All Forum Posts by: David Czech

Basically every property my agent recommended I pay asking price. This was based off of the neighborhood, location, and overall condition of the property. Some of these went for asking and one I believe went over asking, which was insane to me for the condition of the property. 

I think I’ve been looking at this more through an emotional lens which is a mistake and which is why I’ve been trying to negotiate. It’s an investment property not your own home. If your competing with investors there is nothing stopping them from offering full price in a heartbeat. But these are lessons learned. 

Can I ask how your property ended up 125K over closing price? 

So I'm 26 and looking to buy my first investment property. My parents recently purchased a duplex of their own and I've been looking for a multifamily house primarily in towns in Central NJ (Union County). I am looking for something with generally little maintenance or work required that would provide $300-500 positive cash flow a month. Currently, I am looking at using the first time homebuyers benefit that would warrant a low fixed interest rate with around 10% down. 
 

However, I've lost out on three deals already. From what I can gather, I was beat out by investors that paid asking price or higher, even when the property wasn't even worth that much based on certain factors (year built, additions, presence of Central Air or not, etc.) .

So I guess my first question here is what am I doing wrong? When looking at such close proximity to NY, does it make sense to only offer asking price? I haven't been having any luck otherwise. Also, if there are some areas to look at or other strategies I should consider, I would love that information. Thanks! 

Hi Everyone, 

New member here as of today, 26 years old. Situated in NJ. Been listening to the podcast for a few weeks so thought I'd sign up and connect. Looking to buy first rental property within the next year so would love to connect with people on what things I should be looking at!