The Decision Tracker BackTrack – Your 1st house

The decision to be made:  To buy a house or not to buy a house (the homestead – not investment)

How long ago was this – 7 years

Greed Motivation: To own your 1st house and achieve the American Dream of owning a house

Fear Factor: Buying too high

Logical Sense: Why pay rent while you could pay toward owning a house

Why Do you want to make this decision: To prove myself that I can do it, to impress people, to have my own place, Realize that house is pretty cheap and I don’t want to miss out

Describe the surrounding: Everyone around my age did not have a house, I don’t know why I want one.

Anyone pushing you to make the decision? No, I reached out to an agent myself

What will you do if everything works out? Move in, terminate the lease with the Calhoun Loft. enjoy life

What will you do if shit hit the fan? Lost my earnest money, go back to living in my apartment

Have you done your due diligence? Kind of… 1st time buying a house and no one has done it before and I couldn’t talk to anyone and depend a lot on my agent

How do you feel? VERY excited, couldn’t even sleep, not a lot of fear since the mortgage turned out to be cheaper than my rent. can’t really lose here.

What is the reason to say NO to this deal: not a good location, far from Vietnamese town.

What is the major risk? buy a bad house that has lots of issues, bad location got screw up on the loan.

Describe someway to mitigate that risk: Good Inspection, research the location, drive by, quote around on the loan (which I did not do)

Is this a life-changing investment? NO – Well kind of, it helped me set a good foot on real estate looking back

What could make it a life-changing investment? By 100 of these and rent them out

Why don’t you do it then? Didn’t know how to raise money or couldn’t find any extra money back then

Were you rushing to make the decision: No, I was actually taking my sweet time looking for houses and my broker pissed at some point

Is the feature image related to the content of the blog? NO

What is it for then?  Just show off my smoke turkey I got as a gift from one of my vendor. Thanks Larry.

 

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