Taking action and lesson learned.

[Deandre Brown]

Hey fellow BP memebers! 

I've been actively searching for and analyzing multifamily and single-family deals, making calls, and submitting offers. Recently, I learned a valuable lesson that made me step back and reassess how I approach offers to sellers and agents.

One example is a duplex deal where I submitted a lower offer due to the significant repairs needed. The seller, who inherited the property, was motivated to sell and move on. My offer was based on what made sense for the numbers as a rental post-repairs. I was surprised when the agent consulted the seller despite my offer being lower than expected, given the property's condition. However, the seller decided to hold off on accepting my offer since the property had only been on the market for 7 days and they wanted to entertain other offers.

This experience made me realize the importance of paying attention to the number of days a property has been on the market. Offering on a fresh listing wasn’t the best approach in this case. Moving forward, I'll focus on properties with higher days on the market, which is something I should've been doing from the start. Lesson learned. I'll also keep up with door-knocking, which I typically do on weekends.

[Gino Barbaro]

@Deandre Brown

It depends where you are in the market cycle. If you had put in an offer 1 year ago, they would have laughed. Now, they take the offer more seriously.

You waiting can also have the opposite effect. Someone else may come in and put that offer. It comes down to knowing how motivated the seller is, and getting "permission" from the broker to put in a really low offer. A good broker should know where a seller's price is, and they can present the offer showing the cost involved. Chris Voss calls it the Accusation Audit, where you start out by listing all the problems and costs, and then ask how can we get this done.

Every deal and seller are unique, and the goal is to find out their motivation and how you can solve it, quickly.

I would definitely re engage the broker in the week to come to see the activity on the deal, and if it has traded

Gino