We put four properties in escrow in December, now the escrow’s are all closed, one is sold and another one of them is for sale. That means it is time to start looking again!
So earlier in the week I pulled out my trusty MLS token and did a quick look to see what is out there. The amount of foreclosed properties in our target farm is probably 30% of what it was in November/December. All of the garbage properties with nasty illegal additions, on busy streets, or in warzones seem to be in the prime. We try not to concentrate on those.
I am sure we can find some greats deals and it is good that it’s not easy pickings, or everyone and their sisters would be doing this. My personal guess is all of these moratoriums have slowed things down a little bit and the pendalum will shift to having a ton of inventory again.
The real losers seem to be the REO agents, if they get a ton of volume then things tighten up for 4-5 months and then another storm of volume it is very difficult to build a business (and cashflow) around that. The main agents in our area seem to have very little inventory right now, which can’t be very comforting for them!
I will keep you blogging about our progress. We don’t want to have anything in escrow until about the end of the month, and close in late April. That will keep our workers flowing and keep our cashflow strong.