I’m kind of disappointed in some of my readers. Sorry, guys.
When I put out the word that I had a pair of amazing fourplexes that would really work for FHA buyers, not a single first-time buyer stepped up.
Instead, the clients I’m working with on those deals are the kind of experienced investors who can see a good deal a mile a way and jumped at the chance to pick up off-market deals at below market prices.
Pulling the trigger on a property is tough, particularly when you haven’t done it before. A reasonable person can end up getting bogged down thinking about all of the things about a property that aren’t perfect.
In the case of the fourplexes, I believe most of my new buyers focused on the area (a good, but not great, part of Highland Park) and the position close to a busy street, and not enough on the (incredibly low) price per square foot and (very high) total returns. Too much “would I live here” and not enough “is this a great deal”.
Anyway, I think my investors are going to end up very, very happy about these properties (assuming we can get them closed… fingers crossed!)