Hey Y’all! Today let’s talk about something that’s hard for us in probably all aspects of our life but even harder in real estate.. knowing when to walk away. This post was inspired because my partner and I put our first offers in on two properties.
For the first property, we loved the location, the look of the space, and the opportunity of it. For the second property I literally loved everything about it! It was a recent full gut rehab and was absolutely gorgeous. Both properties though, were extremely over priced so when it came down to putting an offer down we had to really look at the numbers and see what would be the best investment and most comfortable max offer.
In doing this, our realtor laid out the numbers for us so we could visually see what other properties in the area are being sold for, what the typical rents are in the area, cash outlay, etc.. From this, we comfortably told him our max amount we wanted to offer. In doing this, one of our offers is still pending (probably looking for more offers) and the other was rejected because someone offered more.
I say all this to say though, remember why you started this journey. Don’t go falling in love with a property and be willing to spend whatever on it because you won’t get the most benefit in the end. Only put in offers that makes sense financially for you and if they don’t work out leave it at that! You’ll walk away comfortably knowing you gave it your all and that property just wasn’t for you.