A small success story form yesterday:
I found a property in my target area, completed my due dilligence (numbers all worked out great) only to find the property had already been conditionally sold after only being on the market for a very short time.
But, being a sophisticated investor and knowing things aren`t always as they seem, I called up my agent and had him call the listing agent to find out more details. It turns out the deal fell through the previous day due to financing issues and the property was back on the market.
Myself and my JV partner looked at it the next day and decided to make an offer ASAP because we knew it wouldn`t last long. We went back to my agents office and he prepared the offer. My agent called over to the listing agent`s office to get some further info and discovered there was already another offer on the table. So, we upped our bid a little higher (just under asking price) and faxed it over. The offer was good until the following evening as it was already late in the day.
The next day the buyer`s agent phoned my agent with bad news for us...there was a third offer being presented later that day.
Now this was going to be my second rental property, and I am still relatively new at this....But, I took my emotions out of it. I figured the third buyer, knowing there are already two offers on the table, would bid asking price or higher, so I went for asking price plus a few dollars to make it an odd number in an attempt to out bid the others even if only by 2 or 3 dollars, and I also simplified the terms on the offer.
After we re-submitted our offer, I figured I was still out-bid, but I was set on my number and was not prepared to get in a bidding war for this property. I was more than prepared to let it go.
A few hours later after the third party had presented......They decided to go for our offer. They did not tell us exactly why they went for ours, but in the long run I am confident it is because I utilized many of the techniques from Don`s book Real Estate Investing in Canada.
Thank you Don for helping me get this amazing property which will put over $400 positive cash flow/month in my pocket.
Mike
I found a property in my target area, completed my due dilligence (numbers all worked out great) only to find the property had already been conditionally sold after only being on the market for a very short time.
But, being a sophisticated investor and knowing things aren`t always as they seem, I called up my agent and had him call the listing agent to find out more details. It turns out the deal fell through the previous day due to financing issues and the property was back on the market.
Myself and my JV partner looked at it the next day and decided to make an offer ASAP because we knew it wouldn`t last long. We went back to my agents office and he prepared the offer. My agent called over to the listing agent`s office to get some further info and discovered there was already another offer on the table. So, we upped our bid a little higher (just under asking price) and faxed it over. The offer was good until the following evening as it was already late in the day.
The next day the buyer`s agent phoned my agent with bad news for us...there was a third offer being presented later that day.
Now this was going to be my second rental property, and I am still relatively new at this....But, I took my emotions out of it. I figured the third buyer, knowing there are already two offers on the table, would bid asking price or higher, so I went for asking price plus a few dollars to make it an odd number in an attempt to out bid the others even if only by 2 or 3 dollars, and I also simplified the terms on the offer.
After we re-submitted our offer, I figured I was still out-bid, but I was set on my number and was not prepared to get in a bidding war for this property. I was more than prepared to let it go.
A few hours later after the third party had presented......They decided to go for our offer. They did not tell us exactly why they went for ours, but in the long run I am confident it is because I utilized many of the techniques from Don`s book Real Estate Investing in Canada.
Thank you Don for helping me get this amazing property which will put over $400 positive cash flow/month in my pocket.
Mike
