Re: When do you strike? - Posted by Gregory (VA)
Posted by Gregory (VA) on September 14, 2004 at 12:14:53:
Thanks for the good advice Tony. I am trying to walk that line right now. I know that sometimes waiting for that “perfect” deal can just be an excuse to procrastinate.
I can’t wait to do my first deal, but I don’t want to be a motivated buyer. If I have to miss a few deals to learn what a good deal is, then that is part of the price of learning. On the same hand, I am scared to death of buying. I guess it is hard to leave our comfort zone, and I am going screaming and kicking, lol.
I’m not necessarily waiting for a home run deal either. I just want to be able to buy low enough so I can rehab if needed, and sell for about twice what I have into it. I.e. have $4k into the deal and sell for around $8k. That’s my goal at least, especially since lot rent around here is so expensive ($350+/mo), I don’t want to get in a deal where I have $6k into it and can only sell for $7-8k. An extra month or two of holding costs can turn a thin deal into an Alligator awfully quick, I’d imagine.
I’m sure I’ll learn a lot from my first deal when it eventually happens. I reckon that as I do more deals I’ll know my market better. I’ll be in a better position to know what a good deal is, and be able to take some thinner deals along with the better deals.