can't find any suitable property to fix! - Posted by Freddiec

Posted by Holly on July 25, 2003 at 19:12:53:

Around here, everything sells way too high unless it’s in a warzone. Those you can kind of touch but they’re still in the mid 200’s. I had a real hard time finding anything in San Diego area. I’ve kind of gone in another direction for now where we buy a semi-fixer, live in it and fix it up and sell it two years later. With the combination of cosmetic fixes and the ridiculous rate of appreciation, it works. That’s all I’ve been able to do here. I tried the low-ball creative offer stuff for over a year and no one needed to do that in this area because the houses just don’t stay on the market long if they’re in a good area. I kept looking for a way to make money on property and finally decided on this because it fit my situation and the market situation. I really want to buy houses for rentals but it just wasn’t working for me because of the crazy prices, etc.

Go to the archives on this website and search using “fixer-uppers” or “lease purchase” or whatever you think you want to do. THere are some really good postings over the recent years about both those subjects. If you’re ONLY interested in fixers and can’t find them close by, you could try going somewhere a half hour or an hour away from where you started looking for fixers and see if you can find a nearby area where your idea will work. Every market isn’t good for every idea. Have you tried hooking up with an independent realtor ( they have a little more leeway with their deals than someone who’s locked into a specific way of doing things like a big franchise type company) that you have a good rapport with? There are lots out there who won’t give you the time of day if they can’t make fast money but you can find the ones that are in it for the long haul and are willing to help you over the long term by keeping an eye out for something up your alley. I have a friend who’s a realtor and she would run off the most recent listings for me so I could get to them first just in case there was something that would fit my plan. Do you have a friend of a friend who could do that for you?

Take a look at the old postings and it will give you ideas. All you can do is try different things until something works, and it will! It’s great when someone gives you some magic formula that works right away, but that’s never happened for me. Good luck.

can’t find any suitable property to fix! - Posted by Freddiec

Posted by Freddiec on July 25, 2003 at 03:22:19:

i’ve been looking for about 3 months,
ziprealty.com, hud, mls, and local newspapers…
but i just can’t find any that’s suitable.
most seem a bit pricey compared to the comps.

should i just take a look at one
figure the costs and write an offer ?

what am i doing wrong?

Re: can’t find any suitable property to fix! - Posted by Arthur

Posted by Arthur on July 27, 2003 at 15:19:11:

I think you may be going about it the wrong way. I think your best source of properties would be to pick up a pad and pen, and go for a drive. You will find a good source of property, which will most likely not be up for sale, which only means no competition. If its in a bad state, then its usually a sign that the owner cannot afford to pay for repairs (financial difficulty - good motivation), or doesn’t care much about the property and would probably appreciate having cash in his pocket rather than a pile of bricks not making him/her anything.

Re: can’t find any suitable property to fix! - Posted by js-Indianapolis

Posted by js-Indianapolis on July 25, 2003 at 03:31:14:

“what am i doing wrong?”

You’re looking for properties. Try this, http://www.creonline.com/articles/art-100.html
"Why You Should Quit Looking for Properties"
by Joe Kaiser

One of the biggest eye openers I stumbled across early on, when I was doing what you have been doing. I haven’t looked to HUD or the MLS for a property since.

Re: can’t find any suitable property to fix! - Posted by Holly

Posted by Holly on July 25, 2003 at 10:14:20:

I second that advice 200%. I’m in San Diego and you can’t buy anything here based on “looking for the right property” because everything’s ridiculously high. The ONLY way to go in some markets is to find a problem to solve for someone else.

But how do you find and do your deals? - Posted by Sam

Posted by Sam on July 25, 2003 at 12:53:37:

Hi, Holly,

But how do you find and do deals in this market when everything seems ridiculously high?

Sam (MN)