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Updated over 5 years ago on . Most recent reply

User Stats

115
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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?

Most Popular Reply

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9,934
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Chris Mason
  • Lender
  • California
10,788
Votes |
9,934
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Chris Mason
  • Lender
  • California
ModeratorReplied
Originally posted by @Jay Hinrichs:
Originally posted by @James M.:

Thanks for the reply Jay Hinrichs . Sounds like for now I am going to have to wait them out.

Anyone ever tell you that you have a striking resemblance to Warren Buffet ??? 

 The profile pic IS Warren Buffet. 

Same photo shoot or TV interview, plus/minus 30 seconds: 

https://jackwelch.strayer.edu/academics/eop-profile/warren-buffett

To bring us back to real estate, Google Reverse Image Search lets you upload a picture, and it'll show you where else that - or strikingly similar - picture is on the internet. When someone posts a picture of a house with an undisclosed address, boom there you are.

 

  • Chris Mason
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