10+ Offers and No Deal

[Lauren Sanders]

Hello BP Investors! I have been in this crazy market since last summer seeking my first multifamily to house hack in the St. Louis, MO area. I’ve put in more offers than I can count and have only gotten one contract (an absolute no after inspections).  Any property that is in decent livable condition or in a fairly safe neighborhood is getting Snatched up for 10s of thousands over asking. Any tips for getting offers excepted?

 I’ve tried offering more than 1% earnest money, appraisal gab guarantees, escalations, waiving negations after inspections, shortened inspection periods, etc. Pretty much anything except completely waiving inspections which sellers tend to really like right now.


I have a conventional pre-approval for up to $300,000 with $0 down and no closing costs. I also have an FHA pre-approval for up to $400,000 with DPA. I'll have about $20,000 cash by the end of this month which is my life's savings (lol).

thanks in advance for your tips!

[Joe Villeneuve]

Stay your course.  DO NOT FALL VICTIM to property hunting.  You're not a collector of properties, you're a collector of money...that means deals.  The answer to your question about what it takes to get an offer accepted, is "who cares".  That's not the object.  Never base an offer on what it takes to get the property.  ALL OFFERS must be made based on how your offer number brings you a deal...as in profit and/or cash flow.

If your offers aren't being accepted...so what.  Sometimes the best offers are the ones that are NOT accepted.  They're the ones that keep you from making a big mistake.