Posted by Brent_IL on August 18, 2003 at 08:20:07:
Hi Jim,
Thanks for the correction. Sometimes I know what I’m talking about; sometimes I’m confused. I appreciate it.
You are right, of course. I guess I should have elaborated. What I meant to convey was that L/O or minimal-down purchases that meet a buyer’s needs aren’t always as available as are houses listed on the MLS where sellers want cash-to-mortgage.
While it might take longer to market, I wanted to encourage Bill by pointing out that his sale wasn’t impossible because people will put up with inconvenience to get the deal.
I find a property that will vacate on Nov 1. With the holidays do you see that as a big negative trying to lease option a house starting on Nov 1? I live south of Houston.
Re: Taking on properties this time of year - Posted by Brent_IL
Posted by Brent_IL on August 17, 2003 at 11:45:15:
Renters with children move during the summer months to accommodate the school year. L/O’rs aren’t like that. They will uproot their kids and move anytime to take advantage of a housing opportunity. All they need is to know that your house is available.
Re: Taking on properties this time of year - Posted by Doug Pretorius
Posted by Doug Pretorius on August 17, 2003 at 11:40:46:
I bought my first house to be wrapped in the middle of October, had it cleaned up and ready to go by about the middle of the first week of November, and had a buyer move in 6 days before Christmas … and I DID NOT have any buyers lined up before purchasing the house.
Moral: In a good market, you can sell with financing any time of year.
If you sign it up soon, won’t you be trying to market it between now and the first of November? I would think think that a serious leasee/optionee would appreciate having their next residence tied up ahead of time so they can give notice where they are now.
…naturally you have a large list of pre-qualified tenant/buyers, ready to move when a GREAT opportunity presents itself. Right?? You have an established method of advertising and marketing which rarely leaves you without t/b’s longer than 30 days. Right??
Seriously, it could be a minor nuisance but you will have prepared for it anyway as a professional level investor, so whats to worry? Enjoy the holidays!
Brent,
I respectfully disagree.
I do know we can fill houses during the school year, and do so all the time.
However, houses do move faster, in the summer vacation months.
I’ve also found, when school is in session, those folks who are so easily willing to uproot kids and move them, seem to have more credit issues, and less down.
The ratio is not as good in my experience.
When back “Up north”, I used to start stacking deals, come November, to hold over the winter, higher equity deals, because the sellers were having a hard time selling as well.
Spring would hit, with tax season, and wham, payday all over the place.
Summer was even better.
I just think when buying a house during the school year, especially colder climates, one should factor in a little more for marketing and extended hold time.