The Art and Science of Making and Negotiating an Offer

Check out Tom, Michael and Emil's strategies for submitting winning offers. --- Transcript: Tom: Greetings and welcome to The Remote Real Estate Investor. In this episode, we're going to be talking about the offer all the way from we found a property. We like now it's time to make the offer to negotiations, to getting into contract. All right, let's do it. Alright guys. Welcome back. So before we jump into it, how are you guys doing?   Michael: Yeah, I'm good, man. I'm good. Um, I got this six unit that I'm flipping under contract, which at a full price offer. And we got a backup offer a little bit higher than that, which is always nice. So hopefully that goes smooth. We're supposed to close here in like two and a half weeks. Very excited about that and wrapping up a couple of rehabs that I got going on, which is also very exciting. So all things good and the air finally cleared up. So it's not so smoky. So everything moving in the right direction.   Tom: Nice. I'm going to tease into those, your offer, your back and forth when we get totally more into the episode, but a congratulations. Always fun to get a property in contract.   Michael: Thanks. Yeah, I'm excited. I'll be a lot happier once it's signed the wet ink on the dotted line, but we'll, we'll stay tuned.   Tom: Nice. How about yourself Emil?   Emil: I'm good. I'm a, our listeners can't see me and they never can see us, but I had to go to my inlaws. Cause my internet connection at home has been funky all week. So how do you get good internet connection went to the in laws. So I got a new environment. Maybe that'll spark some new creativity for today's episode. We'll see.   Tom: Nice at the start of the pandemic, I was always being like, didn't want to pay exfinity any more of my money. And then eventually my wife was giving me a hard time about how bad our internet was. And I like talk to a rep and he's like, you have the slowest possible program like possible. It was like bent for like, not really minimum amount of use. So I like texted and it's yeah. For those of you trying to be cheap on the internet, don't be give him your money. It makes life a lot easier.   Emil: I'm sure internet companies have been doing awesome. Cause everyone's working from home now. So everyone's like cranking up their internet before you could get by. And now it's like, nah, I need, I need the top notch internet.   Michael: And I wonder how much they're throttling people too. Right. But like, Oh you I'm sorry. Guy looks like you need to upgrade your package in order to get the best internet service.   Emil: Oh yeah.   Tom: I worked on me, man. It worked on me.   Michael: You guys seen that South park episode. Oh yeah. We're the only internet provider in town. We'll be at your house between 10 and two. Uh, so sorry.   Emil: That's true. Like I called them on Tuesday and they're not coming out til next Thursday. So like a week and a half, that is just not working. So that's fun.   Michael: Nice.   Tom: My other fun stuff is a, my baby is now walking around, which is fun. He does like an Elaine dance walk. So just like going through the halls or what's the other example? Like the inflatable balloon, man's like pretty entertaining.   Emil: Hopefully people got the Seinfeld reference. I love that   Tom: Um, awesome. All right guys, let's, let's jump into it. So we are in the offer episode and why don't we go ahead and start with the tip f the offer process and Michael, I'm gonna pick on you first. So you found a property. You like, you've done your diligence and it is go time. Where are you doing? What are you up to? How are you going about it? Walk us through it.   Michael: So I've run the numbers. I know the area I have projections lined up. Right? I've already did all that.   Tom: Correct.   Michael: So now it's coming down to determining what the offer price wants to be. And I used to not be real scientific. I'm still not that scientific about it. Let's say I like to put speak i