First Deal Paralysis!!!!

[Darian Richardson]

Hello BP,

I need some advice on my first potential invest. Here is the dynamics of the situation.

I am a recent college graduate, and figured that if I could buy a home with a monthly mortgage payment close to my college apartment rent of $435 near the Atlanta area, I would buy. Fast forward 10 months after graduation and I am in the home buying process. I have found a potential area/property that aligns with my near impossible requirements. I'm hesitant about this because other than my daily searches of properties online, this would be the first home I will be physically looking at.

The townhome is on the west side of Atlanta, right outside of 285  in a "decent" area. When leaving the neighborhood if you make a right and drive 4 miles down the road, you will be in a mildly poverty stricken area, that is not exactly the safest part of town. On the other hand, if you make a left out of the neighborhood, you will drive down a newly paved road with all types of newly built houses ranging from 150k to 300k. The city is also about 15 miles north of the new Braves Stadium, and 15 miles east of Turner Field.

My estimated mortgage will be around $650 ( not my college apartment rent, but close enough), and the list price is $87,500. I am planning to Househack the 2 rooms and live in one myself for 4-5 years until I have enough saved for my next investment property in the future. Then rent out property when I move out, the current rent in the area ranges $850-$1,000.

In the back of my unexperienced investor mind, I feel like this is a good deal waiting for me to take it, but I hesitate at the same time because this is the first property/area I have looked at, even though no where in Atlanta has this price point, with the appeal of the property that this one has.

Another concern would be the right side of the town, even though the actual neighborhood isn't a poverty stricken area and only the 4 miles down the road, this still concerns. Would this still have an affect, even though I am just planning to Househack for the first several years?

Please give me your thoughts and insight for I am truly in a bit of paralysis of my first deal.

[Anish Patel]

@Darian Richardson  One of the overwhelming things you hear when listening to the podcast at the end is that Action is a big factor in  a person's success and path to success.  Those who do not take it sometimes never will.  From your own words, it seems that you have been searching far and wide and this is the first property that you have found that fits your expectations and formula.  I say go for it and use it as your learning experience.  I have made many bad deals early on but used those lessons as a springboard for the next deal and the next deal to make them better.  Most deals are made when you buy the property at the right price.  If the numbers seem to make sense then I would go for it.  If you want more feedback, post all the numbers that you accounted for and people will tell you if your missing anything.  Good Luck!!