Pulled the plug on a deal I had u/c today following a revised ARV based on physical walkthroughs by me and a couple other local investors. Learning points: - Never, EVER count on what you see online to represent actual physical reality! Physical walkthrough before EMD goes hard is a MUST. - If the deal is iffy, get your DD done ASAP so if it’s a no-go, you can let the LA know quickly. You may lose the deal, but win the relationship. - Don’t forget to check the surroundings. Things like commercial buildings, busy streets, ugly neighbors, etc. can impact pricing. As always, you can either win or learn!

This one shocked me. Made a lowball offer I figured would never in a gazillion years get accepted. And then the seller accepted! 😱 <𝘕𝘰𝘵𝘦, 26-05-06, 𝘵𝘩𝘦 𝘥𝘢𝘺 𝘢𝘧𝘵𝘦𝘳: 𝘞𝘢𝘭𝘬𝘦𝘥 𝘵𝘩𝘦 𝘱𝘳𝘰𝘱𝘦𝘳𝘵𝘺 𝘵𝘰𝘥𝘢𝘺. 𝘛𝘖𝘛𝘈𝘓𝘓𝘠 𝘥𝘪𝘧𝘧𝘦𝘳𝘦𝘯𝘵 𝘭𝘰𝘰𝘬 𝘢𝘯𝘥 𝘧𝘦𝘦𝘭 𝘵𝘩𝘢𝘯 𝘸𝘩𝘢𝘵 𝘵𝘩𝘦 𝘰𝘯𝘭𝘪𝘯𝘦 𝘱𝘪𝘤𝘴 𝘱𝘰𝘳𝘵𝘳𝘢𝘺 😳. 𝘈𝘴 𝘐 𝘵𝘰𝘭𝘥 𝘵𝘩𝘦 𝘓𝘈 𝘢𝘧𝘵𝘦𝘳𝘸𝘢𝘳𝘥𝘴, 𝘐'𝘭𝘭 𝘣𝘦 𝘳𝘦𝘦𝘷𝘢𝘭𝘶𝘢𝘵𝘪𝘯𝘨 𝘢𝘯𝘥 𝘳𝘦𝘷𝘪𝘴𝘪𝘯𝘨 𝘮𝘺 𝘰𝘧𝘧𝘦𝘳.> The agent asked if I wouldn't mind providing an explanation as to why my offer was so low, so her client, as she put it, "wouldn't be offended". So here's what I wrote: 𝘏𝘪 𝘑𝘪𝘭𝘭𝘪𝘢𝘯, 𝘛𝘩𝘢𝘯𝘬𝘴 𝘧𝘰𝘳 𝘨𝘦𝘵𝘵𝘪𝘯𝘨 𝘣𝘢𝘤𝘬 𝘸𝘪𝘵𝘩 𝘮𝘦 𝘰𝘯 𝘵𝘩𝘪𝘴. 𝘐 𝘢𝘱𝘱𝘳𝘦𝘤𝘪𝘢𝘵𝘦 𝘺𝘰𝘶𝘳 𝘲𝘶𝘦𝘴𝘵𝘪𝘰𝘯. 𝘈𝘴 𝘢𝘯 𝘪𝘯𝘷𝘦𝘴𝘵𝘰𝘳, 𝘪𝘵’𝘴 𝘢𝘭𝘭 𝘪𝘯 𝘵𝘩𝘦 𝘯𝘶𝘮𝘣𝘦𝘳𝘴. 𝘛𝘩𝘦 𝘱𝘳𝘪𝘤𝘦 𝘰𝘧𝘧𝘦𝘳𝘦𝘥 𝘪𝘴 𝘢𝘣𝘰𝘶𝘵 𝘸𝘩𝘦𝘳𝘦 𝘸𝘦 𝘯𝘦𝘦𝘥 𝘵𝘰 𝘣𝘦 𝘪𝘯 𝘰𝘳𝘥𝘦𝘳 𝘵𝘰 𝘰𝘣𝘵𝘢𝘪𝘯 𝘢 6-8% 𝘯𝘦𝘵 𝘤𝘢𝘱 𝘳𝘢𝘵𝘦 𝘧𝘰𝘳 𝘢 𝘤𝘰𝘯𝘥𝘰 𝘪𝘯 𝘢 𝘣𝘶𝘺𝘦𝘳’𝘴 𝘮𝘢𝘳𝘬𝘦𝘵 𝘸𝘪𝘵𝘩 𝘥𝘰𝘸𝘯 𝘵𝘳𝘦𝘯𝘥𝘪𝘯𝘨 𝘱𝘳𝘪𝘤𝘦𝘴, 𝘢𝘣𝘶𝘯𝘥𝘢𝘯𝘵 𝘢𝘭𝘵𝘦𝘳𝘯𝘢𝘵𝘦 𝘤𝘩𝘰𝘪𝘤𝘦𝘴 𝘵𝘰 𝘱𝘪𝘤𝘬 𝘧𝘳𝘰𝘮, 𝘢𝘯𝘥 𝘪𝘯𝘤𝘳𝘦𝘢𝘴𝘪𝘯𝘨 𝘪𝘯𝘷𝘦𝘯𝘵𝘰𝘳𝘺. 𝘞𝘦’𝘳𝘦 𝘯𝘰𝘵 𝘺𝘰𝘶𝘳 𝘵𝘰𝘱 𝘥𝘰𝘭𝘭𝘢𝘳 𝘣𝘶𝘺𝘦𝘳, 𝘣𝘶𝘵 𝘤𝘢𝘯 𝘱𝘳𝘰𝘷𝘪𝘥𝘦 𝘢 𝘲𝘶𝘪𝘤𝘬 𝘢𝘭𝘭-𝘤𝘢𝘴𝘩 𝘴𝘢𝘭𝘦 𝘺𝘰𝘶 𝘤𝘢𝘯 𝘤𝘰𝘶𝘯𝘵 𝘰𝘯 𝘸𝘪𝘵𝘩 𝘯𝘰 𝘧𝘪𝘯𝘢𝘯𝘤𝘪𝘯𝘨 𝘤𝘰𝘯𝘵𝘪𝘯𝘨𝘦𝘯𝘤𝘪𝘦𝘴. 𝘐 𝘩𝘰𝘱𝘦 𝘵𝘩𝘪𝘴 𝘪𝘴 𝘩𝘦𝘭𝘱𝘧𝘶𝘭 𝘧𝘰𝘳 𝘺𝘰𝘶 𝘢𝘯𝘥 𝘺𝘰𝘶𝘳 𝘤𝘭𝘪𝘦𝘯𝘵. 𝘐𝘧 𝘵𝘩𝘦𝘳𝘦’𝘴 𝘢𝘯𝘺𝘵𝘩𝘪𝘯𝘨 𝘦𝘭𝘴𝘦 𝘐 𝘤𝘢𝘯 𝘱𝘳𝘰𝘷𝘪𝘥𝘦 𝘧𝘰𝘳 𝘺𝘰𝘶 𝘢𝘵 𝘵𝘩𝘪𝘴 𝘵𝘪𝘮𝘦, 𝘭𝘦𝘵 𝘮𝘦 𝘬𝘯𝘰𝘸. 𝘐𝘯 𝘢𝘯𝘺 𝘤𝘢𝘴𝘦, 𝘐 𝘭𝘰𝘰𝘬 𝘧𝘰𝘳𝘸𝘢𝘳𝘥 𝘵𝘰 𝘩𝘦𝘢𝘳𝘪𝘯𝘨 𝘧𝘳𝘰𝘮 𝘺𝘰𝘶! Now, on to finding a buyer! If you know anyone looking for one of the cheapest ways ever to own long term 'a piece of the rock' (i.e. Boulder, CO, where median house prices typically range in the low seven figures, and where when real estate prices around the state slump, prices tend to just flatten out before heading skyward again), send 'em on over! 😊

In the real estate investing game, patience can be a profitable virtue Heard from a listing agent today about a deal I’d put an offer in on two months ago. At the time, she seemed quite confident my offer wouldn’t interest the seller. Undeterred, I kept in touch. Noticing (thanks to an automated system I’ve set up) a price drop in the listing, I sent an email yesterday, “just checking in”. 𝗡𝗼𝘄, 𝗮𝗳𝘁𝗲𝗿 𝗵𝗮𝘃𝗶𝗻𝗴 𝘀𝗲𝘃𝗲𝗿𝗮𝗹 𝗰𝗼𝗻𝘁𝗿𝗮𝗰𝘁 𝗳𝗮𝗹𝗹 𝗼𝘂𝘁, 𝘁𝗵𝗶𝗻𝗴𝘀 𝗵𝗮𝘃𝗲 𝗰𝗵𝗮𝗻𝗴𝗲𝗱. (Sometimes time is your ally) The agent wanted to know if a price drastically lower than asking and just a little above my earlier offer could work. We’re still in discussion, but as I think you can see, these are the kind of opportunities that come around only following diligent, friendly follow-up. Three steps to effective follow-up: 1. Keep track of all leads, even if just in a Google Sheets 2. Put leads into buckets like “Active”, “Watch”, “Offer Declined”, etc. 3. Put dates on all leads that could still turn into deals and take action on those dates. Occasionally, you get a deal that happens right off the bat. 𝗠𝗼𝗿𝗲 𝗼𝗳𝘁𝗲𝗻 𝘁𝗵𝗮𝗻 𝗻𝗼𝘁, 𝘁𝗵𝗲 𝗯𝗲𝘁𝘁𝗲𝗿 𝗱𝗲𝗮𝗹𝘀 𝗿𝗲𝗾𝘂𝗶𝗿𝗲 𝟱-𝟭𝟬 𝗼𝗿 𝗺𝗼𝗿𝗲 𝘁𝗼𝘂𝗰𝗵𝗲𝘀. What leads do you have that might be turned into a deal with a quick phone call, email or text?

Opened escrow on a new deal yesterday, as follows: Denver Northeast Park Hill 1942 Brick Ranch, 2/1 762sf + unf bsmt Was listed at $440k, now u/c at $305k ARV ~$450k fully finished Light rehab for retail, or as-is with some cleanup for rental May need a further price reduction during our 9 day DD Targeting a $10k assignment fee 🤞 Now on to the hunt for a cash buyer!

Been using ChatGPT for dialoging on negotiating, strategy, underwriting and more. Just completed my Claude Code setup. Now on to creating automated workflows that I believe could 5x my productivity.