Happy Hump Day community,
Today I would like to know how best to go about the process of finding and analyzing numerous deal simultaneously.
How do you go about this? How do you recommend I go about this?
What I mean is, I go on the MLS (I do peruse some off market deals as well, but that's not my point), I look through numerous listings, I save ones that stand out to me for various reasons (namely, looking hideous, but some other factors as well, and I'm pretty familiar with this area in terms of location concerns), and then...how much time and effort should I put into analyzing deals? Knowing when to book showings? Knowing when to get bids? Knowing when to make offers? Knowing at which point in the process to work with a HML / finance?
I have to determine the ARV (which means looking through comps, which can sometimes be quick and easy and other times be more time consuming), I have to determine the potential rents (pretty simple generally...Apartments.com, FB marketplace / local rental group, CL), but then what? Schedule a showing? Send out contractors to bid? Draw up a presentation for PML / HML / partner? What should be the timing of all this?
And not just for one property but presumably I need to be doing this for several properties simultaneously in case someone else scoops it up in the meantime or my offer is rejected. I had my eye on 2, booked showings and a contractor to come out and bid, and then BAM! They were gone like 2 days beforehand each time. So I can't help but feel I should be more aggressive in analyzing multiple deals at once.
I'm just not sure how exactly to coordinate the steps of acquiring a potential BRRRR etc., as well as juggling doing so for multiple properties at once. Keep in mind, I'm looking at "as-is" / "handyman special" / "motivated seller" types of properties, so I'm currently looking at properties that have strong potential, looking at ARV, looking at potential rents, roughly estimating rehab costs, and then working backwards using the ARV*70% - rehab costs = purchase price to get an idea of what I'm looking at, with the intention of offering around that amount regardless of purchase price (again, these are distressed properties).
Also, I've seen some that put in offers before securing financing or having contractors walk the property, but I see others who secure financing and get walk thru bids before offering.
What should I do?!
I'm thinking since I intend to use creative financing, I'll need to have contractors bid first, take it to the HML, and then offer if approved? Or should I just make an offer w/ a contingency, then get bids to hone in on the rehab estimates for the HML, and try to close quickly?
