Offer accepted on my first investment property!

[Philip Coiro]

I've been looking for a flip project for a long while in my home market of Long Island, NY and after not being able to compete with all cash offers on $400,000 houses that need $150,000 in rehab I started to look out of market. I was eyeing Pittsburgh as I'm a little familiar with the city and have some friends there. 

I contacted two agents that had the highest recent sales on properties that I could tell were flips to talk about the neighborhoods and what I was looking for, I also connected with two other agents whom I met here on BP and they we're super nice and helpful. The following week I planned a 3 day trip to meet them and see some properties, I met with 3 agents while in town and saw properties with 2 of them. I think it's important to meet many agents as they all have different opportunities, 2 of the 3 agents only showed me off market properties or things they haven't listed yet. I will say it's best to be clear and upfront about this as one of the four agents I talked with preferred to develop a one on one relationship, he was very accomplished and helpful but I wasn't ready to make that promise just yet. 

Of the 10 or so properties I walked while in town I didn't find anything that quite worked for my situation. When I got home I found something on MLS and asked one of the agents about it. She walked the property for me the next day to see if anything surprising or not shown in the pictures was there but didn't notice anything and I put in an offer in that day sight unseen!

Negotiations on the REO went...

List $89,900

Offer 70,000

Counter $87,900

Counter $71,373

Counter $85,900

Counter $72,353

Counter $80,000

Counter $73,319

Counter $78,500

Counter $73,975

Counter $77,900

Counter $74,495

Counter $76,250

Counter $74,864

Counter Denied/price reduction on listing to $84,900

New Offer Submitted at $76,250

Bank Countered $88,500 (higher than listing)

I Countered back at the same number $76,250

Offer Denied 🙅... I moved on and found another opportunity then got a call that they changed their mind, offer accepted!

Should have the contract to sign tomorrow morning! I'll keep you posted on the progress of the rehab and let you know if we made any money lol