When the property is fresh on the market you probably won't make much progress on their price but after a few months and a few reductions you can negotiate a little harder......but those properties usually aren't the gems that owner occupants are looking for.

The other thing I would suggest is understanding how many hidden costs there are in real estate.

Unless the guy has a lot of assets and he has not hidden them well you are not all that likely to be made whole.Talk with him and see if there is any possibility that you can work out a solution.

Some I have found very helpful, and I find that if I sift through the garbage I can usually find a gem of thought from most every program, in order to formulate my own that works for me.

You incur more liability for not completing the disclosure than for not disclosing a hidden defect that you didn't see.I always include a statement in all my disclosure statements that says "seller has never lived in the property and has owned it for a short time.

So, I've been in search of my first multi-family and think I uncovered a gem, but I'm still new at running all the numbers so I was hoping to get more experienced eyes to take a look and see if I'm way off base, missing something, or if maybe I did find a genuinely good deal.Here are the main details:2,400 sq/ft brick duplex, 2b/1bath each unit, fully renovated, new hardwood throughout, tenants pay utilities, etc.List price: $79,900Expected purchase price: $72,000Initial investment:25% down: $18,000Closing costs, inspection, etc.: $3,000Improvements/Appliances: $5,000Total cash outlay: $26,000Annual expenses:Property taxes: $750Insurance: $700Annual maintenance: $500Advertising: $100Property management: $1540Mortgage: $3,28310% vacancy: $1400Rents:Going rents in the area for similar properties of this square footage in the neighborhood range from around $700-$950/month.

A quick bit of research into Lafayette, LA tells me you may have a little gem there if you market it right.

Changing realtors might help you, having a good one in your team is always a good idea but not necessarily will dramatically increase your odds of finding a gem in the MLS.

Flat Fee MLS listing service - just google "Flat Fee MLS Mesa Arizona"-You should find goo reputable ones.use a direct broker, not a referral.check licensescall their number and ask to talk to the Broker or a licensed agent (just to make sure they are legitimate and not just paying someone to use their license).make sure there are no hidden fees or another fees at closingmax pics in the MLSread whatever agreement you will signcheck that you can cancel for freeoffer market commission to buyer's agentsget a local RE attorney for allYou will be just fine and will save a bunch of money!

You may end up with $20k+ worth of hidden repairs.