First property! We’re $10k apart
Hi! I’m about to jump into the waters with my first investment property. A duplex with really good numbers, however my target acquisition price is $290k (asking was $339k) based on the fact that the listing agent hinted the buyer might sell at that price (“he’d probably let it go for 290-295”) were her exact words.
He came down to $315 and now $310 firm and doesn’t seem to want to budge.
The property is pretty much turnkey, which is what I’m looking for, (and I understand that I’d pay more for a turnkey property) but is the highest priced property in the area (based on comps) and I don’t want to overpay.
That being said, the numbers still work, even at $310k. The seller added a legal basement apartment which turns it into a triplex and renoed the garage which he rents out for extra income. He put a lot of money into it but needs to sell because of an illness in the family.
I don’t want to miss out on the opportunity but can’t seem to come to grips with overpaying, even though it’s has value based on the renos.
I’m torn.
Any advice/help is appreciated!
Thanks BP members!
Chris