Hey there all!
I'm a new investor, and have been looking at properties in and around Nashville TN for about 3 months. The market seems to be quite hot, and I cant even get a property for the asking price. Too many investors and not enough properties. I will continue to try, however and opportunity has presented itself in Evansville IN.
I'm not planning on managing it, purely for passive income. I have some questions that maybe the BP community can help me with.
Im familiar with the Nashville area market (enough to invest semi confidently). The Evansville market I haven't started looking into until a few days ago. Population growth is flat, as well as income. Average income is about 50k which isn't terrible. My issue/question/problem (hopefully from that market will see this) I have no clue what to offer. The listing agent as well as the property manager both say its high, but also say its renovated (t-minus 0 years aka brand new). The market has been so flat for so long barley any properties have been changing hands so there is nothing I can compare it with. Does anyone have suggestions on where I can go from here to find out what a fair offer would be?
Hope all is well. I live and invest in Evansville so happy to answer any questions and provide any insights possible. I’ve found there is a variety of buyer and seller investing models and criteria. When I write offers, I base it on the performance of the property and my returns desired. The asking/list price isn’t even a consideration for me. But I also offend a lot of sellers with my offers. Feel free to reach out. Happy investing!
Thanks for the tip. As much as I agree with you, the reason I posted the question is because even though the numbers work (even at the asking price), I just cant shake the feeling that I don't want to leave any money on the table. I'm not necessarily worried about offending anyone (its just business) but I also don't wanna loose out on a deal. I'm doing it to myself, I think. I wanna say its approaching analysis paralysis
Quick question, how much money are you worried about “leaving on the table?”
That’s the question I suppose