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Updated about 8 years ago on . Most recent reply

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214
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29
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Carlos Rodrigues
  • Investor
  • Kearny, NJ
29
Votes |
214
Posts

Always Being Outbid? Advice

Carlos Rodrigues
  • Investor
  • Kearny, NJ
Posted

Good evening everyone. The past few months I've done nothing but analyze deals and offer on properties if they're good deal. I recently found a 3 unit property in North/ Central Jersey, two properties in one lot. It was a two family and a separate single family which combined I could easily get $4700+ in rents a month. My mortgage would of been about $3,000 monthly with asking price of $380k and showing good cashflow I placed a offer and it quickly got declined by a cash buyer. All in three days of being on the market. I hate to say this isn't the first time its happened and I feel like I'll always be outbid. I seriously feel like the market is going up and everyone is bidding on properties and going over asking price. Any suggestions, trick or tips? Thank you kindly

Most Popular Reply

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17,485
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30,178
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Russell Brazil
  • Real Estate Agent
  • Washington, D.C.
30,178
Votes |
17,485
Posts
Russell Brazil
  • Real Estate Agent
  • Washington, D.C.
ModeratorReplied

Escalation clause. Offer $5-$10k over 2nd best offer so the sellers have to make a decision of whether they should take the quick cash close, or take  an extra $10k.

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