2kids10horses
Senior Member
Joined: Dec 20, 2010 20:15:09 GMT -5
Posts: 2,759
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Post by 2kids10horses on Apr 16, 2011 11:24:32 GMT -5
It appears to be getting better.
As most of you know, I buy, fix, and resell houses in addition to being a landlord. (I don't say "flip", because "flip" implies I quick turn them with minimal work.)
Anyway, a foreclosure I bought last summer that I've fixed up, is getting a LOT of activity in the past 3 days! I finalized all the upgrades around last Thanksgiving, and listed it then. I knew it would just sit there, no one really wants to buy during the winter.
Sure enough, the activity has really picked up since March, but in the past week, it's been incredible!
In fact, it's under contract as of last night, but just this morning, Saturday, I've received 5 calls from agents wanting to know if "it's still available"! Geez!
The same thing happened with a house I did last year. The April activity was crazy, but I thought it was just because of the special $8,000 tax rebate thing. It's occuring again this year, too!
My formula is to buy in the summer and fall, fix 'em up over the winter, and have 'em ready to sell by Valentines Day.
It's worked the past 4 years.
I guess I'll just have to keep doing it.
(D@mn! I wish I could retire!)
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Nazgul Girl
Junior Associate
Babysitting our new grandbaby 3 days a week !
Joined: Dec 25, 2010 23:25:02 GMT -5
Posts: 5,913
Today's Mood: excellent
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Post by Nazgul Girl on Apr 17, 2011 20:16:28 GMT -5
2kids10horses, we live in a northern state which has been under the economic heel of semidepression for a decade. We have been looking for a decent fixer/rental for 3.5 months, have put in three cash offers, and these foreclosure houses in reasonable are just flying off the shelves. We either get outbid or the house is under contract for owner-occupied before we can get our little hands on it. We're not going to pay a fortune for something, but are willing to bid a little more. We're looking at four more on Tuesday. Something will come along. We're looking to add a new house or condo every 1.5 years until I retire. Right now, I've figured out how we can get two if we can get both at the right price. Now we just have to find both of them. Luckily, our realtor understands both the area's dynamics, how thrifty we tend to be, and is experienced with foreclosures. He's sold some investors up to twelve houses.
Congrats on your sale !
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chiver78
Administrator
Current Events Admin
Joined: Dec 20, 2010 13:04:45 GMT -5
Posts: 38,558 
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Post by chiver78 on Apr 17, 2011 20:38:10 GMT -5
wow, that's interesting. ATL is one of the areas I've been considering if the current state of my employment in New England changes for the worse (I'm a homeowner here). congrats on going UAG, and please post back with whatever the market continues to do.
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2kids10horses
Senior Member
Joined: Dec 20, 2010 20:15:09 GMT -5
Posts: 2,759
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Post by 2kids10horses on Apr 17, 2011 22:13:01 GMT -5
Nazul Girl,
If you are looking for rentals, NOW is not the time. Homeowners are out in droves. You can't compete with them! They'll "fall in love" with a house and will outbid you.
The prime time for homeowners is spring and early summer while they get ready for next year's school year.
Start looking for a good rental in late summer or fall. Dead of winter is great! Sellers will take anything then!
But fall and winter are when there are no buyers, and you can get great deals. The only problem is that is also when it is harder to find tenants. It's easiest to find tenants in the spring and summer. But, that's a minor drawback.
I buy houses in the fall, and sell them in the spring.
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AgeOfEnlightenmentSCP
Distinguished Associate
Joined: Dec 21, 2010 11:59:07 GMT -5
Posts: 31,709 
Favorite Drink: Sweetwater 420
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Post by AgeOfEnlightenmentSCP on Apr 17, 2011 23:41:31 GMT -5
Nazul Girl, If you are looking for rentals, NOW is not the time. Homeowners are out in droves. You can't compete with them! They'll "fall in love" with a house and will outbid you. The prime time for homeowners is spring and early summer while they get ready for next year's school year. Start looking for a good rental in late summer or fall. Dead of winter is great! Sellers will take anything then! But fall and winter are when there are no buyers, and you can get great deals. The only problem is that is also when it is harder to find tenants. It's easiest to find tenants in the spring and summer. But, that's a minor drawback. I buy houses in the fall, and sell them in the spring. I second that. Buying season is November - February for us. We cool our heels from now until the fall. Use the time to stabilize rentals, fill vacancies, sell off inventory we want to sell, and basically don't bother trying to compete with the herd. |
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