Lost the Deal-A Tale of Excitement and Woe

[John Schober]

Some background: My goal for my first investment property is a combination BRRRR/house hack. I want to buy a large single family property (4-5 Beds,2-3 baths) and turn it into a duplex. My girlfriend and I will live in half and we'll rent out the other half. Within a year we'll have the next property, and our duplex will become an awesome cash flowing property that we intend to keep our whole lives.

I did the work, I searched and I hunted, I marked up a zoning map of areas that would allow for my plan, came up with a renovation budget for a house that is tore up from the floor up, figured out how to buy a house I can't afford, I scoured the neighborhood, spent WAAAAY too much time on Zillow, and it finally happened. I found the deal! It was perfect! 

It popped up on Zillow at 9:45pm as I was laying down to sleep. I had already ruled out Zillow as a way to find a deal, I don't know why I chose to open that night, and I honestly didn't believe it. I rubbed my eyes, grabbed my glasses, ran to my computer to punch some numbers into the BP calculators. It was too good of a deal. It had to be a typo.. but what if it wasn't? I called my foreman immediately (I am an electrical apprentice) left a message informing him I would not be working the next day, I called the listing agent, no answer! I called my agent, no answer! I was freaking out! I HAD to be the first one in. It was the only way I felt I had a chance. I sent my agent a text (over)explaining the situation. I drove by the property, low-key worried someone would think I was casing the joint, which I guess, in a way, I was? I then stayed up half the night looking at photos and planning like I already owned the place. I ended my evening at midnight with mock blueprints drawn up and ready to go. 

The next morning I woke up 3am with a strange energy in me. I ran the numbers again. It was too good of a deal. My agent called me around 6am. We were going to the be first people in! I arrived. It was outdated, ugly and smelly. It was everything I ever imagined and I fell in love. I could already see our future together. Me, covered in saw dust and sweat as I crafted the best duplex anyone could imagine. Breathing new life into the property as it endowed new energy and knowledge into me. I put in an offer above the asking price before anyone else had seen it. Then I waited for three days, or in other words, an eternity.. on the third day I received word that we had lost out to a cash offer, well above the asking price.. my gut filled with rocks, sinking me lower into my desk chair. Heart broken I placed my BRRRR report in my computers trash can and stared blankly at my screen as Celine Dion's My Heart Will Go On played faintly in the back of my head. 

Losing out on the first property I tried to invest in was a bummer. A serious bummer. But the rush I got from the experience helps me know I'm steering in the right direction. I know if I keep my nose to the grindstone I will find the property that may replace my "first property," the one that got away.. 

Anyways, I hope that was silly and dramatic as intended. I'm sure many of you have had a similar experience. I'm sure I don't need to tell BP folks this but I need to reaffirm it for myself; there is enough success out there for all who seek it. 

I'm going to be more active on these forums. I read the forums a lot, I listen to BP podcasts every day, and I often feel I don't have much to contribute. BP has been a major contributor to me gaining the confidence and mindset to make many positive changes in my life, so if all I have to offer stories of lost love and corny jokes involving Celine Dion, then that's what I'll post. 

Let me know if you have any stories about getting too excited for a deal. I look forward to acquainting myself with many of you!