Confused about competing with cash offers
Hi All! I am an avid BiggerPockets follower - books, podcasts, webinars, everything I can get my hands on. But this is my first post here.
I own 3 single-family homes in the Dallas area (Collin County), my primary residence, and 2 rental properties. Bought our primary with 20% down and the rentals with 25% each. I am looking to buy 3 more rental properties this year. Given the low inventory in our area, all the good deals are bought by cash offers. I have 25% to put down for the next property but that will be a conventional loan and doesn't offer closing within 2 weeks. I am wondering what my options could be in terms of financing for faster closing.
Most Popular Reply
Get fully pre-underwritten so you can close quicker. Use an escalation clause with an aggressive escalation amount. It needs to be a large enough number so that they will take your higher offer over cash. No small rinky dink escalation numbers.
- Russell Brazil
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