๐ฅ
24d (edited) โข Wins
New Deal U/C: 2/2 Condo in Boulder, at $216k, a 6-8% NET Cap Rate with Upside
This one shocked me.
Made a lowball offer I figured would never in a gazillion years get accepted.
And then the seller accepted! ๐ฑ
<๐๐ฐ๐ต๐ฆ, 26-05-06, ๐ต๐ฉ๐ฆ ๐ฅ๐ข๐บ ๐ข๐ง๐ต๐ฆ๐ณ: ๐๐ข๐ญ๐ฌ๐ฆ๐ฅ ๐ต๐ฉ๐ฆ ๐ฑ๐ณ๐ฐ๐ฑ๐ฆ๐ณ๐ต๐บ ๐ต๐ฐ๐ฅ๐ข๐บ. ๐๐๐๐๐๐๐ ๐ฅ๐ช๐ง๐ง๐ฆ๐ณ๐ฆ๐ฏ๐ต ๐ญ๐ฐ๐ฐ๐ฌ ๐ข๐ฏ๐ฅ ๐ง๐ฆ๐ฆ๐ญ ๐ต๐ฉ๐ข๐ฏ ๐ธ๐ฉ๐ข๐ต ๐ต๐ฉ๐ฆ ๐ฐ๐ฏ๐ญ๐ช๐ฏ๐ฆ ๐ฑ๐ช๐ค๐ด ๐ฑ๐ฐ๐ณ๐ต๐ณ๐ข๐บ ๐ณ. ๐๐ด ๐ ๐ต๐ฐ๐ญ๐ฅ ๐ต๐ฉ๐ฆ ๐๐ ๐ข๐ง๐ต๐ฆ๐ณ๐ธ๐ข๐ณ๐ฅ๐ด, ๐'๐ญ๐ญ ๐ฃ๐ฆ ๐ณ๐ฆ๐ฆ๐ท๐ข๐ญ๐ถ๐ข๐ต๐ช๐ฏ๐จ ๐ข๐ฏ๐ฅ ๐ณ๐ฆ๐ท๐ช๐ด๐ช๐ฏ๐จ ๐ฎ๐บ ๐ฐ๐ง๐ง๐ฆ๐ณ.>
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:
๐๐ช ๐๐ช๐ญ๐ญ๐ช๐ข๐ฏ, ๐๐ฉ๐ข๐ฏ๐ฌ๐ด ๐ง๐ฐ๐ณ ๐จ๐ฆ๐ต๐ต๐ช๐ฏ๐จ ๐ฃ๐ข๐ค๐ฌ ๐ธ๐ช๐ต๐ฉ ๐ฎ๐ฆ ๐ฐ๐ฏ ๐ต๐ฉ๐ช๐ด. ๐ ๐ข๐ฑ๐ฑ๐ณ๐ฆ๐ค๐ช๐ข๐ต๐ฆ ๐บ๐ฐ๐ถ๐ณ ๐ฒ๐ถ๐ฆ๐ด๐ต๐ช๐ฐ๐ฏ.
๐๐ด ๐ข๐ฏ ๐ช๐ฏ๐ท๐ฆ๐ด๐ต๐ฐ๐ณ, ๐ช๐ตโ๐ด ๐ข๐ญ๐ญ ๐ช๐ฏ ๐ต๐ฉ๐ฆ ๐ฏ๐ถ๐ฎ๐ฃ๐ฆ๐ณ๐ด.
๐๐ฉ๐ฆ ๐ฑ๐ณ๐ช๐ค๐ฆ ๐ฐ๐ง๐ง๐ฆ๐ณ๐ฆ๐ฅ ๐ช๐ด ๐ข๐ฃ๐ฐ๐ถ๐ต ๐ธ๐ฉ๐ฆ๐ณ๐ฆ ๐ธ๐ฆ ๐ฏ๐ฆ๐ฆ๐ฅ ๐ต๐ฐ ๐ฃ๐ฆ ๐ช๐ฏ ๐ฐ๐ณ๐ฅ๐ฆ๐ณ ๐ต๐ฐ ๐ฐ๐ฃ๐ต๐ข๐ช๐ฏ ๐ข 6-8% ๐ฏ๐ฆ๐ต ๐ค๐ข๐ฑ ๐ณ๐ข๐ต๐ฆ ๐ง๐ฐ๐ณ ๐ข ๐ค๐ฐ๐ฏ๐ฅ๐ฐ ๐ช๐ฏ ๐ข ๐ฃ๐ถ๐บ๐ฆ๐ณโ๐ด ๐ฎ๐ข๐ณ๐ฌ๐ฆ๐ต ๐ธ๐ช๐ต๐ฉ ๐ฅ๐ฐ๐ธ๐ฏ ๐ต๐ณ๐ฆ๐ฏ๐ฅ๐ช๐ฏ๐จ ๐ฑ๐ณ๐ช๐ค๐ฆ๐ด, ๐ข๐ฃ๐ถ๐ฏ๐ฅ๐ข๐ฏ๐ต ๐ข๐ญ๐ต๐ฆ๐ณ๐ฏ๐ข๐ต๐ฆ ๐ค๐ฉ๐ฐ๐ช๐ค๐ฆ๐ด ๐ต๐ฐ ๐ฑ๐ช๐ค๐ฌ ๐ง๐ณ๐ฐ๐ฎ, ๐ข๐ฏ๐ฅ ๐ช๐ฏ๐ค๐ณ๐ฆ๐ข๐ด๐ช๐ฏ๐จ ๐ช๐ฏ๐ท๐ฆ๐ฏ๐ต๐ฐ๐ณ๐บ.
๐๐ฆโ๐ณ๐ฆ ๐ฏ๐ฐ๐ต ๐บ๐ฐ๐ถ๐ณ ๐ต๐ฐ๐ฑ ๐ฅ๐ฐ๐ญ๐ญ๐ข๐ณ ๐ฃ๐ถ๐บ๐ฆ๐ณ, ๐ฃ๐ถ๐ต ๐ค๐ข๐ฏ ๐ฑ๐ณ๐ฐ๐ท๐ช๐ฅ๐ฆ ๐ข ๐ฒ๐ถ๐ช๐ค๐ฌ ๐ข๐ญ๐ญ-๐ค๐ข๐ด๐ฉ ๐ด๐ข๐ญ๐ฆ ๐บ๐ฐ๐ถ ๐ค๐ข๐ฏ ๐ค๐ฐ๐ถ๐ฏ๐ต ๐ฐ๐ฏ ๐ธ๐ช๐ต๐ฉ ๐ฏ๐ฐ ๐ง๐ช๐ฏ๐ข๐ฏ๐ค๐ช๐ฏ๐จ ๐ค๐ฐ๐ฏ๐ต๐ช๐ฏ๐จ๐ฆ๐ฏ๐ค๐ช๐ฆ๐ด.
๐ ๐ฉ๐ฐ๐ฑ๐ฆ ๐ต๐ฉ๐ช๐ด ๐ช๐ด ๐ฉ๐ฆ๐ญ๐ฑ๐ง๐ถ๐ญ ๐ง๐ฐ๐ณ ๐บ๐ฐ๐ถ ๐ข๐ฏ๐ฅ ๐บ๐ฐ๐ถ๐ณ ๐ค๐ญ๐ช๐ฆ๐ฏ๐ต. ๐๐ง ๐ต๐ฉ๐ฆ๐ณ๐ฆโ๐ด ๐ข๐ฏ๐บ๐ต๐ฉ๐ช๐ฏ๐จ ๐ฆ๐ญ๐ด๐ฆ ๐ ๐ค๐ข๐ฏ ๐ฑ๐ณ๐ฐ๐ท๐ช๐ฅ๐ฆ ๐ง๐ฐ๐ณ ๐บ๐ฐ๐ถ ๐ข๐ต ๐ต๐ฉ๐ช๐ด ๐ต๐ช๐ฎ๐ฆ, ๐ญ๐ฆ๐ต ๐ฎ๐ฆ ๐ฌ๐ฏ๐ฐ๐ธ. ๐๐ฏ ๐ข๐ฏ๐บ ๐ค๐ข๐ด๐ฆ, ๐ ๐ญ๐ฐ๐ฐ๐ฌ ๐ง๐ฐ๐ณ๐ธ๐ข๐ณ๐ฅ ๐ต๐ฐ ๐ฉ๐ฆ๐ข๐ณ๐ช๐ฏ๐จ ๐ง๐ณ๐ฐ๐ฎ ๐บ๐ฐ๐ถ!
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! ๐
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New Deal U/C: 2/2 Condo in Boulder, at $216k, a 6-8% NET Cap Rate with Upside
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