All Forum Posts by: Tariq B.

and it's a short sale SMH so silly when a seller tries to squeeze more out of a short sale. 

Greetings All,

I offered a little under full price on a place and it went to multiple offer situation. Most of the other offers backed out after being told  to offer best and final. Except for a couple, one  that was a little more than mine. Agent responded,  "There is an other offer offering xxxxxx (he disclosed the number but it's not important for the sake of discussion). The seller wants to wait a couple more days for more offers because it has only been on the market a few days if your buyer can offer asking then the seller will take it off the market"

I turned around and offered asking and now, nothing and I know het is monitoring the listing as he just updated it a couple of minutes ago. If there is one thing that gets under my skin is someone who doesn't stand up to their words. I just don't understand why the hold up or disappearance.

Hello All,

I have been scouting this 8 unit for over 2 years now. I finally decided to make a move.

When they first listed the property it was listed at $329000. This was back in 2015. Since then they have dropped it to $269,000. This place is in a town that is practically dying. A lot of stores have shut down and people are moving out. It's a pretty risky venture but it is my home town and I have hope for the place. Needless to say I wanted to jump on this.

After getting my agent to gather some information from the place we gathered that the NOI is roughly $15K. I was kind of disappointed in that number but feel I can raise rents and bring down expenses. Anyways moving forwarded I wanted to get eyes on some of the units to get a feel for the inside condition. The seller agent responded "no offer, no views". That kind of irritated me (I know sometimes/someplace that's custom). So my train of thought was well I am not going to put my best foot forwarded in case the insides are a total mess. If he wants an offer I'll give him one. So I offered 200k and 2% closing help. Roughly 75k off listing.

Keep in mind this place has been sitting for 2 years, so I thought why not. But the response I got was rather troublesome. The agent took it way to personal as if this was his own personal property he built from the floor up. To make it short the seller agent said we wasted our time. yada, yada, yada. Still he would not let us see the property because we are "so far off". It is my understanding the agent did not even present the offer to the seller.  

My game plan on this is to wait a week or two. My agent kind of got pissed at his response so we decided it best just to ignore him for now and try back again.

How would you handle this if it happened to you, curious?

Do not waste my time for anything less than 400 a door but that's just me. 

Thanks for the response guys.

Greetings Fellow Investors,

I'm sure there is someone in this great community that has been in the dilemma I find myself in. I have a place that I am very interested in. The only issue is if I go threw with this purchase I will only have a couple thousand liquid after the down payment, closing costs etc. 

I'm not sure it is such a great move to leave myself with such little reserves and put all my savings into a place but on the other hand it could work out. 

I feel I could be making an emotional move as this property will make my main goal of 10 rentals by 30. (4 years early) a reality. 

Have you ever done a deal that left you very tight liquidity wise after it was all said and done? 

Grettings,

I have a 4plex that I am in communication with the owners. I pre qualified for 25% down but really only want/can put 20% down. Curious if anyone has any references for a lender that can do 20% down in FL. Thank you! 

@John Thedford thanks for the response. Luckily this is not my first rodeo :) but your wisdom is much appreciated! 

@Jared Cuyler let's link up always looking to link up with like minded individuals. 

Hello All,

If you are a wholesaler or have deals in the Pensacola, Fort Walton, Niceville, Crestview area, please reach out to me or add me to your buyers list. I am an investor looking for buy and holds and or flips. PM me for email address.  Thank you!

Tariq

Hello All, 

Recently relocated to the area and looking to expand, I find meeting with other investors cuts the learning curve of learning a new area drastically. So looking to connect, please let me know of the local meet ups! Thank you.

Tariq