All Forum Posts by: Brian Holshouser

@Clayton Pearce I’m in line with what Johnathon said. My wife and I wanted to get our portfolio started sometime this spring but the current economic situation has urged us to pump the breaks at this point and review our goals. It also makes us want to have a heavy cash reserve for times like these.

With that said real estate is not for everyone. It’s not exactly call walk every time and some people are not going to stomach the stressful parts well. You may be one of those of people. Or it may just be you’ve seen your risk tolerance stretched in the wrong direction and you need to make sure you’re making different deals in the future.

Either way, wish you the best of luck!

So you're your own agent? My Wife and I have considered having one of us get a real estate license but have heard David Green and others say that it's not worth it.
You definitely make a solid argument for single family homes (that's pretty much all that's available in our area right now). I love the bird in the hand analogy. Really think it's good practice to consider things from the buyers perspective. 

We can't wait for an opportunity to get into multi-family to open up for us someday in our local market. We know it's only a matter of being prepared, timing and having the right deal funnel and connections.

Love the unique take you've offered - It's different than most others so far. I see your point too since networking is everything and getting/keeping deals is a huge part of the game. So what's your take on Brandon's "make a deal every week" suggestion? It makes sense until you think it through and start to get like 3 or 4 deals accepted at once and you've only got enough capital to pick up 1 or 2.

We also saw a pretty neat sounding idea to back out but let the selling agent know we're still interested if it falls through. That seems like a fairly good way to save face while being less official with the offer. Or does that still leave a bad impression?

Appreciate everything!
 

Really appreciate the advice. Thank you!

 That's an awesome idea to let them know you're still interested but back out the offer. I love it! It seems like a pretty good win-win. It let's us be flexible with our offers but still leaves the door open.

So you use the 24-48 rule on every offer you make? Do you use the same real estate agent every time?

In our recent market the asking price was almost considered bidding low. I think things have slowed down a little but then again we saw a fairly decent deal go pending on Zillow in less than an hour today. So, I guess things are still kind of wild in the Okc Metro/Edmond area. 

Thanks Joseph 

@Joseph Cacciapaglia thank you Joseph! Being in Oklahoma I think we could lose our earnest money but I don’t think it has that low of a limit. Good to know if we ever invest in Texas.

It’s really not a bad thing for us to get both, we just didn’t really want to burn through all of our cash reserves in the current economic situation or in the event we had unforeseeable expenses on one of the houses.

I heard Tarl on the BP show on Thursday mention that he has gone back after getting an offer accepted and is telling the seller due to the current economic changes he is lowering his offers.

What would you do if you had two good deals on the table at the same time with one that had been a backup deal for a couple of weeks with no response?

Thanks again!

@Sam Shueh that’s great information. The last thing we want to do is leave a bad impression with people when we’re trying to network. My other fear is leaving our realtor feeling abused. How many times is she going to be okay with us withdrawing an offer and submitting another? Does it make sense to tip her to let her know we’re not just abusing her time?

Really appreciate the insight.

@Kurtis Delahooke thank you for the response! Really appreciate hearing how others conduct business, especially when going through the buying process.

So Brandon Turner recommends making an offer once a week. We currently have put in one backup offer about two weeks ago and finally found another property we feel could be a good deal, however, the realtor we’re using told us we should withdraw the first offer if we want to put in the other offer.

I asked our agent what the potential ramifications could be and she said we would be forced to buy both houses (not the worst scenario ever) and if we don’t we could potentially be sued and lose our earnest money.

We’re wondering how others go about this. Does anyone in here put an offer out there a week? Should we withdraw the previous week’s offer if we do? Does it make sense to keep two offers open and if one comes through try to go with the better deal?

Thanks in advance.

Sometimes the best teacher is experience. You can tell people how tough times can get - you can even warn them that there may be a day in the future where something like this happens. If things go on much longer at a stand still, maybe even just a few days, there will be some people who have nothing left to eat and no money left to buy food or pay bills because they never planned for a rainy day. If the standstill goes on for a month I fear the outcome may be worse than we'd like to see.

Hopefully we get things under control and back to work quickly.