would you be interested in this as a first buy?

[ruready]

I found these apt owners who want to move back home which is 3000 miles away. They have four units which are new and they take in 2050. mth which if I times that by 50 would you only give them 102,500. Thy are asking 245,000 because they are so new they say. I told her I would make offer first of the week. They are not desperate but do want to sell. I have a feeling you're going to say, KEEP LOOKING    but what would you guys offer bottom dollar???

[Rich_in_CT]

Do not offer one cent over your max offer.  If they don't accept tell them the offer stands and have them call you if they reconsider.  I don't see them coming down to your offer from their price.  If their price is retail and they list it half way between yours and theres it will be on the market about 2 days before its snatched up....not sure there's a chance your ever going to see them sell it that cheap.

[ruready]

Cool, But it looks like I won't get something almost new for a still right?   

[Equity]

Are you looking for something new or something you can make money on?

Sorry for the loaded question.  I know of course you want both, don’t we all, but this is not commercial property.  It’s residential and normally valued on comps, not on income.

What have comparable buildings sold for recently in the immediate area?  This might give you a better idea of how to make money on it and what you can pay.

[propertymanager]

ruready,

This one is a waste of time.  KEEP LOOKING! 

You do realize that there are millions of people who "want to sell" at retail.  If you want to find them, all you need to do is call any realtor.  If you want to be successful in real estate, you MUST change your thinking.  You aren't looking for someone "wanting to sell", you are looking for someone who is DESPERATE and will sell for a discount of AT LEAST 30% of the market value.

Mike

[ruready]

I got it!!!