New to Real Estate · Virginia Beach, VA · Member since 2021 · 5 posts · 0 votes
Hey BP! I'm new to real estate investing and curious what I should be expecting when it comes to making offers. I'm looking to buy and hold SFRs as cash flow rentals. My goal is to purchase multiple properties this year using BRRRR. It would be really helpful to have some realistic expectations on the number of offers it might take before a deal actually happens. Thanks and good luck investing!
Investor · Member since 2021 · 203 posts · 124 votes
4y
A common theme is somewhere between 1 in 7 to 1 in 10. It took me over 15. Just depends on what you are looking for and where. The details are not as important as the education that comes with the first. Good luck!
Investor · Member since 2021 · 203 posts · 124 votes
4y
A common theme is somewhere between 1 in 7 to 1 in 10. It took me over 15. Just depends on what you are looking for and where. The details are not as important as the education that comes with the first. Good luck!
New to Real Estate · Virginia Beach, VA · Member since 2021 · 5 posts · 0 votes
4y
Joe, just trying to manage my expectations. With buying my primary residence houses it's been pretty straightforward. Find a house I want that's in my price range and with little or no back and forth it was purchased. I was basically buying at market value. I figured it would probably take a few tries, but wanted to see what others experienced to gauge what I might expect as I move along.
A common theme is somewhere between 1 in 7 to 1 in 10. It took me over 15. Just depends on what you are looking for and where. The details are not as important as the education that comes with the first. Good luck!
Thanks Brock! That's kind of what I was guessing is normal. I'm looking in a pretty small area right now so finding enough properties where the numbers make sense may be tough. I keep trying to tell myself that I just need to get through the first deal!
Joe, just trying to manage my expectations. With buying my primary residence houses it's been pretty straightforward. Find a house I want that's in my price range and with little or no back and forth it was purchased. I was basically buying at market value. I figured it would probably take a few tries, but wanted to see what others experienced to gauge what I might expect as I move along.
OK. Then I will change my time range from 1 to infinity, to 1 to just under infinity. Any answer has no value since there is no answer that would mean anything. Even if there was an answer that had a tighter range...let's say, 1 to 40, what would you do with that info? How would that impact any planning, analysis, funding, research, or anything else that does matter.
Rental Property Investor · Hartford, CT · Member since 2017 · 168 posts · 163 votes
4y
@Jonathan Kasel
Have to spoke to a realtor in your area? They could probably give you the best idea of how many offers you may have to make.
I just made 3 offers and got the third one for asking price before it even hit the MLS because my realtor is a rock star. I was mentally prepared to make 10+ offers because every seller gets multiple offers.
My first offer was accepted with a bit of back and forth on price. Only one offer I've had that wasn't accepted and that was fine, I know it was fair and I walked. If you are going to make low ball offers, then be prepared to make a lot. A few of the rentals I bought when the market was hot and by getting in quickly and/or having a realtor with connections to be the first one to see it will help. And all were bought below list price.
Have to spoke to a realtor in your area? They could probably give you the best idea of how many offers you may have to make.
I just made 3 offers and got the third one for asking price before it even hit the MLS because my realtor is a rock star. I was mentally prepared to make 10+ offers because every seller gets multiple offers.
Heidi, thanks! I haven't found an agent yet. Emails are going out today to start setting up interviews. Looking to find my own rockstar!
I think if I assume it'll take at least 10 offers that should keep me from getting antsy. If it happens in less great, it not then I'm still working the plan!
My first offer was accepted with a bit of back and forth on price. Only one offer I've had that wasn't accepted and that was fine, I know it was fair and I walked. If you are going to make low ball offers, then be prepared to make a lot. A few of the rentals I bought when the market was hot and by getting in quickly and/or having a realtor with connections to be the first one to see it will help. And all were bought below list price.
Theresa, that's awesome! It's helpful hearing others experience. Hopefully this time next year I'll be able to share a few anecdotes of my own.