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Updated over 5 years ago on . Most recent reply

User Stats

109
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87
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Kyle Smith
  • Rental Property Investor
  • San Diego
87
Votes |
109
Posts

Breaking up is hard to do

Kyle Smith
  • Rental Property Investor
  • San Diego
Posted

I walked away from what I thought was a good deal the other day. I wound up walking away because the area of town was a little (read: a lot) rougher than I initially thought. My realtor described the area only as 'working class'. It's out of state so I had a friend, who lives nearby, drive through the neighborhood. This property was 'the nicest one in a neighborhood I wouldn't feel safe walking alone in after dark' in, he said. 

After accounting for all the standard expenses, it would cash flow well each month but I just couldn't pull the trigger after hearing that. I guess I could've added a little more cushion to my numbers for expenses, but it just didn't sit right so I walked. 

All of my initial instincts were telling me that the deal was too good to be true but it's hard to not let your emotions get the best of you sometimes in RE investing. 

I think I need my BP buddies to tell me 'she wasn't worth it', 'I can do better' and that 'it's better to have loved and lost than to not have loved at all' becasue I'm kinda feeling like I just broke up with a girlfriend. 

Guys...?

Most Popular Reply

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1,773
Posts
2,659
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Marc Winter
  • Real Estate Broker
  • Northeast PA
2,659
Votes |
1,773
Posts
Marc Winter
  • Real Estate Broker
  • Northeast PA
Replied

I like to pull crime statistics, sex-offender locations, school district rankings for the subject property.  

Words of wisdom:  

1.  listen to your gut.  

2. outstanding cash-flow on paper does not necessarily translate into real life returns.  Think extended vacancies, tenant -caused trashed units and related repair costs.

3.  see #1.

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