How to make multiple offer on MLS

[Max Petrov]

Hi guys I receiving many houses on sale from my agent and it is difficult to run numbers on all of them and find a good deal so , do I need offer first to all of them and when somebody accept my offer I can run math?

[Nick B.]

It takes 5 minutes to analyze a house. That makes it 12 in an hour.

How many do you receive from your agent every day to make it difficult to run numbers?

Also, how do you plan to make offers if you have not run the numbers? 

[Sam Shueh]

You need to run numbers as you are directing your investment. You can delegate that role to your agent but if he is incorrect your life savings is at stake.  In CA the only way to get some seller interested in your offer is no contingency, and often no loan meaning if you do not move forward after acceptance the seller can keep your deposit. This even means if your loan is denied that is too bad. During offer process you are expected to have also reviewed signed all disclosures, reports and documents. 

Chicago like any other Metropolitan there are homes for sale. As for clearance sale (on sale) deals, it is unlikely to happen. Better deals have lots of company.

Suggest you to investigate, inspect and carefully evaluate if it is for you as a strong buyer. Make highest and best offer. 

[Brie Schmidt]

@Max Petrov - it takes longer to write an offer than it does to run numbers - I run numbers before even scheduling a showing 

[Max Petrov]

@Sam Shueh Thank you Sam

[Max Petrov]

@Nick B. For me it takes much more longer)

[Tonya Davis]

BP analyzer tools are some of the best I've found.  I use them often.  Good luck Max!

[Nick B.]

Originally posted by @Max Petrov:

@Nick B. For me it takes much more longer)

 You  need to develop a model of a good deal and then just compare what you see with that model.

E.g., your good deal may be priced at $80/sqft "all-in" in the submarket where retail houses are priced at $110/sqft and rents are above $1/sqft.

You need to know these numbers before looking at individual properties. Start with a neighborhood. Find out what houses are typically sell for and rent for. Then look for something that you can buy for lower than the market but rent at or above the market.

Also find out what a typical rehab would cost you and break it down by major components (flooring, roof, plumbing, painting, etc). 

Once you have all this data memorized, analyzing a given house would become that 5 min process where you simply verity what you already know and do a few tweaks. 

[Max Petrov]

@Nick B. Thank you for explanation Nick

[Max Petrov]

@Tonya Davis Thank you Tonya)

[John C.]

@Max Petrov Make yourself a spreadsheet with the specific calculations you want to run. Once you have made it, it will take you seconds to see if the numbers are correct for you to proceed. Spreadsheet can be run on your phone, tablet or computer.

[Max Petrov]

@John Coon Or 50% rule?!

[John D.]

@Max Petrov run the numbers on 50 homes. You will quickly realize after that, those that are or are not worth putting into the spreadsheet. And you’ll also get quicker at it.