AskBP

#AskBP 070: Can I Make an Offer Sight Unseen?

Expertise: Landlording & Rental Properties, Personal Development, Real Estate News & Commentary, Real Estate Investing Basics, Business Management, Flipping Houses, Mortgages & Creative Financing, Real Estate Deal Analysis & Advice, Real Estate Wholesaling, Personal Finance, Real Estate Marketing, AskBP
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Can I Make an Offer Sight Unseen?

In today’s hot market, it can be difficult to view a property before it goes under contract. On this episode of the #AskBP Podcast, Mindy Jensen discusses waiting to view a property, and what an inspection contingency is really for.

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Brandon Turner is an active real estate investor, entrepreneur, writer, and co-host of the BiggerPockets Podcast. He began buying rental properties and flipping houses at age 21, discovering he didn’t need to work 40 years at a corporate job to have “the good life.” Today, with nearly 100 rental units and dozens of rehabs under his belt, he continues to invest in real estate while also showing others the power, and impact, of financial freedom. His writings have been featured on Forbes.com, Entrepreneur.com, FoxNews.com, Money Magazine, and numerous other publications across the web and in print media. He is the author of The Book on Investing in Real Estate with No (and Low) Money Down, The Book on Rental Property Investing, and co-author of The Book on Managing Rental Properties, which he wrote alongside his wife, Heather, and How to Invest in Real Estate, which he wrote alongside Joshua Dorkin. A life-long adventurer, Brandon (along with Heather and daughter Rosie) splits his time between his home in Washington State and various destinations around the globe.

    Andy Gross from Baltimore, Maryland
    Replied over 4 years ago
    Just listened to this one, and one additional thing to consider is your reputation. If you make an offer sight-unseen, and then back out using your inspection contingency, you’re going to get a reputation. Eventually, your agent is going to stop writing offers for you and sellers might start taking lower offers instead of yours because they know you aren’t going to close.
    Mindy Jensen from Longmont, CO
    Replied over 4 years ago
    Thanks, Andy. I’m actually showing a property tonight to a client who is potentially going to benefit from an investor who did just this. Made a bunch of offers, tied up the properties, then came to town, “inspected” them and dropped the offers he didn’t want to choose the one he liked best. While it is working out for my retail client, it was a less-than-ethical way for the investor to behave.
    Don Alberts from Frankfort, Illinois
    Replied over 4 years ago
    Mindy, just listened to your views on the best configuration of multifamily property investing. I want to thank you for the insight of the less problems with smaller units vs larger units from vacancy to back ground checks. Thanks and I appreciate all your sharing. Have a wonderful day. Don