First time buyer - Orange Beach AL STR
First time investor with a 2bed/2ba condo offer accepted for $475k (20% down with 6.75 10yr ARM) in Orange Beach AL. Currently in due diligence still with appraisal this weekend. Forecasting CoC return conservatively at 15% based on comps but thinking it could be closer to 20% on the high end. I am concerned that maybe we are buying too soon and possibly paying too much vs if we wait to see what market does in coming months. Know that you can't time the market just right but seems we may see some continued price drops.
Please let me know your thoughts.
Ben
Most Popular Reply
I've bought 8 properties in my life and did not feel good about any of them the day we closed. That nervous, "oh no, what have we done?" feeling is normal, natural, and does not go away.
It's really easy for me to provide encouragement and tell you that you've done your homework, know the numbers, and have a long term outlook. All of those things are easy to say when I'm not signing a check and draining my account. It's gonna be great and I can't wait until your on the other side of this with a little income and perspective.