2nd offer in a row fell through

[Jason Scharf]

So I am trying my darnedest to secure my first deal and well, I did not get the winning offer on either. I know that two offers isn't exactly a lot and that I am in the infancy of the Real Estate Universe, but I am trying to learn my best from these experiences so I can at least increase my odds the next time around. Any insight or tips that may increase my odds or just steer my mind in a better direction would be of the utmost appreciation. Here is a summary of the background of the two recent deals that I was not successful in:

Deal #1:

Location - Eastwood neighborhood of Syracuse, NY (considered good, lots of rentals, safe, B- area)

Property Info - $90,000 listing price. Foreclosed Bank Owned sale. Two family unit on busy street. Identical top and down 2 bed 2 bath units. No rent rates listed. Great condition. Not turnkey though. Needed lots of updates. No appliances. Comps in area show the price was below market value. No idea what it sold for but Zestimate says it's worth about $126,000. All I know is that the bank took it in an auction for 112K in 12/16.

My Offer: I offered $92,500, FHA, 1K earnest deposit. I was very nervous because the rental property calculator that I use on bigger pockets was on the border of being a good deal. I always am very conservative with the calculations and factor in 10% for everything across the board, (mgt, repairs, vac rate, etc.) even though in the beginning I'd like to live in one unit and not hire property management. I also am nervous when it comes to estimating repair cost and while this property seemed like it was in good shape, I still never know what to expect. (I am not a contractor nor a handy-man).

Results: Did not accept my offer. No counter. Property had pending sale within two weeks of being listed. Don't know what price was.

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Deal #2:

Location - Northside neighborhood of Syracuse, NY (not as nice of area, but still good. C, C+ area, lots of rentals)

Property Info - $75,000 listing price. Normal sale. No rent rates listed. Two-family. Mirror images of each other, up and down unit. 3 bed, 1 bath. Wet basement, bathroom and kitchen needed updating. Needed many new windows. 2 new water tanks, one new furnace and sprucing throughout. Seemed to be in good condition but needed many updates. Comps in area show price was low. Comps all over the map, but seemed to be worth in low 90's. Zestimate was 78K and was assessed for 86K.

My Offer - $76,551, Conventional, 1K earnest deposit, personal letter with offer.

Results - Did not accept my offer. No counter. Was just notified by my agent that the accepted amount was for 90K among 13 offers. The person who won used escalation clause up to 90K.

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Conclusion - Clearly I need to reassess my strategy. While this has been a good learning experience, I am going nowhere with this approach. 

BiggerPockets. PLEASE HELP!!!

P.S. I have an agent as I am not one. She has been helpful and did tell me that she thought my offers would not get accepted. But no deal is better then a bad deal!