All Forum Posts by: Simon Y Kim

@Brandon Vukelich thanks for the input. As a fix and flipper, my offers tend to be much lower than the list price. I am assuming that other flippers are taking a cut on their profits to make higher bids. I’m taking it that it’s the nature of the bid war as someone looking to fix and flip. Competing with buy and hold investors and other flippers making higher bids

I’m going to ask around to hire a contractor to do a pre-inspection walk-thru to waive inspection on my offers so hopefully that can help my offers. I’ll also try tightening up my closing date.

@Michael Haas thanks for the input. I don’t even have a full flip project under my belt yet. I don’t feel confident enough to do quick walk-thrus and waive inspection. 

My partner is a mentor/money partner. He is looking for deals that’ll profit 15% and he will help me navigate through the process of fixing and flipping a property. If I get a deal meeting his criteria, he will be funding the whole project and I will be directly learning and working with him on the project.

And yes my offers are always ALL-CASH allowing me to waive financing contingencies, inspection contingency of 10days or less, buy AS-IS, close 30days or less, and even directly have the listing agents write up my offers if they so choose to. 
The only skill I’m bringing to the table would be my enthusiasm to put in the work and learn the game. 

You seemed like a seasoned investor. Do you have any suggestions? 

@Jack Carda Thanks for your response. Good to know someone else is going thru something similar. Rental is a great way to start! 

The goal is to fix and flip for a profit and I am partnered with a seasoned investor in AZ who wants to make a 15% minimum on profit to even take on a project. I am sure I can get an off-market lead using that formula. I’m just wondering if buyers are taking a cut on profit to make higher bids. I made a lot of offers in the past two weeks on on-market deals but lost to a higher bid and a waiving of inspections. Pretty tough out here, I’m not gonna lie. 

I’m also waiting on what other investors with skin in the game think about this too. 

Hey BP community,

I am getting outbid on on-market properties in the Pierce County, WA area, particularly in Tacoma and Spanaway. 

Is it too much to ask what buy formula buyers are using to put in their offers? I currently am taking 70% of ARV minus the estimated rehab cost to get my MAO and it tends to be way lower than other buyers/investors making bids.

How are other investors coming up with their offers?

What factors do you include in determining your buy formula? 

Thanks!

Thanks for the input @Darius Ogloza and @Steve Morris. My target market is Pierce County, WA state and it’s really hot here. Things go on for a day and in hours it goes pending!! 

I’ve been outbid by buyers who waive inspection and my partner is in Arizona and he’s been investing for 20+ years. I’m basically the eyes and ears of any properties we will be doing here in WA.

Any suggestions as to how to find good contractors and to go about asking them to work with me, the right way? 

Hello all,

I am fairly new to the real estate investing world but I have been at it for about three months trying to get deals to work out with on-market leads. However, it's been pretty difficult winning a bidding war. Most of the properties I am targeting are distressed or outdated and my plan is to fix and flip them. 

This is what my offer includes...

• ALL-CASH offer
• Inspection Contingency: 10 days
• EMD: min $1K
• Escalation Clause

In the bidding wars, buyers/investors are waiving inspections which I find risky... yet their offers are stronger because of it. How do you know when to waive an inspection and what are the risks to take into account?