Help with logistics of making multiple offers. AB, Canada.

[Elijah Williamson]

I'm currently in the process of finding deals and making offers. However I'd like to be making multiple offers. I'm wondering how more experienced investors go about it. I'm investing in Alberta, Canada. Here's a list of my questions.

-As a new investor with little capital, how much earnest money should I be putting down? Does the bare minimum make me look bad to the seller? If I'm putting $5,000 earnest down every deal, I won't be able to tie up many properties.

- What options do I have to get out of a contract if multiple offers are accepted? I can currently only afford one on my own. Rich dad poor dad mentions his cat being his "business partner" and getting out of contracts that way. How do you get out contracts that you no longer have an interest in? If I can't figured out to make a deal work, what can I do to safely back out?

[Chris Baxter]

@Elijah Williamson Kiyosaki has lots of great nuggets of advice, but having a cat as a business partner isn't one of them.  In Canada, it's called earnest money for a reason (you are being earnest in your intent to secure the property provided your terms are accepted). Your realtor will be able to provide advice on what % is the norm where you are investing.  In this market, having many subjects in your offer makes your offer less attractive to the seller, and it is these subjects that gives you the opportunity to walk away from a deal.  I prefer to be strategic on which properties I make offers on, instead of floating many offers simultaneously.