Putting in an offer is free, but you don't want to lowball a hot property that has only been on the market for 2 days.

This friend is incredibly intelligent with his money.

Don’t stop looking and acquiring just because market is too hot.

Normally I would say expand the area and timeframe for your comps but with COVID prices have gone up with the market being so hot right now.

Lots of good learnings and also interesting that he pulls this off in a hot market like Seattle.

Thank you for sharing this incredible accomplishment.

Probably so many on the market because the market has been hot so many investors are selling high on MLS in hopes of buying low towards the end of the year/2022---just my opinion of course and based off the buzz I hear in these REI streets :)If you're from out of state investing here, I recommend building a strong team that you can trust and are knowledgeable with resources and how to evaluate good deals---my first calls would be to property managers. 

However, Austin is such a hot market even the value add properties will have lower cap rates.

Market is red hot 

The problem OOS investors have right now is that the market is so hot that you generally don't get a chance to fly to the city and see the property before putting it under contract.