All Forum Posts by: Matt E.

Welcome, Jarrett. I'll likely cruise through Shorewood sometime this summer. You'll definitely be able to connect to other investors in Milwaukee and Wisconsin on Biggerpockets. 

The final result:

In the end, the seller was willing to sell the property at appraised value with no strings attached, but I chose not to make an offer. 100% content with my decision-- felt a big sense of relief.

Thank you again.

@Account Closed  I see what you are saying. I don't get a sense that there is any consideration for what is best for me as a new investor in this deal. I feel like I'm being pressured to make the deal work and the 2 proposals are really not giving me a good feeling. The level of trust we had is being eroded to way. 

I really appreciate your concern and taking the time to write. 

@Ramon Jenkins  Thanks, Jenkins!!  Appreciate your support from down in Milwaukee.

@Bradley Benski Thanks for your post! I'm really new at this and it still looked like a red flag to me. 

@Account Closed  THANK YOU!! Actually, I was on the phone with my mom this morning about all this. Her advice was exactly what you just wrote. She doesn't know much about real estate but wants to protect me. Thanks from my mom as well!!  

Fortunately, we don't have a signed PM agreement and you're totally right about how this would affect our working relationship.

PS. I had forwarded this thread to my mom about an hour -- her response was "wow!" 

After writing back to say that I wasn't willing to pay more than appraised value, her proposal was to sell me the property at appraised value with the commitment that I would also agree to buy her next property at 135,000-150,000 in a few months time (a flip with "tenants lined up") ...

At this point, I am hesitant to even write an offer for the appraised value.

@Walt Payne Thanks for your words of support, Walt. And I appreciate how you worded your advice. She's not a bad person. I was really excited to finally be getting into the game but I know the decision had to be made. I look forward to giving it another try next time.

I took all of your advice to heart and let the seller know that I won't pay more than appraised value. Thank you for helping me make the right decision and potentially saving me from many sleepless nights! 

Back to the drawing board. I can still afford to buy beer and cheese curds in Wisconsin. Life is good. 

@K. Marie Poe

Thank you very much for taking the time to write.  Your thoughts are helping me get my head around this.  You are right that she knows I have cash.  She also knows how very new I am at this. She has a business partner and she wants to close on a property at the end of the month--I assume that's why she is working hard to get me to negotiate. I don't think she realizes that I have the opportunity to access people who know the business on biggerpockets. 

Thank you again for helping me make an informed decision.