I have bought 2 single-family homes in the past 10 years both my primary residences and currently live in the 2nd. I have $120k in cash and ~$100k in equity in my current home. I have debated back and forth on which property type to start for over a year, I found 2 apartment buildings last fall (4-unit and 8-unit) $599k was the total for both these properties were severely neglected for years if not decades and needed a significant amount of rehab. I made an offer of $400k and the sellers forgo making a counter offer with no explanation. Since then I've kind of been discouraged in making any offers, anyone have any advice where I should start, and what direction I should gravitate towards?
Real Estate Syndicator · Milwaukee, WI · Member since 2018 · 1k+ posts · 907 votes
5y
Welcome to BP! Never get discouraged from making offers. In this insanely competitive market you have to constantly be looking at deals and making offers to find one that makes sense. Rough math here..but currently I'd say I'm looking at 100 deals, offering on 20, getting in serious negotiations on 5, just to get under contract on one deal. That is really what it takes to find deals in this environment. Network and build relationships with brokers constantly and the deals will start flowing in.
Marion, IN · Member since 2019 · 20 posts · 14 votes
5y
I was trying to grab an apartment complex in Milwaukee and got blasted out of the market because of higher than asking prices. This was unique because the seller called me to tell me they were getting very high offers. I think that’s really unique. If someone doesn’t respond, just go to the next one. There are so many out there and if this is what you want to do, then do it :)
This is a great forum with very knowledgeable members that will help to guide you in the right direction, whether that is real estate sales, wholesaling, flipping, rentals, lending, self-directed IRA and Solo 401k investing, or tax and legal guidance. You will be able to share your story and receive plenty of helpful feedback from experienced members.
Real Estate Syndicator · Milwaukee, WI · Member since 2018 · 1k+ posts · 907 votes
5y
Welcome to BP! Never get discouraged from making offers. In this insanely competitive market you have to constantly be looking at deals and making offers to find one that makes sense. Rough math here..but currently I'd say I'm looking at 100 deals, offering on 20, getting in serious negotiations on 5, just to get under contract on one deal. That is really what it takes to find deals in this environment. Network and build relationships with brokers constantly and the deals will start flowing in.