Well today is my last day here. Yesterday, I went out with another investor who showed me couple of properties that were interesting but not what I was looking for. Someone can pick them up for about 45k with an value of about 70-75k. They are rented with two(2) year leases singed for $725 a month. I believe they were both section 8 tenants.
The results of my offers were not exactly what I was hoping for. I made two offers on HUD properties and didn't get either of them. They just came available to investors and apparently they were favorable properties with multiple offers that were obviously higher than mine. One of the offers we were countered to provide our "highest and best" offer. So, here is what I did...I actually left my offer the exact same dollar amount but offered to put the FULL offer price as earnest money and removed all contingencies. To some of you that may seem a little extreme, but keep in mind our name is Realestate-Extreme...haha...just kidding. Keep in mind that I have personally been in the property and I have already had a contractor go through the property to give me a rough estimate of rehab so I know where I stand. Basically, all I need is a clear title and I'd buy it so that's the reason for the strong offer. I have not heard anything on the 4th offer I made.
Today, I made two more offers. One was similar to above...as we went to send in the offer they asked for "highest and best" so I actually lowered that offer as I originally made a full price offer. I lowered the offer and again offered the earnest money to be the total purchase price, again making it a strong offer. The other property has been on the market for like 90 days so I went ahead and made a low ball offer just to see if they would counter or of course accept. So, I still have four outstanding offers as I wrap up my week or so here in Indianapolis and get ready to head back home.
Today, I was also able to get into a couple of other properties that investors from our tour last month are buying and took some video for them so they can see the status of their properties. I think I mentioned this before but this is one of the biggest reasons to invest with a organization that will continue to look after your best interest.
Well this is my last post from Indianapolis. I'll continue to post my daily activities when I get back to Hawaii in hopes that people following will get a little insight of a day in the life of a real estate investor.
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