Bidding for Multi family

[Brandon Morgan]

Hi all, I live in the NJ/NY area and I am looking to buy a Multi family and I am a first time investor. I am reading books about financing for first time buyers but the area I Live things are very competitive and all the decent properties are having bidding wars?

What are your thoughts on bidding? is it unwise to go above asking price? that seems to be the only way I will get a property I want. Is there a certain number over or percentage I shouldn't go over when bidding for a property? So far it seems to be fine as long as I only bid within my budget but I wanted to get other opinions on this matter. I am open to any advice!

[Alecia Loveless]

@Brandon Morgan We're still going higher than list price in my area. I'm closing on a deal that was just too good to me to miss out on that I bid over asking before it went on the MLS. The listing agent showed it several times but a month went by and he didn't process the listing paperwork so I instructed my agent to draw up an offer over the list price he told me when he showed the property to me and submit it. Just like an off market listing and the early bird got the worm.