The trouble with newbies

[Minna Reid]

Now don't get me wrong - Everyone is a newbie once. I still consider myself one...I'm not trying to offend anyone here.
But I guess I've just lately been noticing just how many newbies who never bother to learn the business are running around out there, trying to buy, and in the meantime making it just a little harder for the rest of us.
Case in point -I do keep an eye on the mls, just in case. Now for the first time in 8 months, the other day I actually spot something there that is close to being a deal...pretty close. A bank owned duplex, needs some work, bank is only about 20k over an actual cash flowing deal. Now around here usually I've found the banks are like 100k away from a deal, so 20k...I may be able to negotiate that. So I'm about to put an offer in.
But whoa - never mind that - a bidding war has broken out, 13 offers and they're already WAY ABOVE ASKING PRICE. All those likely uneducated newbies, or just plain bad investors just killed that hope of a deal. Someone's getting shafted with a property they just paid way too much for. Hey - at least it's not me..lol.
I happened to run into one of the bidders on this property, and he tried to make an effective case for why the place could be sold for 200k....all for 1700 in rents. Ok buddy - good luck with that.