Buying & Selling Real Estate
Market News & Data
General Info
Real Estate Strategies

Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal



Real Estate Classifieds
Reviews & Feedback
Updated about 10 years ago on . Most recent reply

frustrated
I may have placed 10 offers in the past year and a half on quality rental properties, and lost them all. Am I doing something wrong? Any better strategies? I must have looked at a few hundred to get these, all in southern california. Most of these properties break even or little monthly cash flow, which is fine with me. I do my calculations and based on what the current rents are I make an offer. None really low ball, maybe $25k below asking at most. Most were close to asking price. What I have noticed that in the 400-600k range, there seems to be multiple offers. I have lost to all cash buyers, renters who live at the property, and slightly higher bids or overbids. I will not go into a bidding war because there is already little margin of cash flow with these properties. By the way, all of the properties that I placed a bid on were on the market and sold within 2 weeks.
I try to offer close to selling if the house looks and it needs some work, or offer full price if I like it even if it needed tlc. I put a minimum of 30% down and have a credit score of 750 or greater. would like to know how to approach these deals without having to put in an all cash offer to get them.
I also noticed a lot of these prices are based on a proforma data. How does BP members deal with that
1.Do I offer for full price, go in and if it requires a lot of tlc, do I renegotiate and ask owner to lower price?
2. Do i ask for a lower price with a higher down than 30%?
3. Do I offer full or whatever price and say "as is"
need help here, not buyer's remorse, but loser's remorse on a quality property that I could have probably got it I went a little further.
Most Popular Reply

Maybe your attitude is slightly off. I hate bidding wars but I am still successful. The key is not the "price" but to know the end goal. The wars I have won have not been over price but everything else. I make the deal so sweat they take me over someone else.
*I remove all the "bull" out of the contract.
*I increase the ernst money down to my downpayment requirement.
*I shorten the close time to the quickest my lender can do (15 days)
*I send a personal letter to why they should chose me.
*I give them my best and final offer on the second attempt.
I also won't lose the deal over 1,500-2k. So I will go up a touch to show that I am working with them.
Good Luck! I totally understand where you are coming from.