You recently submitted an offer on a house, but you haven’t heard back from the seller. Now what? As an eager rookie investor, the waiting game can be painful. You may already have an eye on other properties but need the capital to invest. Should you withdraw your original offer? Fortunately, Ashley and Tony have a few helpful tips to make your decision a little easier.
Welcome back to another Rookie Reply! In this episode, our hosts tackle several important topics—including when to pull an offer on a house and whether you should create an LLC when buying your first property. They also discuss the biggest differences between single-family and multifamily real estate and which type of property is best for rookie investors to target. Finally, they talk about how to become a private money lender and the two important documents that should be in place before you lend a penny!
Ashley:
This is Real Estate Rookie episode 312.
Tony:
When I first got started investing as well, I had my first deal under contract and then a deal that I had offered on months before, the seller finally came back to me and said, “We’d like to accept your offer.” I was like, “What the heck? I went from zero deals to two in the span of a couple of weeks,” and it was a little nerve wracking. So what I did was I partnered with someone else to help me get approved for that second mortgage and just bear the burden of managing the second property. So don’t be afraid of getting too many deals under contract at once. That’s a good problem to have.
Ashley:
My name is Ashley Care and I am sitting here next to my wonderful co-host, Tony Robinson.
Tony:
And welcome to the Real Estate Rookie podcast, where every week, twice a week, we bring you the inspiration, motivation, and stories you need to hear to kickstart your investing journey. And like Ashley said, we’re sitting here in our new studio, well, not ours, I guess mine, but Ashley’s here hanging out with me. But my wife and I… If…