August 11, 2024
I bought my first property when I was 20 years old, and I almost walked away from it over $2,000.
Here’s the full story.
The Challenge of Negotiating a “Good Deal”
We were thick in the negotiation process, and when we got to the $200,000 price point, my buddy who was going to go in on the deal as my partner, walked away.
That left me with a tough decision. I decided to move forward without him.
When we got to $218,000, I said, “I’m out! I’m not going any higher.”
Video
You can watch the video of this story here.
My Agent’s Intervention
The seller was firm at $220,000 and my agent was telling me it’s going to be a mistake if I walk away over $2000.
I didn’t know. I thought there was a price I should pay for a house, and $218k was the arbitrary number I came up with.
Now I know there’s a range, and it’s never an exact price. My agent told me that he was going to kick in $500 towards the two grand if I move forward.
I thought, whoa, okay, this guy must really think I should do this deal.
The Rewarding Outcome
Fortunately, that was a little kick I needed and push to move forward and do the deal, and I bought that house for $220,000.
I’ve owned it for 18 years, and it’s made me hundreds of thousands of dollars.
To think I almost walked away for $2,000 is a bit crazy.
Conclusion
Real estate investment decisions often come down to small differences that can yield massive returns over time.
This early experience taught me that getting too fixated on specific numbers can blind you to the bigger picture of long-term value.
Sometimes the best investment decisions require pushing past our self-imposed limitations.
This article is based on a story that I told on my YouTube channel here.