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Updated over 5 years ago on . Most recent reply

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Chris Gilbert
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what do you feel about lowballing to get house?

Chris Gilbert
Posted

Hey guys. Thanks for taking the time to read this post and hopefully reply. Hopefully this is the best section for me to post this.
My name is Chris. I am a fairly newly licensed RE agent in San Antonio. I've got investors on the line and they want me to find a potential flip house, for which they will completely bank the purchase and repairs of the house, with me contributing zero dollars, even offering me a split of the net. An amazing offer, right? I am just having lots of trouble finding a deal, so I am thinking that I have to create one.

When trying to find a deal, do you ever find yourself lowballing to make the deals happen?

For example, I see a house that is listed at $225,000. roughly $200/sf in an area where renos are happening and the renovated properties are selling at a solid $/sf. However, this house is quite distressed, and may need upwards of $100,000 in renovation. I estimate that the sale of the renovated property would cover all of the costs, and leave an acceptable net, but only if the property is acquired at a low enough price. Does this make sense? I see lots of potential deals, but reliant on the ability to acquire the property at a drastically lower

Do lowball offers ever get accepted? Do YOU submit them? Got any tips or insight on how to get them accepted, how to structure offers (mine will be all cash), things to say to the list agent, etc etc. I don't even know where to begin.

Thank you SO much and if I ever find success in life it will because of the selfless help from people like ya'll. thanks again.


c

ps: if this has been posted, please tell me where to find it! thanks again

Most Popular Reply

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Lydia R.#4 Wholesaling Contributor
  • Wholesaler
  • Austin TX
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Lydia R.#4 Wholesaling Contributor
  • Wholesaler
  • Austin TX
Replied

@Phil B. Im not suggesting that he approach the homeowners as an agent to list their homes. The approach would be as a buyers agent. ‘Hi I represent an investor buyer who is buying homes in this area would you be interested in selling?’ Is the message I envision. Im not licensed so this isnt my area of expertise, but logically it would seem that if the agent is up front about who they are representing in the transaction then there shouldnt be an issue? Please correct me if my logic is flawed

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