A broker I’ve built a good relationship with just tipped me off to a 16-unit that the bank is auctioning off. It’s in good physical condition, has only one vacant unit, is in a good location, and from all indications is making money (rents are below market rate but there’s room for growth, repositioning, etc.). The bank wants it off their hands because as we all know banks hate holding on to real estate. Since they haven’t said they have a reserve price, after we do the pre-auction walkthrough this week, I’m going to be making a totally disrespectful offer for it: 50-60% of what it last traded for. I may be having some butterflies in my stomach over it (that little voice in the back of my mind going “What if they reject the bid?”) but then my training kicks in: this is a bank, it’s the numbers they’re looking at, there’s no emotion here, if the offer works for them they’ll take it, and if not they’ll say so. So begone, butterflies! Let’s get ‘er dun! 😊 I’ll keep y’all posted!