Offer before seeing property?

[Annette Wanamaker]

Hey BP professionals-

I am a newbie investor looking to get started in small multi-family buy-and-hold properties. I have read a couple of the BP published books, have attended a couple webinars and begun running some deals through the calculators. 3 of the 3 deals I thought may be worth investigating further. Upon contacting the listing agent, I found that they required an offer just to go see the properties. Is this the norm for small multi-family properties?  Is it the norm for a high-demand market like mine (Colorado Springs?). The listing agents have offered reasons that include: they want to ensure I’m a serious buyer and they don’t want to disturb the current tenants. I’m baffled. How can one make a serious offer without seeing the property and estimating repair costs?  No additional information such as “new roof in 2015”, “new electrical in 2017” is in the listing  nor are any photos with the exception of an exterior. Are they hiding something? This seems like a big waste of time for me and the agents involved. Any input, instincts or experience you can share would be most appreciated!  Thank you!

[Bjorn Ahlblad]

@Annette Wanamaker Welcome to BP! It is pretty common for anything bigger than a duplex. Just make your offer contingent upon inspection of property and financials. You can always negotiate later. I just offer asking and don't worry about it. Make your EM out to the title co and be refundable in case of no deal.