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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In this episode, Garret Wong breaks down the 10 critical elements every real estate investor must include in their offer to purchase. From legal clauses to deal psychology, Garret shares real stories and actionable language to help you avoid costly mistakes and write offers that win — even in competitive markets.

Whether you're just starting out or fine-tuning your strategy, this episode gives you the legal edge to protect your investment.

[00:00:00] Introduction

Garret explains the importance of treating offers as legal instruments — not emotional gestures — and why missing terms can cost you thousands.

[00:01:08] Topic 1: Purchase Price & Payment Structure

How to strategically choose your number, show strength as a buyer, and document creative financing using Schedule A.

[00:02:34] Topic 2: Key Contract Dates

Why closing date, possession date, and offer expiry all require precision. Garret shares his favorite timing formula: Tuesday at 5 PM.

[00:05:25] Topic 3: Contingencies That Protect You

From financing to inspection to appraisal, Garret walks through protective clauses that defend your deposit and your deal.

[00:07:39] Topic 4: Due Diligence Language

The exact clause language Garret uses to maintain maximum flexibility during inspections and partner reviews.

[00:08:38] Topic 5: Conditions vs. Other Terms

Why you must explicitly write in post-condition walkthroughs — or risk being denied access later.

[00:09:12] Topic 6: Included Assets & Exclusions

Assume nothing is staying. Garret shares a costly snooker table story that proves why exclusions matter.

[00:12:53] Topic 7: Earnest Money & Consideration

How deposit size impacts perception, and why documenting how it’s held is crucial in protecting yourself.

[00:14:43] Topic 8: Attorney or Broker Review Clause

A simple clause that gives you an “out” while signaling professionalism in private deals.

[00:15:15] Topic 9: Seller Motivation & Market Positioning

How to align your offer structure with seller circumstances — downsizing, divorce, out-of-town landlords, etc.

[00:16:19] Topic 10: Strategic Offer Dynamics

Utilize schedules, clean formatting, and escalation clauses to enhance the professionalism and credibility of your offer.

[00:18:40] Key Takeaways

Garret emphasizes that every clause in your offer is either protection or positioning — so don’t rely on someone else to defend your interests. Master the language, control the narrative, and write offers that win.

Free Webinar Series – Live breakdowns of legal documents and offer strategies.

Sign up here

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...

In this episode of My First Keys, Garret Wong reveals how seasoned investors estimate renovation costs in just 15 minutes—without waiting on a contractor. Learn the exact process his team uses to confidently make offers and stay on budget, including how to build your cost catalog, avoid costly surprises, and leverage spreadsheets that think like an investor.

Timestamps:

[00:00:00] Introduction

Garret sets the stage by highlighting a common investor pitfall—guessing reno costs and blowing budgets.

[00:01:38] Why Most Investors Fail at Estimating Costs

The dangers of relying on hope, gut feelings, or delayed contractor quotes when speed matters most.

[00:03:00] The 10-Step Walkthrough Process for Estimating Costs

How to break down a property room-by-room, create a master checklist, and avoid missing big-ticket repairs like roofs or HVAC systems.

[00:06:11] Building a Real-Time Pricing Catalog

Where to source accurate local contractor rates, how often to update your data, and why even Garret uses Home Depot prices as benchmarks.

[00:08:29] Industry Rule-of-Thumb vs. Real Numbers

Why per-square-foot estimates and online averages can mislead, and how to adjust for quality, geography, and contractor availability.

[00:10:56] Contingency Buffers and ROI-Focused Renovations

Why 10-20% buffers are essential, what hidden costs to plan for, and how to prioritize kitchens, bathrooms, and curb appeal upgrades.

[00:13:18] Garret’s Personal Estimating System

From laser measurement tools to Excel spreadsheets with built-in contingencies and JV scenarios, Garret shares his proprietary workflow.

[00:15:40] Final Thoughts & Weekly Toolkit Invitation

Garret encourages investors to "practice estimating like it's the gym" and invites listeners to join his email list for exclusive tools and resources.

Mentioned in this Episode:

• Upper Edge Property Management
• Home Depot Canada (for cost benchmarks)
• REIkit Estimator
• BiggerPockets Rehab Estimator Tools
• DealMachine

Check out our weekly webinar series HERE, where you can learn how to purchase your first property, manage your existing property, or scale your portfolio!

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.