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How to Get a Lowball Offer Accepted | Future Millionaires
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- Опубліковано 4 сер 2024
- Your lowball offer might seem offensive to most sellers. But, when phrased and timed correctly, you’ll be able to lock down real estate deals at the perfect price, sometimes without the seller even knowing it. Unfortunately, most real estate investors make a MASSIVE mistake when negotiating. Too often, they ask for everything they want when making an offer, not knowing there are ways to get an even better price later on. Want to see how this sneaky style of negotiation works? Stick around!
We’re back with our real estate mentees as they get one step closer to buying their next property and building their dream real estate portfolio. First, we chat with Philip, who lost out on the perfect deal but now knows a better way to get properties under contract. Then, Danny joins us as he stays on the hunt for a multimillion-dollar multifamily but is struggling to find reasonably priced properties in his area. Finally, Wendy is on as she debates which of her rentals have the best medium-term tenant potential. She also dives into a new market that could be perfect for her high-cash flow house hacking strategy.
We also get deep into the mindset of these intermediate investors. We’ll talk about why it’s so hard to let go of a great deal, how to systematize your learning so you’re constantly leveling up your skills (even during a busy day), breaking through analysis paralysis, and why your limiting beliefs are often untrue. So if you want to tee up your next real estate deal like Philip, Danny, and Wendy, tune into this episode!
00:00 Intro
02:47 Quick Tip
06:05 Losing Out on the Perfect Deal
17:27 Streamlining Due Diligence
22:12 Embracing the Chaos
28:25 Making Aggressive Offers
33:57 Finding Medium-Term Rental Markets
40:01 Fighting Analysis Paralysis
44:29 Designing the Perfect House Hack
53:22 Mentees to Millionaires!
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Connect with Our Mentees:
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Philip: www.biggerpockets.com/users/p...
Wendy: www.biggerpockets.com/users/w...
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Episode #726
Show notes at: www.biggerpockets.com/blog/re...
House hack near a college! House hack near camp grounds. House hack near hospitals and nursing homes. I was lucky enough to find a place that hit ALL of those bullet points.
Very nice! Which city?
Brilliant video/podcast! Thank you two for this excellent, very helpful information to start to succeed. Gems! Absolute GEMS. Thank you! 😍
This video is a valuable resource for those looking to negotiate a lower offer on a property purchase. The tips and strategies shared are practical and well explained. It's always helpful to be informed about the different tactics that can be used in real estate transactions!
Was this written by chat gbt?
Great episode my friends! And Wendy you got this! Rooting for ya!
You ARE the best in the world. David and Rob are also what make it the best! 👍🏼
Wow! tons of value in this video, thank you!
Wendy, I reside in Vegas and house hack
1200 for just a room is too expensive. You can get a whole apt for that.
For that much utilities, a pool, maid service etc should be included.
Just a heads up, and good luck !
Really excellent advice David, well done.
Thank you, Rob! You're awesome!
Great episode! Thanks for sharing.
19:46 good advice Rob. Thanks!
THANKS ROB! Great information!
I love the "OO" offensive offer idea!!!
Great episode!
Some quite valid points
Loved the second guys new found confidence and comfort he found after sticking with it. David, waitta lift him up and acknowledge the differences he has made due to his effort! Little things like this is why this is my go-to resource for all financial advise. P.S. The Kicker was "DAD LOVES YOU" written on the whiteboard. Wholesome episode.
Love you guys! Just wanted to mention that turning a loft into a legal bedroom... requires an egress window 👍 its easy to add the walls and a closet (also required) but adding a window isn't quite as easy👍 have a great week 😊 if you ever need code related answers, its what I do 😉
What’s an “egress?”
@@kimberiysmarketstrategy Every bedroom requires two ways to exit in case of a fire. Because of light and ventilation requirements the 2nd exit is almost always a window. In very rare instances Ive seen 2 doors, artificial light and mechanical ventilation be accepted in lieu of the window, but most jurisdictions won't allow that. Most will require a window with the minimum 20"wide, 24"tall opening that at a minimum is a total of 5.7 sq ft in area, with a sill height of no more than 44" from the interior floor. The 1st exit is always of course the bedroom door👍
I've used egress approved skylights. They are quite expensive to buy, but worth it to be in compliance and have peace of mind that tenants will be safe.
Unless the house is brick, a window isn’t hard
Thank you! 🙏🏻🙏🏻🙏🏻
I met a guy at a local REIA meeting who wrote into his contract that the sale would not be final until he got all of the permits he needed, which saved him multiple thousands of dollars in holding costs. I thought that was pretty smart.
Brilliant!! Thank you for the pro tip!
I’ve done that self sabotaging by when I’ve forced myself to try and be comfortable being uncertain. I leveraged to big and lost. Don’t want to lose my head next time I have money to turn into more.
Listing to this while doing the dishes :)
Great education.💯😍
I did all that studying and watching videos until decided to do something about it. Put my money where my mouth is. I started small but there is no substitute for pulling the trigger and learning from what will be at least some mistakes.
How would U ( I ) be able to tell an "as is" seller that he/she needs to fix A-G problems when the property is listed "as is"?
I'm super curious and would like more info/learn.
I have always been told by my agents that "as is" means seller WILL NOT fix anything.
With mid term rentals in a house hack. Do you do a lease like long terms or no lease like air bnb / short terms?
Your Airbnb guest reminded of Chuck McGill from Better Call Saul lol 😂
Lol very good reference.
The second mentee, Daniel Zapata, is so smart. 👍
👌🏻 So reassuring!
I have been naturally making O.O.’s since last year. Offensive offers; love to find a name for it. I even O.O. ed 2 builders last year. 😂
Such practical examples and tips from mindsets, normal cognitive tendencies and specific details like providing enough parking spots, living near hospitals/colleges, etc. Learning so much! 📚📚📚
About to O.O. a condo this week. 💪🏻
Damn, David is so smart and wise.
Oh yeah on the parking. I hate that my neighbor across the street decided to make the space in front of my house his. 😡🤬
Who is the Desert Hot Springs realtor that Philip Hernandez says specializes in land sales?
I haven’t seen enough to know why you need 60 days to do due diligence on land. Is this for things like surveys, perc test, etc? I assume it’s not for zoning checks, since you can look that up ahead of time.
I cant understand what is reason too
This is all well and good but I don't really think buying/flipping/renting single family homes is something that someone should do unless they have knowledge and experience in construction and/or design. There's a narrow path for people with knowledge in financing or as real estate agents to safely traverse the minefield but only by running on much thinner margins because a good contractor and/or designer are going account for 20%-30%+ of your project cost. Even then there's a ton of value in being able to just walk through a house or see pictures and innately know what should be done, how it should be done, how much work it might be and what surprises may be lurking.
I'm a firm believer that if you really want to invest in real estate without construction/design knowledge you should stick to good quality, ready-to-rent properties in desirable areas then consider hiring a property management company to handle the day-to-day.
You should invest according to your level of comfort.
Thank God for home warranty! This is a clear example of why you need to make sure your all set with those HW.
I made a video of me cooking, feeding birds, doing laundry while listening to this podcast. You guys hit the nail on the head.
?? Loan question: If I have a 4plex paid off and is valued at $350K can I use this as my down payment for another apartment building (16 units valued at $1.1M) "Collateral"? If I can use this collateral as a down payment on a new loan does this reduce my debt "payment" to the bank the way the cash down payment would do???
How about a HELOC?
@@hardattackdj Yes that was my thought but I had a loan officer tell me that It would be better to use collateral on a property that I have paid off and is cash flowing. Using the property as collateral for the down payment on the new property, I would have no extra payment to be made such as a HELOC and the paid off property would still be cash flowing. "I should have ask more questions, that was three years ago".
Does this sound feasible?
@@charleskaufman5826 I am waaaaay too new to help there lol
Yea you can offer your paid off building as additional collateral to help reduce your final LTV loan to value on that investment property. Good thing your property is paid off because banks don’t like to be on second place for their mortgage. If your property is valued at 350k and target asset is 1.1MM combined value of collateral is 1.45MM let’s say that lender wants a 7O% loan to value that means you can get a loan of 1,015,000 approximately.
@@santiagoastengo8176 Thank You, very good explanation. I see where my collateral helps to guarantee the loan but is there a way that it helps reduce the principle of the loan "like a down payment does" and therefore the payment "Debt Service" of the loan?
Like in the above example a purchase price of $1.1M with a 70% LTV or 30% down payment ($330K) results in a loan balance of $770,000 which the payment would be based, and the Seller is still getting their $1.1M from the bank. Maybe the only way this works is to actually put cash down on the purchase
Thank You
Make the seller counteroffer. I marked your word.
Is there anyway we could get the name of Wendy’s lender on Las Vegas. Why is it important to go with a local lender rather that a lender that’s out of the area?
How can I become a mentee?
Best way is to find a mentor
That is cold, take the girl to the steakhouse man.... lol
The equity comes and goes….but the cash 💰 should always flow. 🙌🏽
We accidentally did the "negotiate on a sold as-is buyer in December" part of this video... The seller fixed everything we asked for including an $8,000 roof!... Just reinforces the fact that you should never assume what someone else is willing to do.
Wendy likes to talk
David Green do you want one mortgage I noticed you were on a shirt the check one mortgage if you did well I would like to give you a call and see what I can work out to get a loan
This video is to long I can’t watch all of it…😢
Love your podcasts. Great info and well presented. BUT Your tin foil hat comment displayed extreme ignorance of a large sector of people who are disabled by wireless technology. (a recognized disability in Sweden and other more aware countries)!
@5:45 🧐that IS a "thing"...tin foil hats may actually be a pragmatic solution, as they work similar to a faraday cage
srsly-not everyone is desensitized to finer levels of radiation (which all electronics give off and can be measured). If you are using any of the mesh topography-you owe the dude an apology. That stuff can microwave brain cells...or create micro clots in the brain...
...if you actually read the paperwork with any wifi it lists the "approved" amount of radio frequency and microwaves the device is supposed to work at...not that electronics have "ever" malfunctioned, been cheaply made, or used metal mixtures that perform irregularly...
Wifi is everywhere tho so how does he live daily , doesn’t owe him an apology . Guy had to know there was wifi there smh
@@RealNickATX not actually "everywhere" in equal concentrations
distance and various substrates buffer these (such as walls made of brick vs drywall)
science is a thing
it's just facts and maths
I can't even get started in real estate? Always some redlineing bullshit. What's the use own existence is a crime. Got good credit still get disapproved. All these little real-estate programs and networking bait tutorials.
None of this shit works.
Good credit is 90% of it in my opinion. I got started with $0 of my own money. I lost money for the first 2 years but now and cash flowing very well. Don’t give up just find the right properties. Save up for your own money down if needed.
Building good relationships with your lenders (and everyone else) makes ALL the difference. The fact that it doesn’t meet “your” expectations sets you up to fail. Review your intentions. No one said it wasn’t going to take work and tenacity. If you have the chops for this it does work. Best of luck to you.
Well, obviously this "shit" isn't easy. If it were, every fool would be participating, making it even more impossible to make a profit. Keep trying, and work every angle, and for God's sake, keep a positive attitude.
It’s more a matter of resourcefulness , than resources.
Resourcefulness allows us to make necessary adjustments. Resourcefulness is why many things that were once considered impossible, became possible. If we cultivate resourcefulness, the resources will follow.
@@boomnailedit1609 I truly hope you are right. I have stellar credit but struggle to find something in my price range that I won't get out bid on.