Today I wanted to offer a play-by-play on just one of our investment clients: 2013: Purchased a 3 bed condo in South Coast Metro for $128,000. There were 27 cats that lived in this property, all without litter boxes, the smell from the nitrogen in the urine permeated everything, along the top of all the walls had 8 inches of mold, floors were all warped. Funny thing was, they had a $2,000 Viking stainless steel range stove, nearly brand new. 2013: Spend $23,000 to fix it up, including new everything. Little to no repair work for 7 years afterwards because we did it right to begin with. Instant equity as price was $175,000. 2013: Rented for $1,700 2014: Rent increase to $1,750 2015: Rent increase to $1,800 2016: Rent increase to $1,850 2017: Rent increase to $1,950 2018: New tenant, rented for $2,000 2019: New tenant, rent for $2,300 2020: SOLD during the Coronavirus for $360,000, under contract with the proceeds for most of the downpayment for a $1.367M 4plex purchase in...

That house you just walked through was perfect. In some ways you were compromising with it, but it hit all the major points and in that corner the L shaped couch is going to be placed. And think of all those boxes you are going to have to get. But before we start talking boxes, we need to put an offer. When writing an offer, make it a strong one. Also remember, you were thinking with your heart before-think with your head now. An offer can be broken down into three things: Price, Terms, and Contingencies. In terms of price, your agent will know if it is priced well or you should be offering more based on comparables (comps). Defer to their knowledge as they are the market expert. Terms, decide what details of the transaction you would like to handle: when the deal closes, does anything stay in the house, who pays closing costs. Use this to create a win-win situation for both you the buyer and them the seller. Lastly contingencies, there are five standard contingency clauses in a rea...