Apt building across the street

[Jon Mccarthy]

Okay my dream is to improve my neighborhood. There is a APT complex across the street and by complex I mean a 3 to 5 unit building with a house on the lot. I want to buy it and fix it up and improve my neighborhood. BUT its not for sale and they have lived there since day one. Now the 2014 market value is 238,796 for it all. I was thinking of offering 239,000. My question is would this be a bad move or good move. I don't know what rent is there but I think gross profit would be 36000 a year and probably need a loan at no more than 10%. How should I proceed with this and do you think this is too far out of my reach for me. I would love all types of takes on this. Thanks Jon

[Nicholas Miller]

The first rule of negotiating is to never give the first number.  Find the owner and ask them what they would take for it...  If they come back with an unrealistic number you can walk away if they come back with a good number you will be in a better place to determine the quality of the deal.