My Offer on a New Property was Accepted, No Counteroffer
If anyone remembers my recent posts, you might think it's funny that I am buying another property. Months ago, I started acting on my long held desire to find a new primary residence, but felt I reached my limit with investment property. I thought my new primary would be one unit in a multifamily in NYS. But instead of finding my new primary residence, I found an excellent deal on a new investment property. Yesterday I offered 20% less than the list price on a four-plex, and early this morning my offer was accepted with no counteroffer. My cash flow with generous allowances for repairs and capital improvements and vacancies is close to 14%. It is fully leased. And I do not want to live there.
So much of this surprises me. I still do not know where my new primary will be. But I added another solid property to my investments and am getting in reach of my income goal for life. I feel very fortunate. Thanks to all the people who told stories here that helped me refine my objectives and act when I see a good deal.