Is it really hard to find deals right now?
Yes, it is. The market for income property continues to be very hot.
And yet we just went into contract on a 12 unit with optimally-sized units and parking in a good location for ~$200 / sq ft.
That’s a good deal now, but it also would have been a good deal 18-24 months ago, when it was a lot easier to find stuff to buy.*
To make this kind of deal, you need to be willing to be patient enough to wait months, but decisive enough to act immediately when something good comes along.
There’s obviously no guarantee that this will work… we haven’t even seen the inside of the building yet.
So wish us luck with our diligence.
*You might wonder why I’m willing to disclose I like the deal this much. After all, it weakens our bargaining position when it comes to negotiating credits around the contingency removal. The answer is that we don’t price chip, ever. We either close at the price we offered or cancel the deal. That’s how you keep getting to see the best stuff.