All Forum Posts by: Tom Server

 Its all depends on several factors.  Are you buying this property to Long hold or fix and flip ?  Have you seen the property before putting an offer ? Did they say the house will sell AS IS ? IN some states, the inspector will give a rough estimate of repairs.  Is this in a Sellers market area of buyers market area ?  Seller has any back up offers ?  

If you can answer all of those questions, I can guide you.  Hole to hear from you

The credit you should ask for would be the one that's not apparent when you made the offer. If you made a offer on a property that clearly shows a roof that needs to be replaced, exterior siding needs to be repaired, a boiler or the AC that's at the end of the life age, then your offer should have factored in those elements. If you made an offer on a property that appears to have a very beautiful nice new roof, but during the inspection, the inspector discovered a few leaky spots or an unpermitted work, then it's more reasonable to heavily negotiate on those items. 

This is doing business at the elite level. You negotiate in good faith with class.  

But if you don't mind playing at the amature level and just want to squeeze every penny out of the seller and don't mind lose the deal, then you can sure ask everything you listed and the seller can either counter or worst case decline your request and walk away. 

@Tom Server  With your welcome letter I would ask them to clear the garage or at least get it divided up. If the bays are separate with locking doors you can rent them separately or include the one with the electrical panel with the unit it services and charge a higher price. For now maybe you include them since the lease is silent on the issue.  I  do garage addendums. The garage terms are separate but attached to the lease so that when they leave they can no longer rent a garage. The addendum specifies they cannot do mechanical work in the garage (e.g. oil changes), they are for storage only and I am not responsible for the contents. (if mice or squirrels are in the garage do you want to hear about damage to their stuff? )

I don't believe it cash flows net $1400 a month.

And how do you know what condition it's in, whether the tenants are current, whether they're on leases?

And how much experience do you have?

Not enough info to know what to do.

In some situations, I might put a blind offer on a property but I would put in contingencies that would allow me to walk if it's not what I expect and never close without having viewed it.

See what I mean about reduced competition? At least two posters said they wouldn’t even look at the deal. That’s what makes these a win. You eliminate anyone who wants a reason not to put in an offer. If the property was $30k more and cash flowed only a $1,000 instead of $1,200 suddenly they be interested if they could see the inside. You’re being paid to be an investor. Nobody expects you to close without seeing the inside and making an offer costs nothing