D
ion McNeeley, a real-estate investor with a 16-unit portfolio, has shifted his focus from speed to finding the best deal. He now prioritizes properties that have been on the market for at least three times the average number of days in his area. This strategy helped him negotiate a $100,000 reduction in price.

    McNeeley studies his local market daily and knows that homes typically sit for six to nine days in Tacoma, Washington. His rule of thumb is to triple this average, making 30 days or more a target for potential deals. When he finds a property meeting these criteria, he makes an offer based on the renovation costs and potential return.

    For example, McNeeley purchased a duplex that had been listed for over 100 days at $500,000. He offered $400,000, which after two months of negotiation, was accepted when another buyer's offer fell through. However, it's essential to note that properties lingering on the market may have issues or be poorly listed.

    McNeeley emphasizes the importance of due diligence and verifying information before making an offer. In his case, the property required $62,000 in renovations and had been mislisted as a single-family home when it was actually a duplex. By doing his research and negotiating with a motivated seller, McNeeley secured a good deal.