Well, it's been listed with steady price reductions now for over a year, and not much activity.

Unfortunately I will probably take a reduction in income for awhile until I can grow it enough to replace my current income but I would like to invest in RE sooner rather than later.

My cash on cash returns are well over 15% and principal reduction is an additional bonus.

Oh, another thing, pledging securities "against the box" you need to be aware that if a bond price falls, you'll need to pony up that difference to the collateral level required and they may not take into consideration the principal reduction of the loan, they may look to lower risk levels later on.

but be up to debt to their eyeballs which may make it difficult for them to pay your rent if they get a reduction in work hours or get hit by another bill (medical, new furniture payment, etc.)

If the condo has been listed for a while, and the bank is ready to dump it, they are going to be more negotiable than if they just recently listed it and you were one of multiple offers.Also, make sure that you request the price reduction during your due diligence period, as once your contingencies are expired, it's not likely the bank will make this type of concession.Short answer - it's definitely possible they'll drop the price and meet you in the middle.

There will typically be a hearing if the amount of requested reduction is significant.I do file property tax complaints for my clients, and usually get a reduction.

Asking for a reduction in rate is, well, lol, probably not possible.

Owning a 2-4 unit property as your first investment is a great idea, as living in one unit while renting out the others will create a significant reduction in your monthly obligation to the mortgage payment, and if you play your cards right you'll even be able to have your mortgage completely paid by the other tenants!

But the asking $295k is reasonable and I'd never offer the ask, more like $250k and see what reduction could be gotten.