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Updated over 9 years ago on . Most recent reply

Account Closed
  • Real Estate Agent
  • Flint, MI
71
Votes |
270
Posts

Good deal?? Thoughts?? Part 2 "the meeting"

Account Closed
  • Real Estate Agent
  • Flint, MI
Posted
So as I posted the other day I ran across a 4 unit multi family building. I met with the sellers yesterday and the property is solid on the inside as well, I was only able to see the outside before. The meeting went well I was asking questions and playin the role of a veteran investor until it came time to talk numbers...... The seller wanted $40k I was planning on low balling for 25/30k with emphasis on the 23k seeing that they were eager to sell. Well as the sweat started to develop on my forehead I reached for my phone to shut the ringer off because my son was calling and in the progress as I was telling them my offer I dropped the phone and my iPad both at the same time. How?? I have no idea but it happened!! Smh... Anyway we settled on a price of 35k which is excellent as that price is even under the SEV of $37 ($79,000) so so far I'm winning! I hope at least. Also after the phone and iPad flipped out of my hands I lost confidence in closeting the deal with a contract. But we shook hands and agreed on a very modest non-refundable deposit and agreed to put everything in writing Monday or Tuesday. Also the seller provided me a look into their records of profits and expenses, also they showed me their inspection report which expires middle of next year. So far I'm excited and will keep BP posted on my progress and potential first wholesale deal of a mfr. Thanks for reading!

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