Well, here I am again at one of those stages where I'm about to make a mistake.
I worked the last few months to put together a deal and now I'm partnering in a multifamily deal, which is what I targeted for this year. Well, it is done. The partnership is in place and the deal is moving. Now what?
I am always looking for deals.
Not all the times I can find deals in my area. Right now the RE market is taking a deep dip and prices are all over the place. I can smell opportunities here, I have the credit (score above 720, great for getting financing) and some money for down payment.
Problem is, I am seeing myself forcing the numbers in my head again to trying make them work. The rents have also gone down as many that can't sell are putting their properties for rent. I know this is a very common situation in expensive areas where cashflow deals are very difficult to get (Washington DC suburbs). It just won't cash flow.
In the last couple of weeks I've been working on this deal for a property that was foreclosed a couple of months back, the bank has put it for sale and reduced the price a lot. I just finished the numbers' review and found out the max price I could pay to just break even, but would not leave any wiggle room, so it is very risky.
So here I find myself again 'bored' without doing any deals and really close to do a transaction that will not be profitable just to have something going on. It does not fit my parameters for investing. Besides, this is out of my focus area for deals, as I am making the transition to apartment buildings.
I declare myself a "deal junkie". I'm addicted to the rush of working on the deals, the rush of the chase, the numbers review, making the offer, planning the upgrades to the property to improve it, the potential wins, etc etc etc. I know many here understand this feeling. I feel the need of doing something, otherwise I get the feeling I'm wasting my time.
I also know that this has to be under control so I can get to the next level of investing.
So, after this long post, here is my question: How do you experienced investors handle this anxiety?
What are the 12-steps that I have to follow in order to avoid the feeling of not been doing anything and avoid making another mistake?
I worked the last few months to put together a deal and now I'm partnering in a multifamily deal, which is what I targeted for this year. Well, it is done. The partnership is in place and the deal is moving. Now what?
I am always looking for deals.
Not all the times I can find deals in my area. Right now the RE market is taking a deep dip and prices are all over the place. I can smell opportunities here, I have the credit (score above 720, great for getting financing) and some money for down payment.
Problem is, I am seeing myself forcing the numbers in my head again to trying make them work. The rents have also gone down as many that can't sell are putting their properties for rent. I know this is a very common situation in expensive areas where cashflow deals are very difficult to get (Washington DC suburbs). It just won't cash flow.
In the last couple of weeks I've been working on this deal for a property that was foreclosed a couple of months back, the bank has put it for sale and reduced the price a lot. I just finished the numbers' review and found out the max price I could pay to just break even, but would not leave any wiggle room, so it is very risky.
So here I find myself again 'bored' without doing any deals and really close to do a transaction that will not be profitable just to have something going on. It does not fit my parameters for investing. Besides, this is out of my focus area for deals, as I am making the transition to apartment buildings.
I declare myself a "deal junkie". I'm addicted to the rush of working on the deals, the rush of the chase, the numbers review, making the offer, planning the upgrades to the property to improve it, the potential wins, etc etc etc. I know many here understand this feeling. I feel the need of doing something, otherwise I get the feeling I'm wasting my time.
I also know that this has to be under control so I can get to the next level of investing.
So, after this long post, here is my question: How do you experienced investors handle this anxiety?
What are the 12-steps that I have to follow in order to avoid the feeling of not been doing anything and avoid making another mistake?
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Xjip zua fu tunivjoph zua muwi, ov xup'v muul moli xusl epznusi. Vji xez zua nipvoupif op zuas qutv, zua tjuamf ci jewoph gap.
ehsii: O vuu gohjv vji fiem nuptvis. O giim zuas qeop.:djiist:
