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What Price Do You Pay When Purchasing Property?

What Price Do You Pay When Purchasing Property?

This makes for an interesting argument.  What do you think?
 

 
Case 1: Make a sensible offer:
I often read from investors that when purchasing you should make a sensible offer and not “low-ball” the seller.   The theory behind this is that you should be more interested in the cashflow of the property, not so much the purchase [...]