In this episode, Garret Wong breaks down the truth behind real estate bidding wars, how they’re engineered to manipulate emotion, drive overpayment, and destroy cash flow. Through a real client story, Garret reveals how walking away from an overhyped deal led to a smarter off-market purchase and long-term success. If you’ve ever felt pressured to “win” a deal, this episode will show you why discipline always wins in the end.

[00:00:00] Introduction

Garret introduces the question: “Should I participate in a bidding war?” and explains why most investors lose money not by buying bad properties, but by overpaying in emotional negotiations.

[00:01:00] Topic 1 – The Psychology of Bidding Wars

How realtors intentionally engineer urgency through underpricing, open-house weekends, and fear of missing out. Garret breaks down how this manipulates buyers into emotional decision-making.

[00:02:00] Topic 2 – The Client Case Study

A client wanted a trendy single-family home with eight competing bids. When Garret made him recalculate the numbers at $30K over list price, his $175/month cashflow turned into –$43. They walked away, and two weeks later found an off-market duplex earning $220/month.

[00:05:00] Topic 3 – How to Compete Strategically (If You Must)

Practical tips on staying rational: use escalation clauses, cap your bid, and add investor-friendly clauses for protection. Garret emphasizes the importance of knowing your ROI box and walking away once numbers stop working.

[00:07:00] Topic 4 – Working With the Right Realtor

Why every investor should choose an agent who understands cashflow and ROI — not one who pushes for higher offers.

[00:09:00] Key Takeaways

Discipline in a bidding war predicts your net worth in five years. Winning isn’t about owning the property — it’s about protecting your profit and staying aligned with your investment plan.

• Upper Edge Property Management
• My First Keys™

Garret Wong is the founder of the My First Keys podcast, the Rent It Yourself Community and a seasoned property manager with nearly 30 years of experience. Originally a research scientist specializing in molecular biology, Garret transitioned into property investment, where he has grown a personal portfolio of 43 buildings and 75 doors into a property management company that has managed over 1 billion in assets, with a 98.5% success rate in legal proceedings and a 98.6% rent collection ratio.

Known for his practical approach and strategic insights, Garret has developed an extensive SOP library to manage everything from tenant selection to maintenance, helping landlords and property managers build a reliable, resilient system.

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