Making offers for multi-unit properties

[Wave Taylor]

I put a bid in on two multi-units and got neither. I think I was probably out bid. Can anyone give me some advice on how I can get my offers accepted?  One offer I made was below the asking price. The other was at asking price. I must be doing something wrong.

[Harrison Smith]

@Wave Taylor There is so much more to an offer than just the price. @Nick Hakim mentions many of these things such as reputation, deposit amount, closing timeframe, etc. Another big piece of this is whether or not you want inspections and are financing the property. In both cases, there are usually contingencies in the P&S that let you get out of the deal if the inspection is not satisfactory or you can't get "conventional, market rate" financing.

If a cash buyer comes in and offers less money than you but waives all of the inspections and contingencies, a seller will see that as a stronger offer because it is more likely to get to closing. When you are offering, think of your offer from the perspective of the seller and determine whether or not you would accept it. If your offer is full of stipulations and contingencies, a seller may not care if you offer the highest price because they see you as the least probable to close. 

A motivated seller wants one thing, to close on the property. Make sure your offer gives them a reason to think that will happen. This may require that you offer more than asking to compensate for that, but don't overpay if you can't justify it or don't have to.