I am new to real estate and I am currently looking at a multifamily building with the price set a $325,000 with the down payment being $65,000. I was wondering if it would b a good idea to offer $308,000 for the home. What can I do to get the seller to agree to this price?
See what the seller wants. You can't make the seller take less than they want. If it is a sellers market like most of the country It probably won't go for 95% of ask (308k) , however I don't know you market. Since you are new to investing I would definitely recommend using a realtor at least on your first deal or two. It will be well worth it down the road.
Hope that helps.
@Geoffrey Badger Completely agree with Chris' post above, completely depends on your market and what the seller is willing to do. Is your market hot - are there multiple offers instantly a property hits the market? Is the seller motivated? Are there issues with the building like code violations?
I've been reading articles how in Austin there's 20-30 offers for a property and it always goes over asking. I'm in VT and while the market is decent, offering 95% of the value for a multi family is a good starting point here.