I'm writing this post for the benefit of newbies, but also as a reminder to myself to "Make the Offer", worst that can happen is you get a "No". At the beginning of 2018, I had a fourplex I was very interested in purchasing and did extensive due diligence and analysis. For many reasons, this was the right property for my situation. Long story short the ask was in the low 300's, my analysis was the numbers worked at 270K but I could stretch to 275K and still be in good shape. I told my agent I was comfortable offering 270 (with financing) she said the seller's agent said she had a cash offer for 275K. Instead of just offering the 275K I decided it wasn't worth it as they had a cash offer. Just looking back I found the property sold for 275K more than a year later. Not sure if it was cash or not, but it confirms my analysis was correct. I just need to remind myself to "Make the Offer" if you've done the work.
No gets you one step closer to a Yes @Steve Puglisi
Amen! Those that wait on the sideline for the perfect deal or a recession are losing!
Getting confident enough, and comfortable enough to send offers really is a big hurdle that would-be investors need to practice jumping sooner than later.
I also remind myself to make the offers and especially follow up when applicable to remind agents that you would like to be held as a back-up offer. So many closings fall through, and like you said, you already did the work.. don't let opportunities pass, make the offer either way.