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first time opportunity

Posted on: Fri, 02/25/2011 - 16:45
first time opportunity

I am not sure how to proceed! I have a Real Estate License in Florida and I keep in mind everytime I drive around town about finding the next good deal. the other day I ran into a FSBO and the property is in bad shape and still ocupied by the owner. the property is a 4 unit building, he rents the rooms 1/1 for 450 a month and he does not have the energy to fix the property. he is asking for 380k and wants to use some of that money to buy a duplex. he is willing to finance the sale. How should I approach the owner again in oprder to get this property?

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Posted on: Fri, 02/25/2011 - 17:06 #1
What i would do

-get it listed to protect yourself

-keep it off the market and pitch to your cash buyers clients(as a licensed I truly hope you have real cash buying clients)

-pitch to your broker as well and see if the office would buy it. My broker also has several investment companies on the side so he tends to buy and flip properties we bring to him for a larger cut

-do your due dili on the property and offer $200k with a 2 week close. He'll probably turn you down so make your final offer $225k. Stand firm on it. Not sure what the comps are, but most chances are you'll get it if he really needs to sell. Make the time factor your strongest argument; you can get it under 2 weeks while most need 30-45 days and you can find him another place to live just in time for the conversion.


Posted on: Fri, 02/25/2011 - 18:54 #2
first time opportunity

Thank you so much for your fast response! I will do ask you advise and hope to see you on the blogs to stay in touch. you are a superstar!


Posted on: Fri, 02/25/2011 - 18:57 #3
Thanks for the kind words

they are all true

I jokey joke

But seriously, work on finding properties off-market not on the MLS; faster and bigger returns


Posted on: Fri, 02/25/2011 - 19:04 #4
find him a duplex

in the 200's; then you can offer 200 for the 4 plex and you'll get two deals!!

wishing you great success,

Valerie

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Valerie

“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss

"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown

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