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Updated over 6 years ago on . Most recent reply
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First property! We’re $10k apart
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Originally posted by @Chris Rubin:
He came down to $315 and now $310 firm and doesn’t seem to want to budge.
The property is pretty much turnkey, which is what I’m looking for, (and I understand that I’d pay more for a turnkey property) but is the highest priced property in the area (based on comps) and I don’t want to overpay.
That being said, the numbers still work, even at $310k. The seller added a legal basement apartment which turns it into a triplex and renoed the garage which he rents out for extra income. He put a lot of money into it but needs to sell because of an illness in the family.
I don’t want to miss out on the opportunity but can’t seem to come to grips with overpaying, even though it’s has value based on the renos.
I’m torn.
Any advice/help is appreciated!
Thanks BP members!
Chris
If the deal works at $300k, it works at $310k. That $10k gap is an irrelevant amount of money. That's about $70/mo on your mortgage. You'll be dealing with swings in both directions that are much higher than $70 over your entire investment career.