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Updated over 10 years ago on . Most recent reply

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Por Ataxic
  • granger, in
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should I walk away from this deal?

Por Ataxic
  • granger, in
Posted

I recently offered and got a property under contract. It is a single house divided into 2 units. The listing price was 225K however The seller is currently out of town and agreed to sale it for 217K. After thorough professional inspection, there are a lot of minor issues which may cost me up to 8500$ to fix it.  The seller offers me just 1500$ credit. The house is renting for 2450$ per month. It is an old wood house and was built in 1929. Should I accept this offer or walk away from this deal?

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13,365
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Joe Villeneuve
#4 All Forums Contributor
  • Plymouth, MI
19,402
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13,365
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Joe Villeneuve
#4 All Forums Contributor
  • Plymouth, MI
Replied

@Por Ataxic 

Question:  Should you walk away from this deal?

Answer:  No....RUN.

There's no equity, no cash flow...why are you thinking of buying it?

Real Estate Investing is a game of numbers.  The numbers are how you keep score of how you are doing.  The number of properties you acquire is not the number that you use to keep score.  The numbers with a $$$$$ in front are...and it better not have a "-" in front of that...for any deal, at any time.

Joe Villeneuve
REcapSystem
A2REIC

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