Investor · Albany, NY · Member since 2014 · 129 posts · 28 votes
If anyone remembers my recent posts, you might think it's funny that I am buying another property. Months ago, I started acting on my long held desire to find a new primary residence, but felt I reached my limit with investment property. I thought my new primary would be one unit in a multifamily in NYS. But instead of finding my new primary residence, I found an excellent deal on a new investment property. Yesterday I offered 20% less than the list price on a four-plex, and early this morning my offer was accepted with no counteroffer. My cash flow with generous allowances for repairs and capital improvements and vacancies is close to 14%. It is fully leased. And I do not want to live there.
So much of this surprises me. I still do not know where my new primary will be. But I added another solid property to my investments and am getting in reach of my income goal for life. I feel very fortunate. Thanks to all the people who told stories here that helped me refine my objectives and act when I see a good deal.
Investor · Albany, NY · Member since 2014 · 129 posts · 28 votes
11y
Thanks Randy! I know this happens, and this is what the sellers' broker said: the sellers were worn down by two prior experiences with financing falling through for potential buyers. I came along with cash, but did not want to spend more than 81% of list price. My cash has to go far. I explained this to the broker -- I'm a broker too. It surprised me there was no counter, and it surprised their broker. Sellers said they had enough and want it to be over. Cash mattered to them.
Bulawayo, Zimbabwe · Member since 2015 · 1k+ posts · 253 votes
11y
Congrats for taking action! Usually Maximum Allowable Offer would be the guide,however there seems to be a legitimate reason for accepting the offer without countering.