Putting an offer on my first duplex

[Terri O'Brien]

I am going to be putting in an offer on my first rental property next week.  I have run the numbers and I know that I will be offering about $4,000 less than asking.  How do I know if even this isn't too much?  Do I get it appraised first or ask my real estate agent to run comps?  One of the duplexes is being sold by an investor who currently has 20 buildings, so a real estate agent won't be involved in that sale.  How do I get an accurate assessment of that property?  Any advice is appreciated.  

[Steve Hall]

@Terri O'Brien

First: Hire a real estate agent! (If you can find a buyer's agent - even better.) You are the buyer so they're free! Trust me when I say that YOU need one. Your agent will run comps and tell you what the range is. He/she will also know what the average asking price to sales price ratio is.

Second: if this is an investment, you base your offer on the numbers, NOT on an appraisal.

Third: if you owned 20 buildings and had to sell one, would you sell your best one that makes you the most money, or your worst one?

I recommend more reading Terri...