All Forum Posts by: Page Huyette

New update: I was shown the door when I suggested owner financing, and provided a low offer without. But...I backed it up by saying I could possibly offer a higher purchase price if they carried the mortgage. Surprise! They said they'd consider it.

Even though I'm back in the negotiating saddle, I still may walk away as its not showing enough cash flow for my comfort level, and I'm a risk-taker.

Just goes to show you, if you stick to your numbers you may very well get what you want. I'm new to this type of negotiating, and boy, it can be addictive!

Update: Rather than make a formal offer, I let them know the numbers weren't working based on what they were asking, so they came back asking what I wanted to offer. I came in exactly where I want to be, which was waaaaay lower than what they wanted. I also mentioned a higher sales price might work if they'd carry the mortgage, even though they'd already stated they weren't interested in doing that. Reason I did this--when I said I couldn't make the deal work based on their price, the response was lightning fast, indicating a strong desire to work a deal.

I'm now ready to walk away, but if they come back willing to finance I may be able to make it work as an investment. Otherwise, on to the next.

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We recently purchased a single family home that is similar to an earth-berm type house. I consider this type of construction highly desirable, but what I can share with you is the financing can be difficult.

FHA will definintely not finance them (and I suspect VA won't either), which may cause problems for you should you need to sell down the road. Appraisers have a hard time comping them, so they adjust value downward to compensate for lack of comps.

If this type of construction is not common in the area you are building in, the market value may be lower than what it really should be.

Unfortunately this type of housing appeals to a very small niche market, so you are also limiting yourself in area of potential renters. While the maintenance and energy costs are something worth talking about, you may be hard pressed to convince others to the contrary.

I applaud you for your forward thinking, but you may want to sprinkle some of these properties in with more conventional construction until you are certain the investment will work for you long term.

That may be the case. I may make an offer today, and wondered--if my offer is much lower than what they claim is their lowest (15-20% lower than their price), is it best to just throw the number out there or provide a buy/sell to show that I'm serious? I'm partial to a contract to show I mean business, but either could work.

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Brian, you are probably right. Its not everyone's cup of tea I suppose. Though the property rents quickly and for top dollar, it could have a high turnover due to that high rent. They don't seem to have trouble finding tenants, but that may be causing some headaches.. I'll have to evaluate comp rents carefully.

I did. When he said it cashflowed and rented just fine, I asked why he was selling. Said they decided to sell, kids didn't need to live in it cuz they're in college somewhere else. Vague answers. I thought the story might resonate with another investor out there or be a brainstorming opportunity. I'm still in the investigation stage, and will probably discover something.

I'm planning to ask for seller financing on this one if I make an offer, so we'll see where this goes. It will either fly and be a good deal or one that I'll walk away from. Regardless...a good experience.

I'm talking to a homeowner that is trying to sell a SF rental without an agent. The numbers show decent positive cashflow even when I'm generous with vacancies, repair/maintenance, insurance and taxes. Its an easy property to rent in a stellar location near hip downtown. Needs some work, but nothing that has to happen immediately.

They bought when the market was hot, and of course now its not. I'm told they just don't want it anymore, and can't seem to figure out why they are selling.

Its a landlocked lot with a driveway easement, but everything seems to be in order with how its recorded. I'm not concerned with that issue, as long as everything checks out. New roof, crappy detached garage, but again, the location is primo and it rents very easily. The current tenant is moving out and while I was there to look at it, potential renters were swarming and panting.

Their asking price is high (surprise) but they didn't hesitate to mention it was a starting point. My question: why do you think they are selling? It rents fast as hotcakes, great location, cute, private, and higher than average rent with tenants covering all utilities.

I know there's a snag, just haven't found it yet. Its very small, so that's one reason it might not sell fast as an appealing owner-occupied purchase. There's not much room to grow.

I'm curious what take other more experienced investors might have. My past investments have been of a very different variety--multi-unit with me living in one or formerly owner-occupied turned rental, so I'm just getting into purchasing straight rentals and looking forward to it.

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