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Updated almost 6 years ago,
Seeking advice for buying from retiring landlord
Hello BP--
I got my first driving for dollars/direct mail call back on a multi-family property in Fredericksburg, VA. It's an exciting first step, but also a little daunting, given that I've never closed on a deal before.
This would potentially be an off-market deal, but the seller isn't motivated by any financial distress--he's just looking to start unwinding his portfolio. I'm wondering if anyone has been in a similar situation, how it turned out, and how they determined their absolute max, walk-away-from-the-table price. This is a fourplex that's assessed in the county appraisal district at 340,000 and the owner claims it takes in 925 per door. (I've gotten pre-approval for 300k, so that's my top dollar for now).
I would value any advice or insight.
Thanks, all.