Posted by Nate on March 10, 2001 at 06:22:59:
Why are these “hot properties”? Are they priced well below market, or is it simply a hot market?
If it is the latter, I question why you are even bothering. Buying at or above retail is a very hard way to make money!
If it is the former, and there are tons of value-added opportunities in your area, you may want to focus on a few areas of similar houses and learn, as best you can, what the likely maximum rehab expense would be. Then you can assume this worst case scenario and make offers immediately, subject to inspection, for those houses that would be a good deal under the worst case scenario.