My first offer got rejected and I couldn’t be more proud

[Account Closed]

My wife and I are looking to owner occupy a fourplex. I found a triplex that was distressed and the owner bought it at a foreclosure for $116,000 last February. The listing price was $234,000 and the largest unit was just ransacked. Smoke, urine, torn up everything. I saw all the unused space and found a place to add a shower to make a full bath. We were excited. I offered 165,000 using 70% of the ARV (I believe it’s about 235,000) or 180,000 with seller financing. They turned it down and said it’s nowhere in the ballpark. 165,000 was pretty much the highest you could go while still appropriately cash flowing. I guess this is really how real estate investing goes. Time to find another one!

[Errol St Marthe]

Found a single family residence for 105 list price, arv 230 with 40k reno, i figured i would go in 90k max offer but submitted a 70k offer, the bank rejected it lol. Went back at 80k, they countered at 101. I ignored them for a few days and the agent kept asking my agent if that was my final offer, went back in 85k, been a few days bank's agent said i should hear something by Monday.