Buying my second multi family

2 Replies

Hello everyone, I new here to BiggerPockets and I’m excited to connect with this community. With that said here is my current situation.

I’m currently trying to pursue my second multi family property. The problem I’m having is when I put in an offer an investor with a cash offer or a fha 203k loan seems to get the property over me as I am looking to put 20% down with a conventional loan this time around.

My realtor told me that he banks look at those two options before looking into a conventional loans offer.

So with that said any advice on how I should approach this and get my offer recognized?

Thanks in advance everyone 🙂

Pablo Barrientos

@Pablo Barrientos this can be a more challenging market for sure. Most of the deals I have done this year in the Berwyn/Forest Park market have had multiple offers, and I even had one deal last week that had 13 offers. Just be patient, and stick to your investing criteria. Work on your systems for analyzing properties so that you don't spend too much time on any one deal until you get it under contract. This is easier said than done, but having bought or represented investors on over 20 deals last year has allowed me to know within about 15 minutes what type of investment a property will be. If you have a solid realtor there, lean on them to help you weed out the "junk" so you don't waste too much time on it!

@Pablo Barrientos Remove contingencies, offer a crazy-high EMD, etc. But the reality is, put yourself in the seller’s shoes. You want to sell your property and have two identical priced offers. But is all-cash and one isn’t. What would you choose?

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