Posted by Ronald * Starr (in No CA) on July 03, 2003 at 20:05:49:
Happy to try to satisfy you with an answer.
Yes, your figures make this look like an excellent deal. It is puzzling to me that somebody else has not bought it. Even ignoring the commission aspect, this looks like a pretty good deal. And somebody else might not count their management time or might consider that part of their cash flow.
Well, when a property is on the market that long, it seems there must be a story behind it. Maybe a couple.
Were I in your situation, I’d try to talk to other agents in the area and ask if their investor clients have looked at it and why they didn’t buy it.
Maybe after tieing it up with a contract. When it has been on the market that long, I’s sure be inclined to offer about 12-15% below the asking price. When properties don’t sell, they are usually priced 10% or more over market value. Otherwise some other investor would have made an offer at something like 8-10% off the asking price, I’d think.
Good Investing******Ron Starr************