7 Unit Under Contract

A shout out to all who believe in the power of prayer, and God.  I was unsettled on the 7 unit building we didn't get.  I kept seeing comps priced higher, good solid rents, and a good solid housing market in the Twin Cities.  I kept thinking about upping the offer, to meet the seller at the $325K price they wanted, but I walked away after many machinations on the deal, trying to preserve a 10 cap, which is needed.  God takes an interest in every area of my life, and He initiated several times on this building.  I understand people who are skeptical.  Why would God care about such a thing with so much suffering in the world...and so many problems.  But He does care, about all things in my life, even the little things.  It is His faithfulness and counsel that led me to keep thinking about this dead deal.

We were moving in another direction, in Albert Lea, basically a 20 cap, but God shut that door, when just yesterday, a key parcel in the 20 cap suddenly went under contract, and in Albert Lea, we're not talking about a big market.  Then last night, I'm heading home and his still small voice says not to give up on King Street.  I went to bed last night, after thinking and praying about it, that it's not a good enough deal at $325K.  

This morning, I saw no lights in the sky, had no inkling in my heart from the Lord, but decided to send off to my realtor (a BP member, BTW) that if the seller wishes to at any time before 01/01/2016, when we start looking again, we will settle for $301K.  I did not expect a call.  I did not think they would even consider the offer.  I got a call at 10:50 am this morning from my realtor, and he said they accepted the offer....$301K.  The NOI on this building is 33K, making the cap 10.47, and as an added bonus, it comes with a 2nd parcel, valued at 25K.  So God is persistent and good.  I have to give the glory to Him, for his persistence.