Posted by Tim (CT) on March 08, 2001 at 09:42:25:
Thanks for your input Ed. In response to some of your questions, I have taken into consideration ALL of the monthly expenses including maintenance, taxes, insurance, vacancy rates, etc. The $450/mo is truly positive cash flow.
I agree with your statement of offering a low ball figure. The realtor I’m dealing with tells me there’s another buyer that really wants the property. I don’t know if he’s telling the truth or not. So, theoretically, I’ve got some competition. I’m probably going to offer them 92k (there asking 99,900) initially and see what they do. If they get another offer from the other buyer, I’ll just ask to consider a counter from me. I have a value in mind that I don’t want to go over. So, I do have some room. If we agree on a value between 92 and 100k then that will be ok.
You had mentioned getting pre-approved for financing. Can I do this with any bank/lender? Even if I don’t end up going with them? What’s the best way to do this? Is it better to get pre-approved for financing before you make any offers, especially if I’m just starting out? Sorry for all the questions.
One last thing, I want to personally thank you for taking time out of your busy schedule to answer not only my post but all of the other posts that are directed towards you. You give me (and probably others) alot of inspiration just by giving us some personal attention. Thanks again.