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Updated over 5 years ago,

User Stats

115
Posts
85
Votes
James M.
  • Rental Property Investor
  • Seal Beach, CA
85
Votes |
115
Posts

100k apart, help me get creative!

James M.
  • Rental Property Investor
  • Seal Beach, CA
Posted
I wanted to pick some of your brains to see if you could think of a way to get a creative and make a deal work!
This property will be a buy and hold which I will owner occupy. The area is getting a major regentrifiction in the next 6 years so I feel very strongly about this area.
Duplex has been on the market for 190 days. Price has already come down 100k.
Asking 1,150,000 Offer: 1,000,000. Counter: 1,100,000 (seller says they won’t even bug the tenants for under 1,100,00)
I don’t want to give in to quick as this property has been sitting on the market for a while and given our markets, I’d think it will put pressure on the seller.
My counter was 1,000,000 until I look at the property and then might consider increasing offer. I included a detailed explanation of a close by comp which sold off market in February for 930 with a detailed explanation including data why this unit isn’t worth the 1.1 right now.
If the seller won’t back off the 1.1, I’ve consider trying to structure a deal at 1.05 with 100k seller financing over 5 or 6 years which with interest payments will give them the 1.1 that they want.
Any thoughts?

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