Hey everyone! This week’s post is going to be a little update on what i’ve accomplished in the past week or so, and what I am dealing with during my property search. I talk about patience, analysis paralysis, and how i’m working through all of it. Hope you enjoy!
The Beans
The biggest update as of late has been that my business partner and I submitted our pre-approval last week, and just heard back from the bank over this past weekend. Everything was good news, and we got approved for the amount we were hoping, which is great! Now that we have an updated number, we can really focus in on properties and get QUALITY offers written up! There’s only one problem now. There’s no properties for sale…
In all seriousness, inventory in Southern Vermont is at an all time low and the specificity of the location we are interested in is making it that much more difficult to find deals. We are eager to get into a property to take advantage of this winter season, but that timeline is shrinking quickly. This is where i’m really learning to have patience. The last thing we’d want to do is rush into a property just because we want a rental, and ignore, or overlook key steps in our planning process. However, that’s a lot easier said than done. And you’d be surprised how many times i’ve justified a property that would be a “pretty good rental”, then see that it sold a few days later, only to look deeper into my analysis and find that it actually wasn’t that great of a deal, I just really wanted it to be.
On the other hand, you can’t be TOO picky, and start having analysis paralysis. That’s when you are analyzing properties tooth and nail, to the point where you are not moving on a property because it makes a fraction of an amount less than another one you saw. Or because this one has a nicer yard, but that other one has a sauna! It’s all hyper-analyzing, and realistically won’t make a bit of difference over the long term. It makes you feel like you’re doing your due diligence, when in reality you’re just stalling because you don’t want to mess it up. But not taking action is worse than messing up! You can’t learn anything if you don’t ever start.
So yeah, that’s my little update/rant/pep-talk on where I am at in this process. Trying to be patient and wait for a property that checks most of my boxes, while also trying to act quickly and efficiently when something does come up. A bit of a stressful combo, but boy am I learning a lot! And realistically, I wouldn’t want it any other way. The more I can learn now while i’m young and have no real responsibility, the better off I will be in the years to come. I hope you all enjoyed this post, and if there can be one takeaway from all of this, it’s to trust the process. As long as you’re working towards your goals, it will all come in due time. Cheers!
Also, don’t forget to shoot my new instagram a follow below!
Such a good read and great advice Andrew Spat!! xoxo