Investor · Sarasota, FL · Member since 2008 · 18k+ posts · 17k+ votes
Here's my challenge for this week to all new (and experienced) investors:
GO MAKE AN OFFER!
Taking action is the single biggest thing anyone can do to make progress on their goals. So, for all you new investors who don't know where to start -- or who know where to start but are afraid to do it -- I challenge you to make an offer on a property in the next 5 days.
I don't care what property it is (a boarded up house you've been keeping your eye on, a random house on the MLS or your grandma's house) and I don't care how much the offer is for (half of market value or twice market value) -- go make an offer! (throw in at least one contingency, of course, in case you offer too much and need to back out :)
It doesn't matter if your offer gets accepted, rejected or thrown in the trash -- just taking that big step towards action will give you the confidence you need to continue moving forward.
And, to keep yourself accountant and to get other new investors motivated, feel free to use this thread by doing the following:
RIGHT NOW, hit the "Reply" button at the bottom of this thread and post, "I WILL MAKE AN OFFER IN THE NEXT 5 DAYS!" Then come back here and tell us about it when you do (and how it went).
Real Estate Investor · Sebastian, FL · Member since 2014 · 812 posts · 432 votes
12y
I just made an offer I think I can be proud of, though it will likely be rejected. I got an email about a REO that I put an offer on last week, saying they had multiple offers and that I need to submit my highest and best offer. I checked my numbers and replied that I already had submitted my highest and best. I resisted the temptation to try to make a deal out of something that just might not be there. In a way that's not much of an offer, and in a way it is a real winner
Rental Property Investor · Milwaukee, WI · Member since 2013 · 6k+ posts · 4k+ votes
12y
I won't be making any offers in the next 5 days, but I'm helping someone else to be making an offer in the next 5 days, does that count? :)
One tip, something I do (QUICK TIP!!!): When you make an offer on a property and it gets rejected, make a bookmark of the property and check out in the future how much it winds up selling for.
The last offer I made on a property that was listed for $13,500. I offered $14,000 and I found out it sold for $24,000 so I really didn't feel bad that my offer was rejected. (I also think the person who paid $24k overpaid since the property needed a lot of rehab.)
construction · Nacogdoches, TX · Member since 2011 · 2k+ posts · 1k+ votes
12y
Ok I will make an offer too. Here is my dilemma. The property is right next door and the neighbor used to be hostile towards me. He is now in a nursing home and not quit in his right mind. The house is in bad shape but as I am a contractor that will be no problem. The land appr. for 30k and improvements at 50k. Back taxes owed is 4k.
How would I find if the owner has a power of attorney and what rights would that person have to sell this property?
One of the things that is a big "Ah Ha!" moment for a lot of newbies is that you will never buy a property if you don't actually ask someone to sell it to you. :)
When doing my year in review for 2013 I saw that I made a LOT less offers than I did in 2012, and I bought a lot less properties. Some of that was legit things like dwindling inventory and people overpaying for what was there. However I did NOT offer on things I should have and some of them ended up selling in the range I would have offered (I track things similar to what Dawn said, and usually have the "I'd never have paid that much" thing too, but seeing some that was NOT the case for is jarring) but got out of the habit.
I set a goal to make at least 1 offer a day 5 days a week. Have had that in place for 7 weeks so far. Missed the first two weeks (3 and 4 days respectively) and one other time when I was on vacation with my family 5 of the 7 days of the period (still did it 3 days) but have made it the other 4 weeks and should be on course for the current period.
BTW it is at LEAST 1 offer a day. I should be making a minimum of 5 today and have had some days with 20+, but committing to doing at least 1 (and plenty of days when I do only do 1) it forces me to focus on THE most important things in my business for some amount of time each day.
For experienced investors, I absolutely 100% agree...
The "one offer" was more for those newbies who haven't yet put in an offer on any properties because they didn't feel ready...this will force them to take action, which will hopefully help them gain some momentum...
For experienced investors, I absolutely 100% agree...
The "one offer" was more for those newbies who haven't yet put in an offer on any properties because they didn't feel ready...this will force them to take action, which will hopefully help them gain some momentum...
Oh yeah I agree. Probably NOT a good idea for someone that has never made a single offer to make 20 next week.
However once you get over that initial barrier to making that first one it becomes apparent quickly that you only buy houses when you ask someone to sell it to you. Hence making offers becomes monumentally important and you need to make a lot of them.