Intro v2: Finally Making Offers in Tampa! (and losing them...)

5 Replies

Hey all,

Since we're actually playing the game now, I figured it was a good idea to re-intro myself and dig back into the forum.

The wife and I live in Brandon and are looking for our first property, preferably one which needs some TLC. We plan to either rehab before we move in or do work while we live there, eventually renting it out- if there's an ADU that's a plus. We have made offers on 4 properties in the past 6 weeks and have lost each one to cash offers (probably some of you guys!). Even though we're being beat, we're still so excited we are swinging the bat.

Looking forward to hopefully working with some of you guys!

-Adam

@Adam Lovell

Welcome sir!

When you make these offers, consider making your other terms strong. When you are financing, offer such things as short inspection periods, larger deposit, etc.

Some lenders will even do what’s called pre-underwriting with conventional loans. This means they will take all your documents, submit to underwriting, and get a conditional approval. That would lower your days to closing from 30-45 to 15.

Good luck sir!

@Edgar Rodriguez - our lender is awesome and has done everything short of that for us so far. I'll definitely bring it up to him.  Good pointer, appreciate it!

@Melvin List - it sure is.  We aren't too discouraged yet and are still learning more every time we submit an offer. We are about to actually send out (hand deliver) some letters to our neighbors to see if we can get lucky with an off-market deal in our current neighborhood. Just to see what happens. 

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

We hate spam just as much as you