Updated over 7 years ago on . Most recent reply
Las cruces triplex Help me analyze this deal
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Using VA loan so 0 down. Will live in 1 unit and rent other 2 out for 1200-1300 mo. If I'm doing the numbers right just to Net $0/mo the most I can offer is $469,000 minus 10,000 funding fee so $459,000. Assuming Max va loan is $453,100 but I'm nervous that I'll pay too much at that price.
Doesn't appear to be much appreciation in the area though this is the nicer area as per my realtor. I have 2 other properties but neither CashFlow after expenses: have been consuming every podcast episode, so I can try to make my next purchase more informed. Any advice is appreciated.
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- Realtor
- Oakland, CA and a Real Estate Investor with Multi-Family Units and a Self Storage Facility
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It doesn't hurt to ask before placing an offer, but it's on a case by case basis
Personally .....I think I would keep things simple though and make the offer.....and make sure your there is language in the offer that says it is contingent upon verification of rents, appraisal, and inspection contingency. I would also make sure that your offer is accompanied by a pre-approval letter from the bank.....I would also put language in there that says the offer is only good for 5 days.
IF your offer that is $100K under and it gets rejected or there is no response within say 5 days.....then wait a week....and see if the property is still on the market....if it is, simply have your agent take a COPY of the original offer, and literally cross out the date with one line through it, and put a new date on it, and re-submit it.
Keep repeating that process every 10 days or so with a new date until the seller gives you at least a counteroffer.....the message to the seller will be....."Hi, it's me....another 10 days have passed and I'm still here with my offer....and as your days on market keeps dragging on...it slowly looks worse and worse for you Mr. and Mrs. Seller"
Do NOT laugh to hard at that tactic...I have heard at least 2 BP Podcasts where investors have done that and it's worked.