Posted by James on September 21, 2004 at 09:34:57:
Yeah, seminar talk, all the “motivated sellers” read the same news paper you do and watch the same TV. They know they are in the drivers seat at this point in time.
Maybe in Bum F@@@ Egypt where no one wants to live there are a few motivated sellers, but not around here.
So.Cal Market Investment Strategy - Posted by CIO
Posted by CIO on September 20, 2004 at 13:14:59:
After several months of attempting to invest in So.Cal specifically the Los Angeles area I’ve begin to get a tad bit frustrated.
Home prices are soaring @ an unprecedented rated,I’ve been out bid on several properties. I comb the MLS on a daily basis searching for potential investment properties.
Fixers are list @ the same price as turnkey homes in move-in condition & also receive multiple offers driving their prices up several thousand dollars over the list price no longer making them suitable “flip” candidates,once you factor in holding cost in addition to rehabilitation cost it virtually elimates your profit margin.
I’ve expanded my “primary serivce area” to outline areas such as Kern County & I have yet to find anything worthwhile,it seems all the L.A. based investors have run out there & bought up everything in most cases they are barely breaking even.
So what tactics do you employ in a market where fixers in a non-desirable area are being listed @ 425K & the listing agent is reviewing offers on Monday @ 1pm & he or she will be receiving anywhere from 6-10 offers & most of whhich will be anywhere from 10K-20K over the asking price?
Any suggestions?
Re: So.Cal Market Investment Strategy - Posted by Kristine-CA
Posted by Kristine-CA on September 22, 2004 at 16:01:47:
You are right, it’s crazy in So. Cal, and many of the So. Cal investors have brought the craziness to the Central Valley.
I buy–and sell–deals in Kern county that cash-flow. You may want to consider weaning yourself from the MLS and using a different way to target motivated sellers. Signs, mail-marketing, using bird-dogs, contacting other investors–anything that isn’t the mls.
What is it you are trying to do? Buy and Hold? Rehab? Kristine
Re: So.Cal Market Investment Strategy - Posted by Gavin Wilkinson
Posted by Gavin Wilkinson on September 22, 2004 at 12:55:31:
Yeah, buy my places.
I’m a motivated California seller. I e-mailed you and you didn’t answer.
What are you looking for? Whats your game. e-mail me.
Re: So.Cal Market Investment Strategy - Posted by adamliebs
Posted by adamliebs on September 20, 2004 at 22:55:58:
appears as if you are looking for properties not motivated sellers. start marketing and finding people with problems and quit looking for homes to buy. As soon as you find a motivated seller you’ll have a deal. good luck.
Re: So.Cal Market Investment Strategy - Posted by CAguy
Posted by CAguy on September 20, 2004 at 18:19:27:
I am in the same shoe. Ride it out…maybe in 1-2 years the market will be softer.