3 Tips to Get your Offer Accepted in This Crazy Market!
Halfway through 2021! Wow, how this year is moving fast! How are you doing on your progress towards Financial Freedom? With the Summer upon us, many will be going on their first vacations since 2019 and adjusting to changing schedules with school being let out. (Did they even go back?!)
But we must not forget our end goal!
Wouldn't it be amazing if regular vacations and a flexible schedule were your reality all year long? I know for me, this is what I am working towards! Being able to escape the NY winter and live in DR for 3 months was a great start to the life I want to live, but I plan on Winter 2021 being an even bigger adventure! (Stay tuned as I put the pieces in place for this!)
"But, Becky, the market is Crazy!" you say!
Personally, my crystal ball is broken so I have no idea when the market will "correct" or what that will even look like. But, I do know there are still deals out there. Check out my IG here as my hubby and I were out shopping for our next multifamily just a few days ago. Yes, in most places, prices are higher and competition is fierce, but this does not mean you should just give up your dreams of eternal vacation.
Here are 3 ideas that you may want to consider when putting in an offer:
1. Be Sexy!
LOL Just kidding! But, there are ways to make your offer more attractive! Consider waiving contingencies. Here, I am speaking specifically about your Home Inspection and Appraisal. For home inspections, when you waive this, you are accepting the property as is. You have to feel comfortable in your knowledge of repairs and understand the risk involved, but sellers will be happy to not have to negotiate cost or consider doing any repairs on a property that they want to sell. For the appraisal, this means that you will not ask for a reduction in price should the house appraise for less. Again, you need to have a strong command of your numbers, but you should have this anyways if you want to be a successful Lady Landlord! 😉 Removing the risk of a deal falling apart means a lot to a seller!
But most importantly, if the numbers don't make sense for you...RUN, don't walk!
(Need help learning how to Properly Analyze Deals? Click here!)
2. Be Creative!
It's very popular right now to have properties go over ask and in all cash. So, if you can't beat them, join them! Always check your numbers first, but then see what you can do to put in the strongest offer. Find a way to make an all cash offer. Maybe you need to work with a Hard Money Lender and then refinance into a conventional loan down the line (Speak to my HML here to see if this is an option for you) Refinancing or using a HELOC might also be the key to this for you. Also, consider an Escalation Clause on your offers. If you know you want a place and the numbers work, don't play coy. Go in strong and get it! Lean on the Lady Landlords FB group and work through options of how you can make the puzzle pieces fit together.
3. Be Proactive!
Perfect deals don't come knocking every day, especially not in this market. But, YOU can go knocking! And yes, I mean that metaphorically and literally. Real Estate Investing is not a passive, get rich quick scheme. Here, we need to make strong, educated, powerful steps that compound into big change. So get out there and make 💩 happen! Drive for dollars, use software that can help identify owners and addresses (Get your FREE trial to Propstream here!), and network, network, network! All of these avenues can lead to your next property! Even in this market, I still have people I have relationships with calling me offering me deals. You can have this to!
Not sure what to say when cold-calling or how to start a conversation about this? Don't miss the Lady Landlords Podcast this coming Tuesday as I interview Jennifer, the cold calling Queen, who will give you tips to feel confident when talking to potential sellers and Private Lenders!
Want to talk about your situation specifically? Schedule a chat with me to get the help you need here!
Happy Deal Finding!