newbie investor. almost...

[Robert Richardson]

So, my wife and I are trying to buy our first investment property.  We have been scouting the area and looking at houses. We went through a lot of houses, making repair estimates, figuring out our price using the brrrr calculator here on bp and have made a few offers, all too low to be accepted, but these have been good practice.  This week we found a small, cheap house in need of a face lift, in an ok area.  All of the numbers work on this house if we can get it at about a third of their asking price, which was already lowered from their original listing price.  There was no way they are going to accept this crazy low ball number, but we offered.  I got an email from my broker saying they accepted, and a phone call the same time to tell me they accepted.  Then, as I was very excited and talking to my wife I got a phone call back from the broker.  It is going to be a short sale so who knows if or when it could go through.  Ugh.  For about 3 minutes I thought we had one.  Still looking...