Investor · Shelton, WA · Member since 2017 · 6k+ posts · 6k+ votes
3y
I offered 25% under asking for a really nice 12 unit in a good area. The offer was not accepted and I found a better 12 unit in another nearby city which I did buy. The original 12 unit caught fire and six units burned completely. It has remained unoccupied for 3 years. Maybe insurance covered it all-maybe not. My 12 unit is performing beautifully, and no regrets.
I found a beautiful duplex, they were asking 339,000. My broker offered 280 cash as that was all I had left in my 1031x.The seller was getting divorced and the offer was accepted. That was just before the market went absolutely nuts in 2015.
What you pay relative to asking is less important, what can be far more important is how you can reposition the asset and how much more profit you can make by optimizing the property.
60% and I was worried they would be "offended". Then I learned this is business and I can't be worried about their emotions. We ended up at 80% of the list and everyone was happy.
Investor · Shelton, WA · Member since 2017 · 6k+ posts · 6k+ votes
3y
I offered 25% under asking for a really nice 12 unit in a good area. The offer was not accepted and I found a better 12 unit in another nearby city which I did buy. The original 12 unit caught fire and six units burned completely. It has remained unoccupied for 3 years. Maybe insurance covered it all-maybe not. My 12 unit is performing beautifully, and no regrets.
I found a beautiful duplex, they were asking 339,000. My broker offered 280 cash as that was all I had left in my 1031x.The seller was getting divorced and the offer was accepted. That was just before the market went absolutely nuts in 2015.
What you pay relative to asking is less important, what can be far more important is how you can reposition the asset and how much more profit you can make by optimizing the property.
I have offered 48% on one and 70% on the other two. I now have all three. This has all been since October 2022. Remember, there are many different scenarios of how we got these offers. Just be mindful of that as you read everyone's numbers :)