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All Forum Posts by: Theodore Gibson

Theodore Gibson has started 1 posts and replied 2 times.

Buying & Selling Real Estate

Post: First Purchase Process

Theodore GibsonPosted
  • Rental Property Investor
  • Minneapolis, MN
  • Posts 2
  • Votes 4

@Jordan Moorhead how does one make an offer without doing proper due diligence? If I offer 100k but after the appraiser tells me it’s only worth 75k can I renegotiate?

1 Vote
Buying & Selling Real Estate

Post: First Purchase Process

Theodore GibsonPosted
  • Rental Property Investor
  • Minneapolis, MN
  • Posts 2
  • Votes 4

I'm a new investor, and this will be my first purchase so please bare with me. My plan is to purchase a duplex as an owner occupant using an FHA loan.

I’m currently struggling with the fact that right now in my area (Minneapolis, MN) it is a seller’s market.

When looking at potential properties, should I have an appraiser with me to determine the true market value of a property? Then based on that information make my offer below market value? For a lot of the properties I have viewed -the list price has been set by the seller and these homes aren’t on the market for very long. As an investor, how does one find deals in this type of market? Or should I wait it out until the market changes?

Any advice would be much appreciated.

-Theo

3 Votes