Lesson Learned
Thought I would share this for some hesitant newbies like myself. Found a sweet deal that I wanted to flip. It was going to be my first one, so I was a little hesitant to move quickly. *common first time gitters I'm sure* So of course I waste all sorts of time trying to find comps, running the numbers over and over and over, making sure I had a couple investors that I could call, estimating costs, blah blah blah. I've read that you just need to go after it, but silly me waited too long. So here's what happened in a nutt shell.
5,000 + sf home converted into 5 apartments. Asking price 142k, ARV over 200k, but needed some work. To make a long story short it just sold for 50k. *snap* Next time I find a good deal I won't wait that long before I make my move. Make an offer and go for it. Good thing is, I did learn a number of good lessons and made some good contacts along the way so there was some value to my experience, even if it wasn't monetary. Money's not everything after all.
Sorry to hear about that but the important thing is that you learned from it and the great thing about real estate is that the next deal isn't that far away
Q