Securing REO properties to rehab and flip in a hot market
Hello BP Community - need your advice/help!
My business partner and I are looking to rehab and flip REO properties and were able to secure funding to do so (awesome, right?) The issue that we have is getting into a property that we can rehab and flip in what is considered a relatively hot market. We have seen quite a few REO properties where we enter bids only to lose. I am taking the advice of "sticking to the numbers" and not "getting caught up in emotions" during these bidding wars so that we don't overbid and end up losing our shirts, if you will (BP rehab and flip calculator has been invaluable when it comes to creating safeguards around our offer numbers....). Some of the listing agents in this market also seem to either be overwhelmed (rude attitude) or a bit whimsical (do not return phone calls) as it appears that retail and cash buyers are jumping into their laps like a bear waiting for salmon swimming upstream! We are still pushing forward but would love some advice as to how we should navigate this market. If there are any wholesalers, investor friendly realtors, investors, or others who are familiar with Essex County, NJ (particularly Newark, the Oranges, and Irvington) would be more than happy to hear any advice you are willing to offer.
Also, we are currently waiting to hear back from a bank via the listing agent to see if we won the latest bid on a property. In the interim, there are other properties that seem like very good deals. Should we continue to send out offer letters on these other REO properties or wait to hear from the bank (it's going on a week and don't want to miss out on other potential deals while waiting to hear back from this agent). If we send out multiple offer letters and a few of the buyers approve, can we select the best deal and turn down the others without creating an issue or attaching bad will to our name?
Willing to do the work but at the same time feel a bit stuck as we have yet to secure a property to rehab.
Thanks BP Community!