Hot flip property- competing against multiple offers

[Maurice Selva]

I looked at a property today that just came on the market that is priced at $250,000.00 in which the ARV is between $490,000.00 - $510,000.00. I am estimating that rehab cost will be around $85,000.00. The biggest challenge I am anticipating is that when I walked through the property to evaluate it 3-4 agents were walking their flipper clients through and because the owner lives out of state and has to review all offers with their attorney they will not be reviewing offers for another week. I have to believe the they will have multiple offers and that I'll be competing against pro flippers who don't have to obtain financing and will be able to offer more than I because I'll be using hard money and I will be using a contractor to do all of the work. I remember hearing on a Bp podcast about putting down $100,000.00 as a deposit would sweeten the offer, and that as long a I have my contingencies in place I should be fine. I'm not new to the business and have made a lot of offers over the years but am a little apprehensive about structuring my offer in this manner. In the past when I've made offers on properties that I've gotten way below market I've only figured in $40-50,0000.00 profit but as you can see there appears to be more than that on the table. I don't want to be greedy, want to figure in a good profit margin and would like to pick up these deal if at all possible. Do any of you have any suggestions other than what I've laid out on how I might strengthen my offer?