We've just started REI and have one duplex. There are a number of investors in our community and many have "wanted to sell their properties," but it appears the prices never meet the 50% or 2% rules in place.
I've had one wholesaler who was selling at retail prices and two other landlords who's asking prices were at retail level or more. Zillow is a really poor barometer in our area for housing prices, but it seems all these investors price based off of that.
Thoughts about purchasing from investors? Is there a better way to approach this?
You may luck out every once in a while, but generally people will only sell assets that are performing well at a premium.
One area you might look to for investors looking to exit, would be rentals that have been sitting on the market for a little over-priced for a long-time. Some of them are likely to hold out for too high a selling price, however there maybe some that are receptive to a pitch of - I would have to put "X" into the property and the market rent is likely "Y".
Have a realtor pull comps.
Generally the majority of duplex owners are investors. Most owner occupied homes purchases single family.
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