Out-of-State First-Time Investor – Question About Offering Price on Cosmetic Fixers

[Xuming Yu]

I'm a first-time investor purchasing out of state and had a quick question for those with more experience. When you're looking at properties that only need cosmetic updates (like paint and flooring), do you typically offer close to market value?

I'm trying to run the numbers using the BRRRR strategy, but if I pay market price, it seems like I won't be able to pull out much (if any) of my initial down payment during the refinance. Would love to hear how others approach this—any insights or tips would be greatly appreciated!

[Xuming Yu]

Thanks for the wonderful info, folks. This will be my first true out of state investment property hence I don't wanna go too aggressive by doing some hard money full gutted rehab project which I won't have time to take care of if something goes seriously wrong.