What are some tips on negotiating?
Timing, information and strategy are keys to negotiating an investment property. Any long term real estate investment business plan should included continued education in sales and negotiation. A small 3% savings on a $300,000 property is $9,000 in your pocket. Unlike with a primary residence you will likely have much more flexibility with your closing date when buying an investment property. Use that to your advantage. You may want to offer a quick closing instead of offering the seller’s asking price. You would be amazed at how quickly you can negotiate a favourable price by using the closing date to your advantage. Also, with the use of public records you can find out when the property was purchased and for how much. If the property was purchased within the last year or two for a substantially lower price perhaps there is more flexibility on the amount you purchase the property for. Or if the seller has moved into another home perhaps they are making multiple mortgage payments and a
