Put offer in Now What

[william]

Well I decided to jump right in, get pass that fear monster. I put offer in without well kinda a way to fund it. I know I'm gonna be running scared about this if it gets accepted. I'm going thru a company but, so far it's just pre-approval an not for the whole amount. So I'll be looking to figure away to get the other half. Any suggestion would be greatly appreciated. The property is a rental unit 1-4, listed at 624k put offer in for 630k, each unit 2/1. rent will be 1300-1450 I hope. close to college's

[Tony Alvarez]

I sincerely apologize for not responding sooner as I have been way too busy with my own deals.

I'm very glad to hear you finally got over your fear of making offers. However, unfortunately, according to the statement you posted here, you have probably violated every single rule that I suggested everyone follow in real estate especially in the beginning of your career.

Please review the suggestions I make on our FREE Real Estate Investors Starter Kit on my website. You can download the Starter Kit here: thereomentor.com/site/free-starter-kit

The most important part of making offers at any time in the marketplace is to have a deep and clear understanding of all of the elements that comprise the real estate market where you have decided to invest (your chosen Target Market), property values, financing, contractors, market activity, listings, sales, rental market and the overall attitude and level of cooperation of your city offices. In addition, part of the process I suggest you go through In the starter kit walks you through a self-evaluation where you must address the elements required for doing real estate investing successfully to make sure you identify your strengths and weaknesses. From your statement, it sounds like your biggest weakness is available cash for your equity portion or financing. For someone who doesn have the money to invest, the only 4 ways available to you that I know of are :

1- Find a partner that has the cash for the equity portion &/or the whole purchase price for a portion of the profits
2 - Equity lenders like Hard Money lenders
3 - If the seller is an individual homeowner or investor consider having the seller provide the financing, even if its just short-term while you find someone to flip the property to
4 - Utilizing lease or purchase options to control the real estate while you find someone to flip it to

Some places to meet these individuals are local real estate clubs. Most of them meet on a regular basis or online real estate communities or social networking sites such as BiggerPockets.com, Facebook, LinkedIN, MeetUp, etc...

Just post what you're looking for and stand back.

Good luck