What to do when your offer gets rejected but the property is...

[Jinhee Park]

There is a 4-plex I want to buy that has a 3/2 unit renting out for $1100, and three 1/1 units among which two are renting out for $450 each and the other 1/1 unit is rented out as an AirBnB and brings in $1000 per month according to the seller.  The seller listed the property for $300,000.  According to my property manager, the fair market rents of the 3/2 unit is $1095-$1195, and each 1/1unit is $450-$495.  It's been recently upgraded and is in great condition.  Based on the fair market rents, I'm estimating the fair market value of the 4-plex to be about $256,250.  

This property came on the market 39days ago and immediately went under contract with someone else but it came back on the market about 10days ago.  

I want to do a house hack on this property with an FHA loan. My bank would only preapprove up to $250,000 for a purchase price. I submitted an offer at $250,000 asking for seller concession 10days ago. The seller ignored my offer.

I have been closely watching the property on the MLS. It's still available for sale. I submitted another offer at the same price and terms 2days ago, but the seller ignored my offer again. It's still on the market.

I want to buy the property, but based on the numbers, it would not make sense to submit an offer higher than what I offered.  

I'm wondering what would be the next course of action to get what I want at the price I want.  Any advice?

I'd appreciate any feedback from some seasoned investors.  

Thank you!

Jinhee Park

[Alex Price]

@Jinhee Park The seller might not be motivated to sell and in that case will only sell for the price they want. When it comes to multi-family it's a sellers market so a lot of low ball offers are either rejected or ignored. If you want the property that much I'd figure out a way to come up with the money or move on to finding a new deal. Sometimes lingering on a deal can cause you to miss out on other great opportunities. Just my two cents.