I JUST SUBMITTED 100 OFFERS IN ONE DAY!!! I MUST BE NUTS!!!

I did not read this entire post. How many of those 100 offers did you get under contract and assign or fix and flip or hold? Do you still have the same realtor?

Just curious,
Michael Mangham
MD Home Acquisitions LLC

I just posted the one at the end of page 4 that goes with this. I just read that none of the offers got accepted. I think you are offering way to low. If you put in 100 offers in one day there is no way you could have your due diligence on these. It takes about 15-20 minutes per property, to do your homework and put in a good offer. This is why most real estate agents wont work with you. 100 offers is a very lot to put in at one time just for one person. I put in 4 offers a week and 2 or 3 of them get accepted. I talk with some of the best investors out there and they are only putting in about 5-10 offers a week. Usually 4-6 of them get accepted. It's because they do their homework. What you should do is for your goal this week is to put in 3 offers. Find a home for sale, I flip all my house right from the MLS. I find a house and first I look it up on the county property appraisal website for what ever county it is in. This will tell me how much it last sold for and what is was last appraised for. Then I use www.totalviewrealestate.com to find comps. I also use www.ziprealty.com and put in the mls number or address of the home and this will tell you comps, sales data for that area, demographics, all the market analysis you need to know to put in a good offer. You don't need to be greedy and low ball the offer. I just put in an offer on a home on the MLS. It was listed for $76,000. I offered $60,000. Got it accepted and sold it 4 days later for $70,000. You will do just fine offering just a little bit below the listing price. I had one last week listed for $65,000. I offered $50,000 and sold it for $58,000. I told them it needed about $10,000 worth of work and the garage was converted into a bedroom which will lower the value a bit and investors don't really like that. So it really helps to have a good reason to make low offers. I call it getting fat on skinny deals. Here is a really good link you should check out. This guy is from Tampa and he is flipping 3-5 houses on the MLS every week. Making between 5-10k per deal. This is a link to a webinar he did that teaches you everything I just mentioned. He is the one that taught me. I really suggest you watch it. It will help out soooo much. Let me know if you have any questions. http://webinarwizards.com/contentcall. If you follow this advice I guarantee you will get a good offer accepted within a week. Sorry I know this is long, but it's good advice, it works. One more thing. I know you said you don't have any cash buyers yet. To build a good buyers list. In your area if people but the signs on street corners advertising for a home for sale and they usually say cash only. Drive around and write down as many numbers as you can. These are cash investors. Call them and act like your interested in the property they wrote about on the sign. But tell them you are an investor too, and ask if they are looking for any other properties and get their email address even if they aren't looking right now. I get 20-40 a week doing this. Those signs are everywhere in Orlando. Then when you get a property under contract. Send an email to all of those investors with all the details and photos. It will sell. I promise.

I agree with thiatt07 don’t burn out a perfectly good Realtor putting in a crazy amount of offers without doing some more work. Plus, when the only thing you care about in a property is 50% off list price that assumes the banks have any idea what the property should be listed for. In Minnesota where I operate some areas have dropped 75% in value and others only 20% do you think an $8 an hour employee from Citi bank out of state has any idea how to price a property other than the tax value? Any offer you do get accepted with this strategy is probably going to be a lemon that you would be better off tearing down and is in such a bad area you are going to have a tough time getting cash buyers interested. Here is my advice don’t put in offers at a set % like 50 or 60 % off that’s like putting a sign on your offer to the banks saying "hey I’ve done no due diligence and want to get lucky” Next you need a professional pre-approval letter (preferably from a national bank and on their letter head) or they won’t even look at anything else. Also, your cash buyers are probably going to be flippers or cash flow investors so in your due diligence look for recent comparable sales and market rate for rents in the area and compute the projected cap rate for your cash flow investors and the ARV for flippers. This way as soon as you have it under contract you know it can work. You don’t waste your time the realtor’s time and the banks time (well go ahead and waste their time they deserve it) and you can immediately start marketing it to your buyers list.

Side note I’ve done tons of offers too if it’s an REO from a national bank and you but "and or assigns" after your name it immediately get put in the garbage. You need to use the double close method or some other strategy. Just trying to save you time and heartbreak keep up the good work you’ll get there!

Yuri,
Yes, it is a numbers game. The more offers you make the closer it takes you to the acceptance phase! You go boy! lol

Peace and Blessings,

However, make sure you do your "due diligence" on all of them. You do not want to offend anyone because they will not have any faith in you and will not want to work with you in the future.

Peace and Blessings,

It seems kind of ballsy to tell you RE agent to do that much work but I suppose if she is willing to do that kind of work who is anybody else to gripe. I hope everything works out and I too would like to know if you got any offers on your 50% off.

Keep the good work and let us know your progress

forget the realitors they want that commission, why not cut out the middleman and so you! I want to deal direct with the banks so...

Hey out there just started and going to succeed too, but I am looking for the bank that owns this property I know in the book was told to call all banks; yes this can be done is there another way to so this? I am going to get this property I want it as my residence and then start investing...any suggestions pls hit me back Darryl...

I would say to you, keep on keepin on cause when there is a method to the madness nothing can stop you and that is my chain of thought. so God bless you I will agree in prayer with you and your faith will overcome it all, don't think about the negative keep thinkin outside the box, but work on your buyers list. So step out in faith and I wish you the best cause I think like you a lot of times, and I believe you can and will succeed. Your awesome!

GIA

Unfortunately more and more bank asset managers (the guys that work with REOs)due to bank (lender) policies will NOT work with a buyer! They will refer you to their REO listing agent(realtor) Alot of the time these days the agent will not take an offer until the property is listed, also due to bank (lender) policies. If you do call the bank, ask for the REO asset manager.

Your best bet is working with a small bank, not a big national one.

These are the trends I see right now, this could change and asset managers may sell properties to buyers before they go to the listing agent but that is not happening right now.

Besides if you are going to have consistent deals it might be a good idea to have a realtor in your corner!

Hope this helps,
Michael Mangham
MD home Acquisitions LLC

Hello,
I am curious to know if by now you have locked up any of the 100 offers you previously talked about a couple of months ago. I would think that if you kept up with them and over time if they had not sold, you would have a good chance with those low offers. Maybe they would call you up and see if you are still interested but at a slightly higher amount. Keep us posted we are all interested in the final outcome. Keep plugging away at it you are bound to get something at the price you want.

Hi I was wondering if you are interested in buying some properties in orlando. I know a guy that has properties for sale there and will send his info to you if you are interested.

I think their two post make a lot of sense. Rather than going so low and not getting any offers go a little higher and get some. My wife and I are looking at properties to flip with minimal work and my Realtor tells me you have a way better chance at getting excepted on your offers if it is not ridiculous. Getting fat on skinny deals is a great way of putting it. Thanks for that one thiatt07!

Get back to us yuri, people are very motivated from this thread.

Edit to add, I just noticed that this thread is over a year old. So how did it turn out?

If you are following Matt's 25:1 then you are going to put in low offers like that. Most of my investor buyers will only pay 70% fmv, so it also depends on what kind of buyers you go after too, retail buyers will pay much more because they are looking for a home to actually move into.

copy R500 check... this is brilliant I never thought of it... thank you I was a little worried about that too..

SORRY ABOUT YOUR OFFERS... I THINK YOUR AGENT IS INCREDIBLE... I HAVE GONE THROUGH ALMOST 10 AGENTS HERE IN CHICAGO AND I HAVE YET TO FIND ONE WHO IS WILLING TO MAKE OFFERS AS MUCH AS YOURS.... I THINK YOU SHOULD KEEP YOUR AGENT... SHE REALLY WORKED HARD FOR DAYS PUTTING THOSE OFFERS UP AND BESIDES...AFTER ALL THE WORK SHE DID SHE DOES DESERVE ANOTHER CHANCE....I THINK YOU SHOULD CHANGE THE AREA YOU'RE INVESTING OR YOUR CRITERIA A BIT... MAYBE THOSE SELLERS WERE NOT MOTIVATED ENOUGH.... BUT YOU HAVE TRULY INSPIRED ME AND EVERYONE HERE....I'M GOING TO FIND MY 11TH AGENT...AND START SENDING OFFERS...AND IF THERE IS ONE ANYONE CAN RECOMMEND IN CHICAGO THAT WOULD BE WONDERFUL TOO... KEEP AT IT...YOU'RE CLOSER THAN YOU THINK!!!!!

NKANYEZI STAR

I am to, completely new to all of this.. I believe I have an aggressive agent, finding tons of properties for me. Is the standard really 50% -60% of the asking price?

Guess I should talk to a coach or something.. but I guess I don't really have much to lose.. if they get accepted, i have a great deal.. if not it's just one more number.

Very interested in hearing the rest of your story as we all are. I am also in a position that may be in jeopardy, and I have my first child on the way. So excited had the first sonogram the other day.

I am looking into properties that are not in my area.. and running system "site unseen" have you spoken to a real estate attorney about these offers? I am just starting down the road to make offers..

I want to put in at least 25 this week, but I don't even really know what to send.. or how to make sure I can actually do a double close/assignment..

I am sure I will figure it out, just want to make sure I protect myself.