Need suggestions selling property

[Ranjeet Amane]

Hello people. I m Ranjeet from Mumbai, India. First of all I would like to thank Josh for creating this wonderful community; Brian, David and biggerpockets team for their contributions.

I have been following biggerpockets from last four months, listening to podcasts. I wish I had come across biggerpockets when I was in US (2003-2009). Believe me guyz, doing real estate business in US is much simpler than any where else in the world. For example, monthly rents in India range from 0.1% to 0.3% compared to cost of property. Annual interest rates on loans start from 7% and up. Believe me if we had favourable conditions like US in India, everybody would be doing real estate business.

I will stop whining now and come to point. Inspired by biggerpockets, I bought my first property from bank foreclosure. I bought this property in November 2020 in Mumbai for $64000 (I have converted amounts to USD to avoid confusion). This is the final cost including costs of fixing up the place. I put this property on market for $120K. I had a offer for $80k immediately after buying this property. Normally this property would go for $100K but due to covid pandemic, the demand is low in real estate market. So I am getting very few leads.

The money I invested is from my savings and interest free. I am kind of a "one thing" kind of person and would like to do real estate full time. I have been ideal for last 3 months (reading books, listening to podcasts). I can raise money from friends and family and buy another property but I am bit skeptical and would like to finish my first deal before moving on to next one.

1. My question is shall I wait a little longer to get higher price than 80k or drop down the price and get out of the deal?

2. Should I keep this property and start looking for next deal?

3. Since rents are on lower side in India, obviously BRRRR wont work. Can you suggest any other strategy?

I would really appreciate any and all suggestions.