Posted by Joe(IN) on March 27, 1999 at 09:34:02:
Okay, here’s mine. It was about 4 years ago. I had been learning all I could. I pulled some cash out of my home for down payment money. I spent a whole summer looking at everythimg from slums to execs. Then one day an “old” investor I know called and said “Here’s 5 houses, the deal is $2500 down each on a land contract, and they come with tenants.” Today I would take all five without even thinking about it. What did I do? I fretted for 2 weeks, analyzed until nothing made sense, and finally I just decided “dumber people than us have done it”.
I bought one, the best one, and it has worked out. Today my payment is $210 and my rent is $400 section 8.
What I’m going to say may sound like it goes against the grain of “Due diligence”, etc. and that IS NOT what I’m saying. BUT, for a newbe there comes a time when the due diligence is done, and he is still not sure if he should jump in. That is when its time to find out what you’re made of. Dive in and go for it. I think one of the great things about RE is that you can really mess up and still come out Okay.