Rental Property Investor · Finger Lakes, NY · Member since 2018 · 35 posts · 36 votes
Just wanted to invite one and all to the "Beaten by Cash Buyers" Club.... who else has been beaten out on a deal by a cash buyer? I'm a small multifamily investor (with 12 units total) in a (what's after tertiary?) small market that I thought was relatively unscathed by the madness happening all over the country but turns out people are even finding the teeny tiny towns in upstate New York... mind you my numbers include 4.43% in City, County and School taxes so things don't really cash flow easily around here. Twice this week - one 6 unit all cash no contingencies, one 7 unit cash with inspection contingency that beat my close to full price/ 25% down offers. Monthly meeting is at the bar (caffeine/alcohol/water) of your choice! Welcome friends! Tell me your stories!
Just because someone makes a cash offer, don’t mean they closed with cash. It’s easy to keep cash around on paper, and secure banking funding before closing. It’s just a hurdle.. If one fails, then they better have the cash, or lose the deposit..
Just because someone makes a cash offer, don’t mean they closed with cash. It’s easy to keep cash around on paper, and secure banking funding before closing. It’s just a hurdle.. If one fails, then they better have the cash, or lose the deposit..
We've always made cash offers but they're plenty of properties we didn't wind up with. Do you numbers, make your "highest and best" and move on if you don't get it. This market is super heated in most areas of the country for a number of reasons so getting an offer accepted that works for an investment is tough.