Anything wrong with this - Posted by Sue
Posted by Sue on September 13, 2004 at 08:16:30:
I am a new investor This is my Idea of real estate investing: Suggest/ask always, anything to make a deal work for you. I am an extremely bold person when it comes to real estate investing. I will offer a deal that works for me and then ask,“will this work for you”? There is nothing too crazy that I won’t ask. Now, I don’t know if this is wrong, but when it comes to real estate, to me, If it’s agreeable to both sides, then what is wrong with that. Should I not ask? I know I am going to be asked if I am nuts sometimes; That’s very rude, but, however, that’s par for the course, you are going to find lot’s like that. I can handle that. I don’t mind paying a little extra if the terms suit me. Now, I am presently not employed, but do have some income. I have lived now, (honorably, no hanky panky) for close to 15 yrs by my own resourses. I am a survivor, I am a woman and I know my self worth, but that doesn’t cut it with the banks. For this reason, I got to be bold with potential sellers. I’m not out to con anyone, but for a little higher price, I want a deal to work for me to. Anyway, I called on a 5-apt bldg, owners say they don’t need to sell, bullsh*it I say, why publish it in the first place. Ad says $199k firm with rents totalling $2k per month. Bldg is up to city code with each unit registered. Everyone has their own electricity meter. Each unit is rented. There is an assumable mtg of about $120k. I want to structure the deal where I get $10k at closing or do a lease option and pay the sellers some money a month over and above the mtg payment (from the rent money) on the $120k and also offer to give the sellers a higher selling price. Now, I will use my “will this work for you” strategy. I don’t have any money down, hence the paying a little higher purchase price. The owners don’t want the hassle of travelling to and from the property. The people have several properties that they want to sell also. I have not even seen the bldg yet, I’ve got no comps, inspections or appraisals on it as yet, and I wouldn’t mind doing it sight unseen. I know that’s not a good idea, but we’ll see. My offer will probably be nuts, or yet!!!, not so nuts; They just may accept. Please tell me where I’m going wrong, also, I guess, I want to convince myself that it’s ok to make unconventional offers. Is my way of doing real estate ok?