Wow, it’s been a long time since my last post.
Currently, we own seven properties… Five of them are in sales escrow. All but one of them are in escrow above our asking price. So this is all great news, I just wish things would close faster.
The market is very odd lately. Every property we list gets 4-5 offers almost instantly, we could sell them all for $15-20,000 more but they won’t appraise any higher, so it’s a game of picking the best qualified buyer versus with the most money down versus taking the highest offer. It seems kind of counter-intuitive.
We have also been shopping for more properties and been missing houses by a lot. Investors have been getting too agressive (or we are too cheap). Our highest bid will be $137k ALL CASH and everyone else will be at $155k ALL CASH. So we’re pretty far off. I think we will wait until the winter before we raise our prices too much, that is a much better time to buy, as less retail buyers are shopping.
On a positive front we have found our focus, we want to buy the CRAP. AKA, the kitchen is stolen, the house is burnt down, it seems we have a lot less competition on this invetory. We have also built a very good crew of contractors that are getting used to the finished product we expect.
Four of the five houses we have in escrow should close, so we should end up with a solid amount of cash. This means we will most likely start pursuing some rental properties. I will keep you updated on this progress as well…