Tommy Dobczyk walks through a Michigan property listed at $414,000 that's been on the market 144 days. The DSCR is below 1.0 but needs to hit 1.2 to work. The pitch: keep making offers instead of waiting for yes, because persistent strategy beats the fear of looking pushy.
Were you in the deal room today? Like the mental barrier of being pushy versus being persistent.
So I found this property in Michigan for a nonprofit. So this property has been on the market, 17316, for 144 days. It's $414,000. So I was going to run it as one. I feel like we could do some negotiation or something like that because it's been on the market for so long.
So what you do is you come in and you basically hit them with a shovel and tell them this is what we need. So, so looking at We've got this, we've got the deal is a pass at risk for investors. They might have done— well, what they did was probably ready for this. They probably bought it at auction on May 12th, 2023, and then sold it close to a year later after a rehab of some substantial amount. So if we look in at the DSCR rate, let's look at it, go down. It shows that it's under the 1.0 range, which means that you want to have a score of 1.2 on a DSCR. The debt service coverage ratio, meaning that you're 20% higher on your, on your rent than you are on the mortgage. So you're not going to like make money from it as a, as a flip at all. And so that's where a co-living situation such as a nonprofit organization that needs 5 to 7 bedrooms.
5 bedrooms.
Right. So you could do a 5-bedroom here with a, with that facility and probably see an increase in your opportunity. Right. Yeah. Well, and again, here's the one thing that I was taught a long time ago. Go for the no. Has anybody in here ever just gone for the no? Yeah. I mean, if you ever played Monopoly with me, I guarantee you're going to tell me no a lot. And I start, I start, I start making deals the minute you buy a property. So like, I don't, I don't mess around in Monopoly. I'm making offers the entire time. I irritate people sometimes, don't I, Kat?
So on that note, can I ask a question? So how do you navigate like the mental barrier of being pushy versus being persistent.
And you're no longer pushy, you're persistent. And I have your money, please. Right?
Like, so he or she who is the most certain wins. So your certainty will determine, or your love or lack of certainty will determine your level of success.
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