Question:
“I’d like to get a good deal on a rental property, like 20% under market. What do you recommend?”
Answer:
I recommend changing your goal!
Having invested in real estate for 35 years, how many properties do you think I’ve bought 20% or more under market value?
ZERO.
I’m not saying it never happens.
But the odds are lower than you going to Vegas and dropping $100,000 on the roulette table’s red 7 and walking away with a cool $3.5 million (the payoff is 35-1). So unless you’re ready to devote the next couple of years of your life to making offer after offer after offer, with no assurance of success, I say change your goal to buying something between 5% under market and fair market value.
