New Investor Stuck in Competitive Market
Hi BP! This is my first post- I just jumped into the real estate world a couple of months ago and have been having a blast so far!
Recently though, I can't help but feeling like I am hitting a brick wall. Grand Rapids, MI is a super competitive market right now, especially for duplexes. Every offer I have put out there has been beaten out by all cash offers. My wife and I are looking to house hack and I am very familiar with the city, which is why we have been focusing on finding something here as opposed to long distance. It would also be our first house! How can a newbie with little to put down compete with all cash or 50% down offers??? I would love to hear your advice!
Most Popular Reply
It is a competitive market but there's always a deal to be had, you just have to find it and make it work. Here are my thoughts on ways to get what you're after.
1. Out-hussle and eventually an offer will slip through.
2. Scour for off market deals (multitude of forum posts on ways to do that.
3. Find a way to have an all cash offer yourself (hard money lender, private money, etc).
4. Be creative (maybe you find a single family you can chop into two? Or a ranch style you can put a second story on)
5. Widen search (location, condition, # of units)
And there's always the option of waiting (not as sexy an option though).
Anyways hope this helps and happy searching!