Where Are The Houses?

October 10, 2009 · 6 comments

It’s been a pretty slow couple months in the business…with the baby being born, waiting to close on several houses that were under contract, and focusing on a couple future business ideas that we’re developing, we haven’t really been looking for new rehab projects.

We have been working on The Poor House for two weeks now, but I know that working on only one house at a time is tremendously boring for my project manager, and it can get tedious after a couple weeks.

That said, we’re ready to buy a bunch of houses, and my project manager will probably go crazy if he doesn’t have more to work on pretty soon…the problem is, there isn’t much out there in terms of REOs!

The good deals are going quickly to owner occupants who are looking to get in under the tax-credit wire. And even the bad deals are going quickly to investors who think the market is improving and are trying to get in before things “get hot again” (yeah right)…

I spent some time last week looking at some higher-end homes in the city, and I’m seriously considering taking on a riskier project just for the challenge and to keep busy. But, I’d just as soon prefer to buy four or five more of our typical houses and spend the winter doing what we have gotten very good at doing.

Anyway, that’s my minor rant for the weekend. If you’re a wholesaler in my area and have any good deals, let me know. And if you’re looking to get into rehabbing and need a mentor, I’ll teach you everything I know if you bring me a good deal or two! 🙂

6 responses to “Where Are The Houses?”

  1. Steve says:

    When we started trying to buy again in July, we really struggled to find anything that made sense.

    A couple things helped:
    – We started buying entry level inventory in a higher end city. The main city we buy-in is an investor hot bed now, so we shifted a bit.
    – We started attacking pending listings. Out here, it seems like 25% of deals that make it into escrow actually close. If you offer an office agent to represent you and an EMD check for full-price you set yourself apart.
    – Go after the REO offices you’ve already bought from. They know you are a real investor and can get deals closed.

    Good luck, after a little while at focusing on buying I am sure you will have more deals than you want.

  2. J Scott says:

    Thanks Steve…

    Great points, and you’re absolutely right that I just need to focus on buying for a little while, as opposed to sitting back and waiting for deals to come to me… 🙂

    Historically, I’ve always found deal in groups of three or four…probably because I was focused on buying at the time…

  3. Alex says:

    I know pretty much nothing about the Atlanta RE market but I’ve heard that Decatur, GA has lots of cheep foreclosures.

    I don’t have any idea were Decatur is or what its reputation is I know nothing. I’ve just heard that its an “up and coming area”. Who knows what that means!

  4. JED says:

    Are you serious about this statement? “And if you’re looking to get into rehabbing and need a mentor, I’ll teach you everything I know if you bring me a good deal or two!”
    I live in GA and am very much in need of mentoring! How can I contact you to discuss this further?

  5. J Scott says:

    JED –


    Find me a great deal in my investing area (Cobb County), and I’ll let you shadow me (and the rest of the team) through the entire deal, from beginning to end. You can be as involved as you want to be, and I’m happy to teach you all everything I know in the process…

    Feel free to shoot me an email to feedback@123flip.com

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