We heard back on our revised offer today. I was hoping it’d be sooner, but with the weekend and the seller being in France, this is about what I expected. I also expected they’d give us something, but they didn’t.
The seller stood firm on the initial $45k offer. Apparently they said they have other offers on the table, too. I didn’t like that. I want the house. Not because I’m not emotionally invested or feel like I’ve put too much time into this deal, but it makes sense.
Read MorePurchasing an investment property is nothing like buying your primary residence, at least that’s been my experience so far here in the Detroit investment market. For starters, there are generally very few photos of the property, often times no interior shots. Next, if the home is tenant occupied (often time it is), you’re generally required to have an accepted offer before seeing the property.
Having never purchased an investment property before, that last one was a head-scratcher… how am I supposed to put an offer in on a house if I’ve never even seen it? That’s crazy, right?!
Not entirely.
Read MoreKaitlin and I have wanted to dabble in real estate for a long time, ever since I can remember really. Like many folks we’d watch flipping shows, HGTV, etc. but always had an excuse for why we couldn’t get started.
We lived in California, for starters. The barrier to entry there is far higher simply do to the higher cost of real estate. We also didn’t have much time. I was still getting Kibin off the ground; she had a demanding sales job. If we’d been truly motivated we would have found a way to get going regardless.
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