Wolf in sheeps clothing

[Vincent Lewis]

Being new to all of this I finally decided to take a step and inquire on a property. Going in I new there would be negotiating to be done but what I got in return made me run like the wind. I came across what I thought could have the potential of a buy and hold until the numbers began to unfold. $3,500 down, 5.25% Seller Financed $1,000 mo. + HOA $250 mo. Asking price $182,500. Again this being my first time venturing out, I'm a little naïve but I probe the guy for info to get a feel for him before I go into any type of negotiation. I asked him how he arrived at that price he said his mtg. payoff was $175k because he bought it a couple of mos ago put $20k into it and he was just trying to get a little bit for his pocket. Respectable and honest answer if it were true. I'm looking around the place trying to assess what it would need and remembered meeting a guy in the same complex who did a complete reno and said he put about $15k into it, (complete kitchen gut job, tile, carpet, bath cabinets, paint, moldings...the works) So I factor this into the equation. Also on my way to the unit I passed a sign showing comps for the past 6mos. kept those #'s in mind as well. The long and short of it there are some people that call themselves REI's that are, purely in my opinion out to take advantage of whomever they can. This person, whether he owes $175k on his mtg or not, is one of those people. The long and short of it. He wanted the DP on top of his asking price, the comp list showed highest sold in previous 6mos was $168k, and the final kick was I came across another unit in the same complex for $147k the next day. The point of this MAKE SURE I DO MY DUE DILIGENCE!!!!!!! Had I not taken note of the posting by the mailbox, looked for comps or recalled the conversation I had a few months back, I would have not been prepared for the line of crap this guy tried to feed me. Just venting after being P/O'd on my first effort.