Rental Property Investor · PA · Member since 2020 · 23 posts · 20 votes
I'm currently looking for a small multifamily in Phoenix, AZ. Every time I make an offer I am unsuccessful to get the property under contract. I'm wonder if anyone has any advise to make my offer stronger or how to find off market deal? I'm looking to do a house hack with a FHA Loan.
These are questions you should be asking your realtor to be honest. Without knowing what you're offering, I can only give generic advice, but make sure your offer is clean, competitive, and has your pre-approval attached. It's not always about the highest offer. The fewer the contingencies and days needed to close will definitely help. Try offering more on your EMD to show that you're very serious and even try writing a personal letter to attach with your offer. In times like this, your offer needs to stand out much more than the others.
@Miguel Bautista you are certainly not alone - a lot of buyers are going through this same thing with the market being so hot. @Bob Okenwa gave outstanding advice - I would read his response a few times.
I would just add that being the first offer could help as well. So when a property first comes on, you can't waste any time. Or you can look at properties that have a long DOM and try to be the first / only offer there. In a hot market like this, the sellers can be frustrated if they have been on the market for awhile with no bites.
@Miguel Bautista how many offers have you made? It may take 5-10+ offers until you land a deal, especially in today's market.
If you're house hacking you will be an owner occupant. I would ask your agent about HUD or other foreclosures in your area. Sometimes you will find owner occupants have 30-60 days to make offers before investors are given access.