Hi All!
I’m new to investing and have decided to L/P. I’m making an offer on a new property (new construction) tonight. It’s a little nerve racking, but very exciting at the same time.
I love this business already!!! Just had to tell someone!! Have an awesome day!! 
Howdy Scorpiogirl:
I can tell you are excited. After a few hundred deals it will just be another deal but still not a JOB. I still get excited about deals too.
Tell us about the deal. What is the asking price and what are you going to offer? Why new construction? What are your plans? How much can you rent it for and what will the payments be?
LOL
It’s pretty much a cut and dry. Since it’s new construction, there’s not a whole lot of room to play with purchase price ($121,600) - until I do more deals with this builder. We’ve got it worked out so that the 2nd house he’ll give me a 2% discount, 3rd house 3% discount and on and on. I’m sure we’ll put a cap on that at some point, but we’ve worked it up to 5 homes so far.
It’s in a hot area and really close to my home. I opted for new construction because I really don’t want to just “control” the property. I just want to have to cover myself with a buyer at this point and not a buyer and a seller. I need to learn a little more first. I’m new so I don’t want to negotiate with FSBO’s yet. The back of the house has a lake view, it’s quality construction and I can get 12 to 15 a month for it.
I qualified for 100% financing, so I’m in with nothing down pretty much. The rent to own ad is already in the paper so I can get some people qualified, but we don’t close for 30 days because the house isn’t quite done yet and the yard needs to be grated and seeded.
I’m suffering from a little buyers remorse this morning. Is that normal??
Howdy ScorpioGirl:
Ys it is normal especially with a first time buyer. You have gotten started. GREAT. If I had just bought 5 or 6 houses in Bellaire, Texas when I first started and kept them till now I would be a zillionaire. They went from $50,000 to $300,000 and that is just for the lot today.
Since you are doing new construction you should not have any maintenance problems until the buyer moves out and tears up the place. Hopefully you will screen them carefully, even go visit where they are living now. That was a big mistake I made early on and still even today. I just want to get then leased ASAP, too lazy. I need to take heed of my own advice.
You will do great as long as you get some appreciation. LOL
Thanks for the encouragement. I need a little at the moment! 