But reality is you have a sophisticated seller who bought very low ( when prices were so low 8 years ago) and they don't have a lot at risk.these type of portfolios don't trade at 6 caps  LOL  try double that.. for the investor who is experienced and knows what this is all about.Lastly when these things hit MLS and a commercial broker no less this is the market of last resort.. the big players have all passed.Let me know if you agree at all with my thoughts on this from your vantage point being local there in Philly..    

The two strategies I have been leveraging during these times are leveraging a network of older investors who are looking to liquidate their portfolio which provides an opportunity for new investors to get a great property while not competing against 20 others.

If he is alive, and still owns the property, get a letter of medical competence from him.

We placed an offer @240,000 with an Addendum to meet 5,000 over asking if there were competing offers How did you finance this deal?

We placed an offer @240,000 with an Addendum to meet 5,000 over asking if there were competing offers How did you finance this deal?

The entire purpose of a bidding war is to use emotional response to get you to do irrational things.Rather than compete on price, I like to adjust the terms to make the offer stand out:- No inspection contingency- No financing contingency (ability to close with cash required)- Large down payment so they know I am serious.

@Suzanne Player, nailed it. 

Leveraging is a part of the game for some players.

However, it was my contractor who put out a for rent sign early in the yard (before renovations were compete). 

In addition to that it’s spawned off a lot of great industry players, yes some of it them moved on to Charlotte and other places but a lot of it is still here.