I had a chat with an investor today who has had a commercial FSBO property listed for quite some time now. I had left him a message but didn’t hear back, so I called again, and this time I got him on the phone. He was pretty quick to cut to the chase by blurting out “whats’ your name and who are you?” I told him my name and that I was an investor, to which he replied “I get calls from guys like you all the time looking for deals” (newsflash – that is what happens when you put up a “for sale by owner” sign. He went on to tell me that it was an all cash deal and asked if I had the money. I told him it depended on the price and he proceeded to tell me it was market rate and that he didn’t need to sell. I confirmed his suspicion that I don’t pay retail and just said “in this market is doesn’t make sense to pay retail”. We ended the conversation cordially.
So what’s the moral of the story? Sometimes you will encounter a seller than doesn’t need to sell (or perhaps s looking for a sucker). As an investor, you will often make your money the day you buy the property, so my advice is to hold out until you find properties that meet your price and profit requirements – they are definitely out there.
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