All Forum Posts by: Richelle Bryan

Don’t sweat it those are still solid numbers! 

Post up your numbers..... if the numbers work and you are making decent $$, then don't even sweat it. And as stated 5k "overpay" really needs to be in context to the overall price

When I bought my first personal house I beat my self up for buying it for 212k when I could have probably got it for 210k if I tried harder....at the time I let that 2k bother me....but in reality, that's 2k, financed over 30 years!!! the difference would be like $2 a month payment (if that)

Its natural to tend to think "if I had just done this/that, then the deal would have been even better"...... don't sweat it. If it makes good $$ and you got the deal, you are good

@Richelle Bryan Its ok to second guess yourself, but in this case, you got what you wanted: the deal. I think you should look at long term. 5k over a 30-year mortgage, for instance, is like $20/month. So, this is not (should not) be a deal breaker for you. 

I think if everything meets your standards about the deal, then do it. 5k will come from another deal you buy below market value. Life is about give and take 😃

Hope this helps a little. Goodluck. Thanks! - ola 

Purchases 4-6 have been much easier and less stressful. First one I was so excited and just assumed I had messed something up so I didn't care. Second and third I felt like I "had to get it right 100% and be perfect."

4-6 made I have come to realize and expect that nothing will be perfect in this business. There will be times where you pull up that carpet and find beautiful hardwood throughout the whole house. There will be another time you think everything is good and dandy only to run in to something you didn't expect.

Just enjoy it and try to minimize the unexpected "as much as possible." If the numbers still work then lay your head down at night and sleep peacefully. 

No sweat. Just second guessing yourself is all. You got this. Believe it or not I actually freaked out and got more nervous on my 2nd and 3rd purchase than I did my very first one. 

Richelle if the numbers work you did get a deal! You scored-congrats. Be sure and get a licensed inspector and make the offer contingent on inspection.

My first reaction was if $5K really makes the difference, you must be playing in really low-end property.  ($5K makes a huge difference on a $40K property, but not so much on a $160K property.)   In the long-run $5K is not a fatal mistake so take a deep breath and try to think it through with out the emotions.

What is your goal?

If your focus is cash flow and the property cash flows well, then no problem.   If your goal is to build equity which is why you are looking for a "deal" then maybe you made a mistake.   I could also argue that if you are looking to build equity, you will likely see more appreciation in single family than you would in a duplex, so perhaps you would want to reconsider the deal.

What are the ramifications?

If you back out of the deal, there are two major consequences.   1) You hurt your reputation as a buyer and 2) You lose out on the opportunity to learn and make some money while working on this deal.    Frankly, unless you find some major problem with the deal I would chalk it up as POSSIBLY a $5K mistake and push forward.

It kind of depends on your planned usage for the property. If the numbers work, then "no harm done". If you get the deal and make money, that is always better than not the getting the deal at all. The key is "make money". As I taught my kids, "a house is worth what someone is willing to pay for it".