Originally posted by @Kyle N.:
I would find my possible offer on the current numbers, then look to add value as soon as you own it. I've had conversations with owners before, and in fact I'm working on one right now in Rockford, where I crunch all the numbers to figure out where I need to be. Then I'll call the owner back and tell them something like, " I'm sorry, I doubt we will be able to make a deal together on this property, because all I can afford to pay is $X." That way, you're not insulting them with a low offer, but you have made a verbal of where you are at... and who knows, it may turn into something. In my mind, it's better than just walking away, because you don't fully understand the seller's position of wanting/needing to sell.
Wow, this really helps. I'm gonna take this approach when I talk to the seller tomorrow. Thanks @Kyle. It's also great to see that you are investing in Rockford, Illinois also.
