First House Buy, Looking to House Hack

[Dylan Petersen]

Hey, my name is Dylan, been reading the forums here for a while but haven't really posted. I was about to close on a house with an ADU and rent it out while living in it, but as things progress it seems like the deal is turning out to be not so great. After inspection, I asked for a few repairs or a price reduction, and they gave me a very small reduction in price after asking for a "verbal agreement" for something closer to my request. So, what was offered to me on paper was not what was verbally discussed and Im starting to think my best bet is to walk away from this one.

That’s some back story, now here is what I’m looking for help for. I have seen a few duplexes in bundle deals. Is there a way I can reach out to the seller and see if they will sell just one of the duplexes? 

Also, I’m looking for a good real estate agent in the area, hoping to find one who has an investor like mindset this time. Also, open to lenders. I have been approved through three that I have tried, but I’m not sure if I’m getting the best deals. Thanks for any help.

[Jake Alger]

Hi @Dylan Petersen,

I second what @Dave Skow has to say about making sure your earnest money is protected.  If you've asked for repairs and they've countered to something that is unsatisfactory to your liking, you have the right to terminate the agreement.  If you're working with a real estate agent currently, they should know the procedure and be advising you of your options.

In terms of asking sellers to break up properties, you certainly have the right to do so.  Every deal is different and they may have Title ties which would need to be broken up.  Reaching out to the sellers or the agent representing them (if it's on market) would be how it's handled.  A compelling story for a request to break up the properties would need to be made and the financing / terms of an offer would need to be just as compelling.

Working with an investor friendly real estate agent is definitely a plus and not every agent is investor friendly.  It's a completely different mindset from selling normal residential real estate.  It's all about numbers.