Question for experienced flippers

[Ivy Pierce]

Hello,

I am looking to do my first flip. I have been analyzing deals on the south side of Chicago and the south suburbs. I have a pre-approval for a hard money loan. Each of the homes I have tried to bid on had 20+ bids and ended up selling for double the list price. None of them have finished the rehab yet, and were not in areas with enough rehabbed comps. 

Since most homes are selling above asking price, can I be less conservative on my ARV estimates? Is it possible to over pay on the front end and still make a profit after rehab since this is a sellers market? I have been using the flip calculator tool and intentionally not gone over the recommended max bid. However I'm wondering if the climate of this market allows more flexibility in that aspect.

[Mike B.]

I disagree with Eddie. I would stay patient and disciplined. Reach out to wholesalers, bird dogs, agents, etc... and find something off market. The mls is where we go to sell, not buy.