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BiggerPockets Real Estate Podcast

726: Future Millionaires: Why You Should Start Making "Offensive Offers"

BiggerPockets Real Estate Podcast

BiggerPockets

Education, Business, Investing

4.816.5K Ratings

🗓️ 12 February 2023

⏱️ 63 minutes

🧾️ Download transcript

Summary

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! In This Episode We Cover Why you NEVER submit your final offer when trying to get a perfect property under contract Buying raw land and how to perform due diligence on an untraditional asset Embracing the chaos and how to build your real estate portfolio with a jam-packed schedule Why 2023 is the perfect market to write “offensive offers” on properties Medium-term rental investing and which markets work best for it Analysis paralysis and how your mind tricks you into not succeeding The ONE thing that most house hacking investors forget when looking for new deals And So Much More! Click here to listen to the full episode: https://www.biggerpockets.com/blog/real-estate-726 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

This is the Bigger Pockets Podcast Showed 726.

0:04.8

In the future, lock it up, understand your contract or your contingencies, have your

0:09.6

realtor go back and renegotiate in the thick of it, right?

0:13.5

Because now they've already been in an emotional state.

0:15.3

They're like, ooh, we're finally going to sell our property.

0:17.3

They're thinking about what they're going to go spend the money on.

0:19.2

They're shopping for their next thing.

0:20.8

So when you come back and say I need another 30 days, they're not going to tell you to

0:23.6

pound sand.

0:24.6

That's a great learning lesson.

0:25.6

I'm glad that we were able to go through that together.

0:27.5

I'm sorry that you missed it.

0:28.5

But this should encourage you to go write another 10 offers way below asking price on

0:32.2

other properties and see which one of these people want to play ball.

0:35.7

That's the name of the game.

0:37.8

What's up everyone?

0:38.8

This is David Green, your host of the Bigger Pockets Real Estate Podcast, the biggest

0:42.0

the best, the baddest real estate investing podcast in the world.

0:45.8

Here today with my co-host and partner in crime, Rob Abasolo.

0:49.6

We've got a fantastic episode for you guys.

0:51.8

And today's show we bring back our three mentees and get a progress update on the progress

0:57.8

that they've been making in their journey.

...

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