Well I finally have my 1st deal locked up under contract. I had a potential buyer before I locked it up but he backed out as it wasn't close enough to the university. It's a 16 unit apartment building in Jacksonville, FL selling for $450K on the MLS. The owners bought it for $515K in 2004 and put $500K into it in 2007 trying to convert them into condos but they didn't sell enough to convert them so they were stuck with them. The partnership dissolved so the remaining owner just wanted out. The existing mortgage was for $395K; I offered $415K and he accepted. Now all I have to do is find a buyer in 30 days. My buyers list is only 6 strong and no one has shown strong interest to take it off my hands.
My wife hasn't exactly been in my corner regarding real estate so the pressure is really on. I have listed the property on Craigslist and Ebay's classified site plus a few other classified sites. I need a buyer and fast. I overcame my fear and took action and now have my 1st property locked up under contract. Now I have to find a buyer for it. Ahhh boy; I'm a little bit nervous but I've come too far to give up now.