Paying more than asking?

[Adam Khalil]

Hi Everyone,

This is my first post on BiggerPockets, Haven't purchased any properties yet. Just starting out. Read 5 books and have basically been self educating myself.

I put an offer in today on a nice 3 bedroom 2 bath ranch listed at  115K. Only needs cosmetic work, paint carpet and some tiling. Nothing major by the looks of it.

I offered 5K more than the asking because they had so many offers. Is this crazy to anyone?

I figured what the heck is an extra 5 or even 10K over the span of a 30 year loan? I think it will still rent out for 1200-1500 a month. Any suggestions on If i am nuts for offering over asking price?