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Updated over 17 years ago,
I'm still making offers
Well, I'm still making offers even though so far nothing but rejections, and counter offers that just don't come close to meeting My Numbers. I've been running my realtor around looking at plenty of REOs and working up my offers on the ones that fit my parameters but no takers......YET. And yes, I do resubmit higher offers even for the plain "rejections" as well. BTW, there's been nearly 20 offers submitted now, and of those less than half have already been played out with no deal....I was actually surprised how fast one in particular responded with counters each time, but speed meant nothing when the best I got after 4 attempts was $33k off of $368k list price....for a house with an after repair value of $380k needing about $50k in repairs alone.
Now keeping in mind that I'm a licensed general contractor, should I consider getting a different contractor (in name at least) to write up repair estimates for submitting with my offers? I've been doing them under my business which is '"my name" Construction' and the purchase agreements are also being written up in my name. I'm wondering how much that may be taking away from legitimizing those repair estimates to the banks. My estimates are accurate so it's not like they're looking at $15k to remodel a bathroom or anything ridiculous, but still......I get the feeling that it would look better if it were from a separate entity.
I have a friend who would likely lend me his help/name since he would know that I wouldn't be actually contracting through his name, but just trying to help refine my system on these offers. What do you think?
My offers have been starting out around 70-75% ARV minus repairs depending on the house/location, and my final offers (for the ones that even countered back and forth with me) have been as high as 82% in one case but still no deal (the the first paragraph example in fact). I refuse to give up one way or the other, and from the reading I've been doing I would surely think that with those sort of offers I should be able to make a deal happen. The recent flip/rehab I did I purchased through an investor so I'll be feeling much better after I land my first one through my own efforts.
Don't get me wrong, I certainly don't expect to get all these I'm offering on otherwise I wouldn't have that many out at once anyway.....besides this should be my 10th post out of the way 8)