Making offers out of state

[Kenny C.]

Hello BP,

We're looking at a few out of state markets to invest in. Our issue is we may have our steps in the wrong order, we already have funding. We already know the states we're looking in. We we fibd a potential deal, by the time we start to run number and do DD, they go into pending status.

We want to start putting in more offers. The question is, do you have to have an agent in every area that you want to buy in in order to make offers?

How are you guys and gals making oit of state offers? Thank You

[Edward Liu]

I do have an agent in every city that I am interested in, before I really look.  The agent should be familiar with rental investors, as I fail on many offers.  

When I identify something seems to be good with numbers, then have agent go take a quick a look and if nothing major jump out, make the offer on the same day of the agent visit.  Key is lock in the contract first, even if price might not be the best of my desire.  During inspection period, get very detail reports, and use that as basis to negotiate down the price further to the point of my liking.  If can not hit my price target, then just walk away.

I have walked away from many deals.  Many agents don't like doing deals for me (maybe 1 deal for every 5 to 10 offers), especially in booming markets where there is no shortage of buyers.