Need help with first deal!

[Garrett Holt]

Hi everyone,

I've been listening to the podcast for months now, reading, and learning as much as I can. Anyways, I've been in the market in Nashville looking for my first place. My goal is to live in the master bedroom while renting out the other rooms (i.e. house hack the property). It's been really difficult trying to find a property with how fast things move. I have the chance to move on a place, but I'm pretty iffy on the contract terms and price. Here is the condo:

http://www.zillow.com/homedetails/1761-Red-Jacket-Dr-Antioch-TN-37013/108741488_zpid/

Rent comps for 2 bedrooms in the complex are anywhere from 1200-1300, but I couldn't find any rental comps for a 3 bed. Best guess I have is that I could probably get about 1400. However, I think I could simply rent out the other two rooms for about 600-650 a month to individual renters, so while the property isn't hitting the 1% rule, it does seem to make sense from a house hacking perspective. My worries are:

1. I can get it for 167k, which is the highest price paid in the community to date. The most recent 2beds have closed around 158-162, so once again I don't have a comp for a 3 bed since there aren't many in the community. The price, along with the fact it's not hitting the 1% rule, bother me.

2. The sellers didn't initially advertise this, but they want a closing date 12 weeks from now while they wait for their house to finish being built. I think that's BS, and so does my agent.

3. They waived the appraisal contingency, so there is a good chance I'll have to fork over more cash out of pocket than I planned on the make up the difference between the price and what I get loaned.

This is a hot area of town, and aside from these issues it is pretty much everything I was looking for in terms of size, location, and quality.

[Luka Milicevic]

Understand that if it's on the MLS in our market at the moment the sellers have the upper hand. With that said I think there a few more deals in Antioch to choose from. Don't try force a deal-if you have to come up with reasons to do the deal, then don't do the deal.