We’ve been looking for some properties in the area – some to buy and hold and some to possibly wholesale. There are some great deals out there, but where are they hiding? There are tons and tons of properties out on the MLS, but most of them don’t meet our criteria to buy.
Some of the best deals, by price, have been some REOs we’ve been looking at. However, sometimes when you take a look at them, they are a sight for sore eyes and there’s usually a reason they’ve been on the market as long as they have. Even the most seasoned investor/rehabber doesn’t want to touch them. I think a lot has to do with a lot of people (investors and regular home buyers) not being able to get financing, which is unfortunately a sign of these economic times. I think if home prices hit the bottom of the barrel, like they have in Detroit, then you will see more people picking up properties.
We looked at a property in RI a short time ago which was a nice two family, one floor rented by a couple who wanted to stay and one floor was vacant (and I think we had a possible tenant). The property didn’t need too much work and had been rehabbed by the current owner. The property had been marketed as a short sale, since the current owner had been behind in payments and I think he probably remortgaged the property for more than what it’s currently worth. Anyway, after weeks and weeks of waiting to hear if one bid on the property had been accepted, I was told the property was off the market. I don’t know, but I assume the owner must have been able to get the money to save his home, which even if that doesn’t mean a deal for us, is always a good thing.
I think I will just need to hit the ground running and start a mailing campaign, since that’s a great way to find motivated sellers and properties not on the MLS. I am also building a lead generation website for sellers to contact us, so that should also help get some internet leads.
Happy Investing!
Tags: invest in real estate, Real Estate Investing, real estate investing rhode island, REO, wholesale real estate
