I am sure this is one of the most frustrating point for us newbies. After my first deal, it has been impossible to get an offer accepted and I'd like to get your input on how I can increase the chances.
Basically I am trying to buy my next flip or brrr subject property in the Central Florida area. I am exclusively working on MLS properties because I live in Miami and a wholesale deal is not feasible.
The way I work it out is by looking at the property pictures and try to come up with an overall rehab cost, then making the offer as soon as possible for the "right" price. If it gets accepted, I still have my inspection period to confirm my estimates and go on or renegotiate based on the new numbers.
Not sure if the issue is that I'm been over cautious when coming up with my rehab estimates, therefore making very low offers, though I don't think so. I am trying to be as realistic as possible based on my first experience but I'm still a starter.
Can some of you share ideas on how to improve my chances here?
Thank you all in advance!
Large EMD to show you are serious may help. Short inspection times are also well accepted by sellers. Also, you might want to market for properties on your own. If you do this, one thing I would do would be to enclose POF. That shows potential sellers you are willing AND able to buy.
I dont know your market....but any property in my market that is a candidate for a flip, simply wouldnt get an offer accepted if there is an inspection contingency. If the place needs to be fully rehabbed, whats an inspection going to reveal?
There's no doubt that having an inspection period is very important, especially someone new to the game. However, it WILL cause you problems when making offers, especially if you're competing against other people.
It sounds like the MLS may be too hot for your MLS strategy. Maybe try attending a local REIA group and meet some wholesalers who could hook you up with a deal. Or try your own direct mail campaign.
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