Every so often an investor will explain to me the specifics of a property they are trying to buy. After giving me the details and explaining the twenty different ways they have tried to make the deal work, they are hoping I have the secret idea #21 that will finally get the deal done. I am sure my advice is usually very disappointing, but I usually tell them to move-on to another deal.
You can not get ‘fixated’ on a specific house. This is a numbers game! Do you research, negotiate and try to buy the property for your price/terms. If you cannot make the deal work, add it to your follow up list and maybe the Seller’s motivation will eventually change but that is something you are not in control of.
In April, I wrote close to 75 offers in a specific market we have been trying to get properties on. We looked at every one, prepared our numbers on every one and presented an offer with the willingness to purchase it. We missed on 95% of these, and some of them we really liked, but we are in business for the 5% of Seller’s who are willing to say yes.
Along the way another important thing will happen, if you are constantly analyzing 10+ deals at a time you will have a mindset shift. You realize the market is big and there is enough to go around.