Made the first offer. Kinda nervous

[Tianyun Zhang]

Hi BP Community,

    I just made an offer on a single family house today and just wanted to share the numbers to see if they make sense. 

    The house was built in 1999 and has 3 beds and 2.1 bathrooms. It has a walk out basement and an attached garage. It's been on the market for 18 days and seller already reduced the price by 10k. The initial asking price was 195K.

    The house does need some work but nothing major. It's in a very nice neighborhood. Very safe and close to a big grocery store. I let the agent run the comp and it came back as 198K. The monthly rental in that area of the same kind houses are mostly 1750. The agent suggested we can make an offer of 180K or even 175K. According to the 1% rule, I made one of 175K. 

    I am still waiting to hear back from the seller. I will update whenever I hear something back.

    Thanks!

[Dennis M.]

@Tianyun Zhang WOW ..Your going to spend 180k to make 100 bucks a month ... pretty sure the kid selling fishing bait down the road from me makes more than that in a month .