All Forum Posts by: Joshua Fletcherr

@Joel Owens

"There is buying a deal and then there is out of touch with reality and market conditions. I have to run an effective business and I can't do that chasing Leprechauns looking for the one in 10,000 four leaf clover."

Hear, hear!

Thanks everyone you've all been extremely helpful. I think that it's a sellers market for a reason (i.e., others have noticed, like myself, that the properties are valued low in comparison to rents), and therefore, I think I'll try to be as realistic as possible while still being frugal.

I'll post the projected numbers for any property I'm considering purchasing in the near future.

@Bradley Benski

"Best and Final" indicating they had 15 offers above the asking price.

What a nightmare....

"Bottom line is that "your" price should be based on the income potential of the property and your goals."

Got it.

@Leigh C "Normal process for someone like you is to put in low ball offer after low ball offer till you basically find a mediocre deal that you are comfortable with."

Hahaha yeah I hear you...I'm afraid of that happening.

@Al Deville Will do on the distressed properties, etc. Thanks.

@Sharad M. , She works in the area I'm looking as well as 4 surrounding small cities. While I think my price range is lower than her average, I don't think it's much lower than her average tbh. The property is very cheap around here. Thanks for the eval of the low ball I had in mind (or lack thereof).

@Sharad M. , Ah touche! Let me clarify:

I'm looking at houses between 60k-90k. So I was thinking that a low ball is 10k-15k below.

"some agents who work mainly with retail buyers don't understand an investor expectations and not a good match."

Hmm makes sense.

BP how goes it?

I'm currently on the prow for my first SFH (long term intentions in mind). I'll be buying in the Wayne/Westland area of Michigan.

According to my agent, as well as a couple of others that I was thinking about working with, this market is a "sellers market". Please listen to this conversation that occurred and let me know whether or not she is fully competent.

Me: "The #1 thing I'm looking for in my purchase is that the home purchase is a bargain. So my plan is to really go in and low ball at first, and then probably meet the seller somewhere in the middle."

Agent: "You have to understand that this is a sellers market. It has been for some time. So if you go in and low ball these properties I can tell you that you're gonna be disappointed. They'll just say no. "

Me: "But aren't they at least likely to counter offer?"

Agent: "No not really because they're all getting multiple offers. They're likely to ignore low balls. I haven't helped sell or purchase on a home that hasn't had multiple offers in 2 years"

Of note: we certainly did not define what a "low ball" is. That is of course something that I'll be seeking clarification on. I have always thought of it as like 10,000 below listing or something of the like.

Please lend me your thoughts. Is she being unreasonable or am I just uneducated? Both? Neither?

Thank you thank you!