All Forum Posts by: Scott Myers

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $27,000
Cash invested: $27,000

I was fortunate to have several repairs done by the seller before closing

How did you add value to the deal?

Ensure complete living situation

Go back to your CU and tell them another bank is offering you $100k.  Everything is negotiable

If you don't have a deal to offer, you don't need to talk to buyers.  Focus on getting a deal first.  Negotiate extra time if the seller is not going to lose the property.  If you have a buyers list, bait them with questions about your potential deal you are working on (without any specifics so they could steal it).  Try to line up interested buyers, but you must have your contract before you can offer the deal.  Push the seller, don't expect that they will ask the price you need to offer (I'm talking to myself here too).  Use a formula, back out all expenses, make the offer.  If the seller says no, be polite, let them know your offer stands, and move on to the next deal.  This is a numbers game, which means you have to see so many properties and make so many offers before one will actually work.  You have likely heard this already.

 @Jeremy Baker, I'm interested in how you find deals in HI.  Do you frequently vacation there or have you previously lived there and have local contacts.... how do you find your deals with good returns from long distance?  Feel free to PM me or start a separate discussion, thanks!