I offered asking price for a $645k triplex. The seller will not let me look inside each unit without an offer. Each unit pays slightly lower rents and no lease for any of the units. They’re month to month. I am using an FHA loan so 3.5% down payment. The Seller wants me to put $32k in escrow which I am refusing to do on a property I haven’t even looked in. There are not any pictures online of the inside the units.
Another property I am looking at is a 4 plex. Seller bought it in 2012 for $140k it’s now worth between $800k – $900k and I offered $1M for it to see what they will say and they declined it saying they want $1.2M.
It’s gotten to a point ai don’t want to invest in Real estate anymore and just rent for the rest of my life and invest in the stock market. Renting is this market is cheaper than owning and I don’t have to worry about paying for maintenance.
Anyone successfully bought a multi family in a major city? Any advice?
Dealing with sellers in a top buyer’s market City in the United States
byu/govtkilledlumumba inrealestateinvesting
Posted by govtkilledlumumba
4 Comments
Your going from not owning any property to getting a multi family with an fha at 3.5 down and your complaining that the sellers are playing hard ball? Yeah that’s real estate investing. Either take a risk or spend the rest of your life paying rent to someone who did.
The numbers are tough right now, but there are still deals. I’m looking to 1031 $200k in equity into a quadplex and in my market even with 20% down you don’t always cash flow.
Maybe you just need to be patient. More will come, these sellers seem like douchebags.
In CA it’s common to not show without an accepted offer. Salary seldom pics of interior. Do you have to include an EMD with your offer? What about a clause in your offer that EMD will be deposited with 72 hours of acceptance and seat inspections within 48.