Tell us the story of the “fish that got away!”

[Kyle Curtin]

Gooooood morning BP!

I hope everyone had a wonderful long weekend! For today’s post, I wanted to open it up to hear folks stories about the “deal that got away”!

I technically have 2 stories from the first 2 multifamily properties in the same market (Lowell) that I tried to buy in early last year, but I will just talk about the first one this time!

The first was an off market 2 family in a particular location that I really desired for myself that was completely rented by the bedroom (close to a college). The property itself was in fantastic condition and had an excellent inspection report. The other part of that being, I was working directly with the sellers, and him and his wife were very manipulative, and mixing that with what was going to be my first ever real estate transaction was not exactly the best combination. The seller was asking a very cheap price for the property, and a very close mentor of mine (There is a good chance he may be reading this right now XD) was coaching me through it and telling me that it was a good deal and to buy it, and worst case scenario, you sell it for significantly more on the market shortly after purchase. It was tough for me to wrap my head around at the time to acquire it and dispo it shortly after and extract the value, but if the situation came up again, I would have TOTALLY taken action on the advice and bought it no problem.

Now the valuation (purely spitballing) is probably close to 450-500k over a year later, vs the 350k that the seller wanted….

The ultimate reason that the deal fell through ended up being because all of the bedrooms were rented individually with separate agreements and the bank required that I come up with more of a DP to satisfy their financing and I unfortunately could not… I also was a little scarred from my inexperience and working directly with those sellers in particular haha. But there are certainly solutions to coming up with a little bit more capital and fixing the property & the agreements to make a deal like that work if the numbers support it.

Welp, you live and you learn! What stories to do you guys have about the fish that got away?

#Lowell #Worcester #Boston #Fitchburg #Gardner #Leominster