Re: fix-n-flip competition - Posted by Gerry
Posted by Gerry on December 30, 1998 at 21:26:57:
I don’t know what market you are in, but these same conditions exist in MA and NH where I operate. You’ll still get properties but you need to put more effort into acquisition than you do when the market is slow. Show up at every forclosure auction, contact owners of distressed property, out of town owners, and all of the other methods that we as investors use. It’s a numbers game.
The upside of this market is that you don’t need to expend as much effort on the disposition side. You don’t have to be as thorough with your rehabs, and you will find lots of wholesale opportunities.Up until about two short years ago my market was very depressed. I could buy bargain properties all day long, the trick was getting rid of them!Now I have simply put the energy that I used to put into selling properties into acquiring them.
When you go to auctions, let the other investors know that you would be willing to take assignments from them. Everyones’ circumstances change from time to time and you just might find someone wth a full plate at the right time.
It is important that you are professional. Move quickly and decisively. Perform on your contracts to purchase-don’t jerk people around-and you will develop a reputation as the one to call when someone needs a property gone in a hurry.
Above all, don’t be one of the ones that quit first. I have seen a number of people get frustrated and stop trying. The last auction I attended was attended by only one investor-me!