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Updated over 4 years ago,
MY FIRST PROPERTY OFFER?
Good day Biggerpockets, This is a exciting time for me. I'm 50 years old & in the beginning process of buying my first investment property, first of many to come. I just didn't have the opportunity nor the resources to make this happen. Now that I do have the resources, I'm making sure my children who are in their early to mid 20's, get into this now & learn everything I'm learning to enjoy the benefits before they hit 50.
So I'm soliciting your opinions on what I should offer for this property. My goal was & is to buy mostly multi-family properties. This is a duplex, 2bdrm, 1bath. It has fire damage in one unit, which started in the kitchen located in the back of the unit. The fire worked its way into the roof, above the kitchen leaving it open to the elements. The property has been on the market for at least a year and I've been keeping my eyes on it the whole time, hoping I would have this chance. I realize everything that comes with this property. Smoke damage, possible mold. I have a contractor that specializes with this type of rehab.
Now I know some of you will need more info. Based off the details you do have & your mastery experience. I'm asking for your opinion.
The current asking price is $29900, down from 36900. I will be paying cash for it. Should my mindset be to get the price low as I can or take it and run?