Casa Grande, AZ · Member since 2015 · 15 posts · 1 vote
I see homes in my city for under 50k but need a lot of work. Any experience with getting seller to sell to me for lower price. I seen a few homes I like around 44k and wonder if offering 35k cash would be ridiculous.
Rehabber · Smyrna, GA · Member since 2013 · 864 posts · 510 votes
11y
Ron LeGrand used to say "If you arent downright embarrassed to make your offer, its too much"
I make offers all the time on my numbers with zero regard for the asking price, most get rejected. I make a lot on the ones that say yes, though. Buying one Friday from a wholesaler that wanted $85k, I went and looked at it, decided my number was $60k offered that, she said $70k, I said no. Finally landed on $62k, which was me cheating a little on 70% less repairs but not much. The key is not caring if they sell and making a ton of offers. I dont go look at a property unless I think I'm going to buy it, but if I take the time to look at it, I always take the time to make an offer.
"Some will, some wont, so what, who's next?"
Honestly as an investor you are looking for a situation more than a house, so if you buying listed properties you just need to make a ton of offers to hit the ones that are motivated. When you are buying from individuals you can flush them out on the phone. Lately I've been buying from banks and wholesalers, but when I worked foreclosures I used to talk to 100 people to look at 10 houses to buy 1. You gotta have that expectation if you are trying to uncover the real deals.
Ron LeGrand used to say "If you arent downright embarrassed to make your offer, its too much"
I make offers all the time on my numbers with zero regard for the asking price, most get rejected. I make a lot on the ones that say yes, though. Buying one Friday from a wholesaler that wanted $85k, I went and looked at it, decided my number was $60k offered that, she said $70k, I said no. Finally landed on $62k, which was me cheating a little on 70% less repairs but not much. The key is not caring if they sell and making a ton of offers. I dont go look at a property unless I think I'm going to buy it, but if I take the time to look at it, I always take the time to make an offer.
"Some will, some wont, so what, who's next?"
Honestly as an investor you are looking for a situation more than a house, so if you buying listed properties you just need to make a ton of offers to hit the ones that are motivated. When you are buying from individuals you can flush them out on the phone. Lately I've been buying from banks and wholesalers, but when I worked foreclosures I used to talk to 100 people to look at 10 houses to buy 1. You gotta have that expectation if you are trying to uncover the real deals.