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First Walk Through Blues
I have been studying and reading and listening to podcast for weeks now. I finally found a home that I thought had a ton of potential and seemed to be priced appropriately and was in the niche that I was aiming for (BRRRR). I ran my numbers and everything looked great. $150 in monthly cash flow, 50% CoC ROI, immediate equity. I schedule a tour with my real estate agent for the next day. I was so excited to go visit my first place thinking about all the things I wanted to do with it. Enter the house and it looks like it has had pretty bad water damage and will need a lot more rehab money than I had anticipated. I could still see all the opportunity in this house but no longer was the asking price close to the 70% rule. My agent and I talked a little after walking through and she tells me this is a huge project for a first timer. But I still was just so excited to get started investing! I still am. I am going to sleep on it but both my agent and I agree (after rerunning numbers) that we need to offer 75% asking price for this purchase to make sense for me. I am fairly certain that this offer will not go through and it bums me out. I get that not every offer is going to work and I'm going to get used to being told no. I just am so ready to commit to this business I'm wanting to build!
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