First Property

[wtoews]

Well after waiting until all the hoopla of waiting to see if we were still going to have a Conservative government or not, I have done all my numbers and wrote up 2 offers today for a total of $600000.
I`m stressing out a little because that is alot of money but I`m keeping the faith that following the REIN acres system will work for me and at least that is reassuring. My wife on the other hand , not so much.
Hopefully everything works and I can get both properties.

Thanks again to everyone for all their help and support, I`ll keep you all in loop about my proposals.
Warren

 

[RobMacdonald]

Congratulations Warren!

Stick to the system, do your due diligence, and you will come out ahead. And don`t forget...... make your you`re got the best financing possible in place!

Cheers!

 

[CarlaJohnson]

Congratulations Warren! You are on your way. Let the adventure begin.

 

[Dan_Eisenhauer]

Warren, I bought my very first property when I was 26. It was a 6 unit walk-up in Halifax. My hand shook uncontrollably as I wrote the cheque and signed the documents in the lawyer`s office. (Today it still shakes uncontrollably, but not from excitement.

) The line we are supposed to draw to fill in blank spaces on a cheque looked like a road map, I was so nervous.

Nerves are common for all first time buyers, whether it is the first home, or the first investment property. Expect your emotions to ride a roller coaster for a while. That is common.

Congratulations in taking your first step

 

[ChrisDavies]

If it`s your first property, try posting some of your due-dilligence paperwork in the members-only area and the other folks here will help make sure you`re buying a good`un. You own private legal and accounting team!

 

[wtoews]

Holy bad taste in my mouth, I had 2 offers in place on 2 seperate properties and the realtor that told us that the pending deal from a different couple had fallen through, so I was the sole buyer.She comes back to my realtor today and tells her that the other couple had called her back this morning and dropped conditions(3 days after they were supposed to be off ) and she accepted their offer even after assureing us that there was no other offers on the table. I had to wait for 3 days originally to wait for their conditions to fulfilled which they could not in the time frame that they wanted. Then to get screwed over like this in the end because their offer was better.


NOT IMPRESSED

 

[Brianrpaul98]

Lots of properties and bargains out there so keep working. The same thing has happened to me, and the property I found later made me realize it was a blessing in disguise not getting the offer accepted. There`s a good chance that will happen to you as well!



QUOTE (wtoews @ Feb 8 2009, 12:31 AM) Holy bad taste in my mouth, I had 2 offers in place on 2 seperate properties and the realtor that told us that the pending deal from a different couple had fallen through, so I was the sole buyer.
She comes back to my realtor today and tells her that the other couple had called her back this morning and dropped conditions(3 days after they were supposed to be off ) and she accepted their offer even after assureing us that there was no other offers on the table. I had to wait for 3 days originally to wait for their conditions to fulfilled which they could not in the time frame that they wanted. Then to get screwed over like this in the end because their offer was better.


NOT IMPRESSED

 

[CarlaJohnson]

QUOTE (wtoews @ Feb 8 2009, 02:31 AM) Holy bad taste in my mouth, I had 2 offers in place on 2 seperate properties ...NOT IMPRESSED

We had 3 properties slip through our fingers in the last 3 months. Everytime you place an offer, be prepared for surprises of all kinds. Tell yourself clearly that it is not yours until the keys are in your hands.

Better luck on your next offer.

 

[Thomas Beyer]

QUOTE (wtoews @ Feb 6 2009, 09:34 PM) ... and wrote up 2 offers today for a total of $600000.
I`m stressing out a little ...

When I had to personally guarantee a $500,000 mortgage for my first multi-family building in 2000 I too was totally stressed out and coudl not sleep for 3 nights ..

Stress is normal .. have a plan and cash in place to hang on FINANCIALLY and EMOTIONALLY ..

start with ONE property .. not 2 ..

What is the monthly cash-flow ?
Who is managing it impeccably ?
Do you have a mortgage set up ?
Do you have reserve funds ?
Does the area provide upside ?

If you do not have good answers for these 5 important questions then there may be a good reason to be stressed out and consider not buying ... yet ...

 

[HeatherBrandt]

I think the way to have the most regret about losing a property is if you stop because of it and never buy the next one. The next purchase decreases/erases the regret!

Good Luck,

Heather

 

[wtoews]

Thanks for all the feedback and reassurance, the property cash flows very well ( about $1000/month ) so I`m not worried about that part. I will be taking care of the property since it is in my hometown and my first, ( Would rather be a little hands on to start with )
Now that I`ve slept on it and had some time to think, I am glad that I will only be dealing with the one at a time. They haven`t gotten back to me on the offer yet though, so who knows maybe I won`t get either of them. But thats OK, it`s like everyone says there are still many more availiable.

Thanks Again everyone