Where am I going wrong ?

Increase your offer price and put in offers after conversing with your agent about what will realistically sell.

Your agent may actually be getting frustrated that his time is not being compensated and it be time to look for others to work with

Plan was to go low and get counters and end up at the price I wanted but I'm not even getting counter offers.

Try offering at your highest maximum price and holding firm, instead of low and and waiting for a counter offer.

Don't get discouraged, this is a numbers game.

Also, talk to your agent before moving on... ask for feedback. Who are these properties selling to? Are they non-financable deals that are getting cash offers? Can you pull the stats on the properties that you offered on to see what they actually sold for? Can you get a CMA to compare sold prices with your offers as a percentage of list price?

Be sure to tell your agent that you appreciate all the time that s/he has put in so far, and to stick with you, because your next one might just be THE one. If your agent has gone this far with you, I'd say you have someone who is definitely willing to work with you. Your agent might have some good ideas to help you get one, so ask for feedback.

Keep in mind, so far the agent has put in a lot of effort to help you... Don't cut them out of the paycheck part!

To your realtor. Ask them what WILL be accepted. Don't try to figure this out on your own. Let them explain how things work in your market and then decide what you are going to do based off of that information. Keep it up!

RENinja

My best advice is to start looking at the FSBO market. It is much easier to find motivated sellers willing to work with you when the properties are not on the MLS.

My best deals are found from FSBO, NOT the MLS! In fact, all my deals are done FSBO!

Also make sure you have buyers and earnest money ready to go when trying to wholesale properties on the MLS or any REO properties.

You said you have put in sseveral offers. How many is several and what type are you putting offers in own. I get about 1 in 50. All have been on the market at least 180 days with movation. As is, invester special ect. And all have had price drops.

Randy

that alot of the homes I'm offering on are selling above asking and at asking.How is that?

And @flipkid your right I need to focus more on ...@Randy I've put in over 50 maybe 70-80

Lawrence,

maybe you could try a different area where properties aren't selling at/above asking price-do your research and find out...

If you've put in 70-80 offers and haven't gotten any accepted, I can see why your agent may be getting a bit frustrated-it can be alot of work. Per Matt, if you're not getting 1 in 25 accepted, your offers are too low...

Have ALL those 70-80 properties, that you put offers on, been sold? for asking price? higher? Check the status of the properties that have not sold... maybe they've been taken off the list? sellers may be motivated after a couple of months...

when all else fails... keep at it! you'll make it happen!

Valerie

This is like you would like to have the home for free. I could see 30 to 40%, but 60 that is pushing it. Remember it is supposed to be a win/win for all concerned.

Sandra

Step back, and see what's going on with the market,have a sit down talk,try to get more input on neighborhood and a little leg work,there are other agents
that is willing to get down for you.

Don't stop Droplock

Real Estate investing is all about being able to be resilient and working out the problems..the fun is in the challenge..try a different approach. Try contacting FSBOs on Craigslist or drive around and call them or ask for a list of expired listings from your Realtor and work them...Most of all you need to reward that Realtor for his/her efforts. I worked with an investor who would always offer so far below what was asking that I knew he would never get a hit but I did it to keep him interested in working with me. In the end I spent hours submitting offers and then he said since I couldn't make it happen for him he would go somewhere else and ended up buying through an auction I could of been compensated for if he would of allowed me to make the offer. When we help others it comes back to us...It will happen...Kim

What kind of properties are you placing these offers on? Make sure you're following the guidelines on the property search you're having your agent run.

1. Vacant Properties
2. Sold As-Is
3. Had at least one price reduction

If not try using these filters and i think you'll get better results. You're taking the steps, which is great! Now just to fine tune those steps to make you some cash!!

By actual count I have submitted 197 offers on listed properties.

Zero fully accepted.

(One did get accepted by the owner but underlying lien holder did not sign off so never got to mutual acceptance)

I have had many, many conversations with the Success Academy Coaches.

I am in both the Success Academy and Rock Bottom Blue Print programs.

Each item I have read in this thread I have discussed and tweeked in conversations with the coaches and implemented in my offer strategy.

I have built cash buyer lists repeatedly. I have a very big list.

Matt talks of how most people fail due to not submitting offers, that is not my issue.

Every strategy in the above conversation has been adjusted and/or dialed in on with conversations with the Academy Coaches.

There is an old story about Gold Rush prospectors who never found gold, sold their claims and left Alaska. Next guy on the claim starts digging 6 inches away and hits a vien of pure gold, gets rich and retires.

Those stories are what I focus on.

Not the stories of the guys who persevere only to die old, tired and broke because there was never gold within 100 miles of their claim.

It is not due to a lack of hard work on my part, shouldn't be due to a lack of working smart, as I follow the guidelines and instructions of the Success Academy coaches.

Who knows, I know someone who never got a deal until she submitted 129 offers, maybe I am only a few more offers away.

But it's hard not to think I am repeating the same mistake over and over and don't see what it is.

Sometimes all you can do is keep on...

You said the properties you are offering on are going at list or better and why is that.
Could be many reasons.
*If these are investors buying than your ARVs are most likely to low. Resulting in a low offer.
*Your rehab/remodel estimates are too high.
*If you are offering on move in ready houses, the owner/occ buyer will ALWAYS pay more than an investor.
*If you are using some 50% off list offer with out knowing the real numbers you will come in low every time.
*You are offering on the wrong type of property.
*You don't understand the market.
*You need to increase the offer amount on the formula you are using to adjust to the current market where you are buying.

Just a few thoughts,

Michael Mangham
MD Home Acquisitions LLC

I will take all of this into account and change my startegy.

Keep
It
Simple
Silly

Step 1.) Pull a list of "Cash Solds" within the last 90 days in your zip code.

Step 2.) Sort by property type. (2 story, 1.5 Story, Ranch, Bungalow, etc.)

Step 3.) Calculate Price/SQFT for each type of property. (Sold Price/SQFT=$/sqft)

Step 4.) Keep track of # of bedrooms, sqft and year built for each type of property.

Step 5.) Come up with an average price per sqft for each property type. (Ex. 25+35=60, 60/2= 30/sqft average.)

Step 6.) Take each address and plot them on Google Maps. This will show you exactly where investors are buying at.

*Now you know:
1.)Where to look
2.)What to look for
3.)How much to offer per sqft

Step 7.) Pull a list of Active properties that fit the following criteria ( Vacant, Price Reduced.) Then search in the listing for the following keywords. (As-IS, Handyman special, TLC, Investor special, must sell, Divorce, Estate, Trust, etc.)

Step 8.)Sort through the listings and find properties that meet your above criteria.

Step 9.) Make offers based on the price/sqft for the specific style of property minus a $3k assignment fee.

Step 10.)Get 1 out of 25 accepted!

Step 11.)Assign it to your buyer!

Step 12.) Repeat step #9!

Tip: Find LANDLORD style BUY and HOLD buyers. (They don't care about rehab costs as much as longterm cashflow.) Cash on Cash ROI

Tip: DO NOT think you are going to make $10k $20k $30k for an assignment fee! (You are very valueable but not that valueable, buy cheap and sell cheap! Earn repeat business!)

Ready Aim FIRE!

My suggestion is to keep going.

I put 3-5 offers in a day at 30% below asking price. Then once my offer is accepted I go and look at the property and adjust my offer accordingly ( sometimes lower than my original) depending what I see during my inspection.

The rule of thumb is 25 to 1. If you are getting more than 1 offer accepted out of 25 offers submitted you are offering to much and need to lower your offers.

My agent used to get frustrated in the beginning until he saw that I actually close on the ones that take my adjusted offer after I do my inspection. Now he is my best friend...LOL

Your agent needs to see you perform then that agent will be motivated to put in low ball offers all you want. They just need to see they are not wasting their time.

However you may need to readjust your offers if you are getting no results. Try not to look at the ARV for now and put your offer in at 30% below asking price. You can always readjust once you get your foot in the door and inspect the property.

REMEMBER IF YOUR NOT EMBARRASSED BY YOUR OFFER YOU OFFERED TOO MUCH!

I Have one question. If you have your agent submit your offers and then one gets accepted, then you decide to assign the contract to another investor, how do you compensate your agent? Since technically you dont buy the property.What do you tell him or her?

thanks guys.That K.I.S.S strategy is a great idea

The agent gets paid, there is just a different buyer. You just assigned the existing contract, your agent now represents the new buyer. Contract assignments through an agent are a pain in the %^$#$!! Way better to assign contracts when dealing directly with the home owner, no agents involved.

Michael Mangham
MD Home Acquisitions LLC