Lost the deal before i even had a chance at it.

Lost the deal before i even had a chance at it.

Developer · Sacramento, CA · Member since 2016 · 464 posts · 143 votes

sup guys,

I had my eyes on this 4 plex, did my research, ran the numbers, walked, biked and drove around this place, fell in love with this space but had no chance at this place. Seller's agent won't allow any showings until the 3rd. I have a chance on getting in there on the 1st but no guarantees. 

Property is selling for 375k probably needs 50k in repairs. Could serve as a rental or a fix and flip. Either way buyer is going to make bank. (1k easily a month in cash flow (before any repairs & after 2500k+) & if sold within 6-12 months would net 49k+). I low balled all my numbers and ran the calcs and compared comps.

There are multiple people after this deal and i am sure it will sell for higher than listed. Either way, whoever purchases it will make there money back.

Thinking to competition may be too tough. I've tired some other things like looking up the seller and trying to cross paths somehow but don't know if i can get ahold of him or if he'd even hear me out.

I've been sleeping on this for the past few days. Just wanted to share my story.

-Thank you,

Pavan

Tip: Do your homework.

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Investor · Dayton, OH · Member since 2016 · 14 posts · 11 votes
10y

Due diligence. I am a Financial Research Consultant. I search county auditor and tax assessor/treasurer websites online to find the property owner's address and property data. Then you can use Whitepages.com to get a phone number sometimes. It takes a bit of effort to find some people, but everyone can be found, and I mean everyone. I know, I started out doing skip trace and even wrote a book that was used to set up Internet search data bases and websites. 

You might also take Google Earth tour of the property to find any defects from the air. If you cannot find the owner this way, find the neighbor and ask them about the owner. I bet they know how to contact them. 

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  • Investor · Dayton, OH · Member since 2016 · 14 posts · 11 votes
    10y

    Due diligence. I am a Financial Research Consultant. I search county auditor and tax assessor/treasurer websites online to find the property owner's address and property data. Then you can use Whitepages.com to get a phone number sometimes. It takes a bit of effort to find some people, but everyone can be found, and I mean everyone. I know, I started out doing skip trace and even wrote a book that was used to set up Internet search data bases and websites. 

    You might also take Google Earth tour of the property to find any defects from the air. If you cannot find the owner this way, find the neighbor and ask them about the owner. I bet they know how to contact them. 

  • Real Estate Agent · Snohomish, WA · Member since 2015 · 69 posts · 31 votes
    10y

    Make your best offer and hope for the best.  My agent told me one house I had my eye on would go for well over asking, which prevented me from making an offer.  It sold for 5K over, which was actually under what I would have offered.  My loss.

  • Gordon CuffePro Member
    Investor · Roseville, CA · Member since 2009 · 1k+ posts · 583 votes
    10y

    You should still make an offer. If the property is listed with a realtor on mls, it would not be too ethical to go behind the listing agents back. Plus the agent could sue for breach of contract depending on the type of listing.  It is not a house so you would be surprised that it might not go for over asking price as only investors will probably be looking at it. 

  • Investor · Philadelphia, PA · Member since 2015 · 3k+ posts · 3k+ votes
    10y

    work with the seller's agent. if they wanted to work with buyers directly they would never have hired an agent.

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