Ive had a few inquiries on how and when we make an offer on a property. So, this is a longish post on the process we use. We are first really clear on the purpose of the property. Ive never seen a property that would be good as a home and a rental. Rentals are almost always cheaper and the most important thing is ROI. I see people buy property with a dozen possibilities (in their head). Its almost always a bad purchase. In this case, were looking for a property with more acreage and privacy for our personal home. We really planned to get serious about this next year, but a creative real estate finance op kind of fell in our lap. We went out to the property twice, but we already had an idea of comps. This is BY FAR the least expensive property in the area. Its about half. There is deferred maintenance and a poorly designed kitchen with cheap looking cabinets. Thats all we did - then we made an offer. There are contingencies for the home inspection, title report, well test, septic test and radon. I think well probably pass on the radon, just put it in. I have no idea if it will go. Creative real estate deals dont work out as often, so it might not. If it doesnt....next!
Posted on: Mon, 21 Jul 2014 13:28:58 +0000