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.