Making multiple offers

[Alexandria Harden]

I have been listening to the podcast for sometime now and want to put into action some of the steps. I analyze about 5 deals a day but analyzing without action is useless. I am a new investor with funding as my main hurdle I want to begin making 5 offers a week. Financially with what I know I can only close of maybe 1 property every 4 months. What am I to do when I get multiple accepted offers and don't have a way to close on them? 

[Bob Okenwa]

@Alexandria Harden

Analyzing deals for a new investor is anything but useless. Getting a feel for you market is vital in terms of learning which neighborhoods are doing well, which areas to avoid, and what price homes in the neighborhoods are going for.

As far as making 5 offers a week, if you don't have the money to close, I'd avoid making such offers. You would be expected to put earnest money down on each home (Sellers typically expect $1000 or 1%) and if you backed out of deals for anything outside of the contract parameters, there goes your earnest money.

Secondly, as an agent, I wouldn't want to work with someone asking me to write deals they couldn't close on. Time is money and there is no money for an agent until a deal closes. Continuously writing bad offers isn't something most agents aren't happy to do. Unless you have a wholesaling plan, try to avoid wasting everyone's time with multiple offers that you can't close on.

It's OK to start slow and make one offer at a time. Have your agent write the offer with a request that the seller respond within 1 business day or the offer is void. That way, you can get offers out quicker without having 5 potential accepted deals hanging over your head.