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??
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