Don't get emotional and overpay)Inspection (optional, but probably recommended)Renegotiate based on inspection - optionalClose

Some brokers actually have somewhat legit pro formas, with just a little biased tweaking, but you still want to verify those.Something that I've noticed lately, is that some properties that are over 4-units, which should be trading as commercial properties and valued based off of cap rates, are trading more like single-family homes and are valued based on comps and emotion.  

It's not THAT complicated, we just can't be emotional buyers that "want" a deal to work. 

I’ve used it before on primaries since there’s always an emotional factor that is hard to put a dollar figure on when you just want the perfect house that meets all your wife’s criteria, but for investment properties I usually just offer the highest I’m willing to pay if it’s a competitive situation, need to avoid the crab in a barrel syndrome and becoming the greater fool when it’s an investment.

Rarity is the amount of emotion that people get when they see your post.

I upped my offer by 3k, wrote a personal letter with a family photo, (did this because when speaking to the listing agent I found out the tenants cried when they learned the current owners were selling, so I knew emotion might be in play and wanted to let them know we are a young local family that care about our tenants). 

He is asking us to deliver back 3% ($4800) at closing from our proceeds.The advantage is it seems this would be a done deal if we agree and he is already living there, and has agreed to forgo any inspection or further negotiations.If we don't not go with him, our agent will show the place, but believes the tenant will be emotional and a potentially jaded resident and wants to be there during each showing.   

Eliminate all emotions and don’t force a deal to work if the numbers don't support it.

Everything else is your emotional IQ and gut feeling.Last advice, if you find a good one make sure you take care of them.

Hi Amber,Congratulations on having such a hard working tenant.The request for a boat was probably from his emotion at the time and not a something he seriously intended you to do.If he were my resident, once the flooding stops, I'd go out to inspect the place and tell him how impressed I was with his commitment to care for his family.