It’s been a slow several weeks for us in terms of buying new properties. With a quick rehab completing on The Mini House, a very major rehab underway on The Sunglasses House, my wife and I spending time getting ready for our new baby (due in September), and both of us trying to get as much sleep as possible while we still can, we haven’t been looking at any properties in quite a while.
So, after not looking at the MLS for about 6 weeks, today we dove back in. It turns out there are plenty of new properties on the market, some at very good prices. We spent much of the day checking out the new inventory, and found a couple potential deals. We just put in an offer tonight (full price), so we may have another project to start in the next couple weeks.
Our strategy is to get The Hat Trick House sold in the next week or so, and to start marketing the other properties more heavily. If we can get a couple sales and a couple properties under contract to buy in the next month or so, we should be well positioned to be working on the rehabs when the baby is born, allowing my wife and I to take some time off to spend with the baby, and allowing our project manager to focus on the rehabs.
Good luck, we slowed down buying 6 months ago but have been looking again for the last two months. We went from a 80% hit rate on offers to a hit rate under 10%, there is a lot of competition and very little inventory in California.
The good news, banks have become very reasonable with pricing!
Hopefully you can get one soon, all the experts say this winter will see a ton of inventory unless the government steps in.
I have found it very hard to find any new good deals, I have made plenty of offers and have gotten beat by people offering $10, 20, 30k more than me. I think there are several factors at play including the tax credits and what not but I have definitely seen a lot more people out there buying.