NEED ADVICE PLEASE! Loan Vs Cash!

[Mateo Arteaga]

Hey BP fam! 

I need some help! We found a great off market deal on a local duplex that will cash flow, appreciate and could potentially be a STR on one side. Went and looked at the property, minor rehab (maybe 10k). Problem is that we will be needing to use a conventional loan. We were the only offer a few days ago, the guy gets back to us and says there are more people interested and probably going to make an offer. I'm almost 100% sure there will be a cash offer of some sort that we will have to go against.

What can we do to at least give ourselves a chance against cash? Is there anyway to make our offer better and more appealing other than putting a higher offer? What would you guys do in this situation??
I appreciate any and all feedback! Thank you! 

[Joe Villeneuve]

Quote from @Mateo Arteaga:

Hey BP fam! 

I need some help! We found a great off market deal on a local duplex that will cash flow, appreciate and could potentially be a STR on one side. Went and looked at the property, minor rehab (maybe 10k). Problem is that we will be needing to use a conventional loan. We were the only offer a few days ago, the guy gets back to us and says there are more people interested and probably going to make an offer. I'm almost 100% sure there will be a cash offer of some sort that we will have to go against.

What can we do to at least give ourselves a chance against cash? Is there anyway to make our offer better and more appealing other than putting a higher offer? What would you guys do in this situation??
I appreciate any and all feedback! Thank you! 

 You're asking the wrong question.  You should NEVER ask the question "what will it take to get this property".  The question should always be, "what will it take to get a deal"...and base your offer on that.  You don't want the property...you want the deal.  Chase the property, and you will lose money.

Now, as far as the "potential" of there actually being other offers that came in goes, that shouldn't matter since this isn't a contest...it's a mathematical formula based on the answer (profit/cash flow) and not on the question (getting the property).  I would be willing to bet your offer is the only offer.   Your "knee jerk reaction" to submit a higher offer is exactly what the goal was for them saying "there are other offers".  Even if there are other offers, if you need to bid against yourself to get the property, and the deal disappears because of that "too high of" an offer, you win the property...but lose the game (money).

You are a REI that collects profit, not a property collector. If you want to collect properties there is a much cheaper way. Take pictures of all the properties you like, transfer them to your computer, and use them as your screen saver. That way you can win all the properties you want, and it won't cost you a thing.