Newbie hopes to get first offer accepted. #100DaysOfRealEstate

I hate getting the real estate bug late at night because it get's my blood running and I can't seem to sleep well. It's exactly this feeling that has me addicted to real estate. Learning about the economy, the houses and history of them, has made me re-discover my surroundings in a really gratifying way. This post is written by somebody who has been bitten by the bug (only recently) and it's purpose is so others in same level (super-newbies) can learn a bit (maybe). Today's post is my day 2 of my #100DaysOfRealEstate challenge where I will post every-single-day for 100 days straight, get it? Today's actionable action was the following act... 

After searching the MLS and other local property listing sites for a whole straight month, today I finally saw a deal in the area I currently rent and totally love: less than 10 minutes from beach, walking distance to shops, restaurants and supermarkets, in an up and coming neighborhood in San Juan, Puerto Rico. The property is listed for $70,000 and has 2 bedrooms and 1 bathroom in the first floor of a 3 level small apartment complex (5-units in total). When I saw the listing I was surprised and excited because I walk this exact street with my dog every morning (while window shopping houses that are not for sale). I'd say it's a B minus apartment in a B area although this is my first time judging with this real estate metric so don't even bother.

The listing had only an outside pic: ugliest building in the lovely street. Liked this because I knew it would throw off other people that saw the listing. I called the real estate agent. Turns out it's an inheritance property (not sure if that is how it's called) of two old sisters that now have other properties and want to sell at low price. They are willing to lower price even further because the kitchen has to be made completely and things are bad in the island (good to know they know). 

Real estate agent sent me pictures and It looked pretty move in ready except for kitchen. I'm thinking, if everything goes well and there is no major issue, I will be lowballing for $40,000 because of my limited cash so the down payment is 20% but low. I'm willing to negotiate price to $50,000 because looking at the numbers I may still make $250 in cash flow after covering all expenses if rented for $650 a month (competitive price in the area). We'll see tomorrow how this goes. Haven't seen 100 deals so if I get a no I don't mind. I love getting rejected after lowballing with a straight face, I don't care. You miss every shot you don't take, so take a shot! 

#Day2 #100DaysOfRealEstate