrichs
#1 All Forums Contributor
  • Lender
  • Lake Oswego OR Summerlin, NV
63,547
Votes |
43,048
Posts
Jay Hinrichs
#1 All Forums Contributor
  • Lender
  • Lake Oswego OR Summerlin, NV
Replied

real estate world is full of     would have  could have should have ..  my self I should have kept every property that I ever bought in the Silicon valley  Milpitas home at 80k  palo a lot home at 180k  Napa Valley home at 400k  etc etc.

business profile image
JLH Capital Partners

Loading replies...