5 Questions - Rethinking my Game Plan

[Manuel A.]

I'm going to try and keep this short, as I always write way too much. I just have 5 questions so I can rethink my game plan as I don't feel I'm doing enough.

1. Would you ALWAYS put out a bid on anything and everything? Even if you know the chances are small? Like offering 55% of asking? What does it take to make you say, "Putting in a bid is useless."? I've been going by, if my offer is below 80% of asking, I don't offer...

2. How much EMD would you put on a $60k - $100k house? I put $3k currently...

3. When estimating the repairs, do you add an extra "cushion" amount for safety? If so, how much?

4. Do you bid on, "lipstick" jobs? Is there too good of a condition that you won't bid on? Like if you see a house, and it's in mint condition, move in ready, and it's foreclosed and they're asking 90% of FMV, do you still bid on it? I know this question is kind of similar to 1 but I wanted to make a distinction.

5. What is your due diligence period? Mine is 5 days... Do you have any other contingencies? I don't...

Your answers will help me rethink my game plan. Thank you very much!

-Manuel