Christian OsgoodCEO, Multifamily Strategy · CEO at Multifamily Strategy

I lost $10,000 learning how to negotiate

17 Jan 2023 · 1 min

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Christian Osgood got a property under contract, found vent problems and appliance defects in inspection, then asked the seller for a $10,000 discount. The seller said no and the deal died. He learned the hard way that his negotiation approach was wrong.

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I knew I was off about $10,000 from what I really wanted to offer, and the advice I was given, which was incorrect, was, look, get the darn thing under contract, go through your feasibility, and then at the end of feasibility, we already know there's some little things wrong with the building, just mark them off on the inspection report and ask for $10,000 less. So do the negotiations in the future. Well, guess what happened? This is my first deal, and this is how you learn this. I went through, I did the feasibility, there were things wrong with the vents, some of the appliances and a minor issue with the furnace, but enough to, you know, bring it up. Go, okay, the deal works for me, $10,000 off. Guess what they responded? No, you lost.