Making the offer

[Michael Westberry]

Is it better to make the offer on the first visit to a home or take a day to make sure your numbers are correct and you estimate rehab as much as possible?

I realize both sides would have pros/cons but wanted to get an opinion.

[Dave Gallogly]

As a newer investor you want to think through your rehab, do market research on comps to know the sell side in a flip, and also let your emotions settle down.

The problem with this approach is a seasoned investor will have a good property under contract while you are waiting.Years of experience gives the seasoned investor the opportunity to walk through the house developing a plan in their head and know the numbers of what the rehab will cost within 10% of the actual rehab cost. There is a good chance the investor knows the comps in an area because they have done market search in past or have sold multiple properties in an area. They can make decisions fast and submit the offer within an hour.

So you are in a hard spot, you need to grow in your knowledge, and during that process you are going to miss out on many deals. There will always deals to be had, just keep learning and being persistent in your search.

Good Luck,

Dave