Looking at property's when your new to real estate during coivd
2 Replies
Geoffrey Badger
New to Real Estate from Arizona
posted about 2 months ago
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?
Chris Davidson
Real Estate Agent from Boise, ID
replied about 2 months ago
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.
Tom S.
Real Estate Investor from Burlington, VT
replied about 2 months ago
@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.