All Forum Posts by: Tee Williams

Not necessarily, often MLS deals are way above what the market determines the property is worth. So if I see something thats been listed 100+ days. And my comps suggests the asking price is above. My offer will be lower than asking thus what I am assigning or may assign still isn't more than whats listed. I have done this a number of times. Especially after the crazy inflation ride we were just on last year and the year prior. Also some comps are faux. Since many investors are foreign the IRS hits them with FIRPTA. One property states it's sold for 1.29mil which seems like a great comp. But the buyer was hit with a 250k FIRPTA fee. So the real price/worth is 770k-ish

Nestor Gorfinkle 

Investment Info:

Small multi-family (2-4 units) other investment.

Purchase price: $150,000

Purchased 6000 sqft lot. Looking to build a duplex townhouse on it. Currently Going through zoning and getting bids for project. This is my first development!

What made you interested in investing in this type of deal?

Being an Aspiring land developer and one of the comps . I originally was just looking to wholesale the lot.

How did you find this deal and how did you negotiate it?

One of my finders knew the owner living on the lot with trailer.

How did you finance this deal?

Cash

How did you add value to the deal?

I intend on building a townhouse duplex similar to a neighboring comp.

What was the outcome?

In progress

Lessons learned? Challenges?

I’m currently navigating these city and municipalities waters

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Not yet will update