I know it’s been a while since I’ve posted anything, but I just haven’t been able to find any more deals right now. It certainly hasn’t been from a lack of trying! The real estate market has certainly changed around here. The days of finding a deal on the MLS are over (at least for now).
I’ve researched homes being auctioned at the courthouse steps in two counties, only to go to the auctions and see all of the properties being bid up to retail (and in some instances over retail) by out of state companies who are buying every property they can and turning them into rentals. They are overpaying for these properties and it’s only a matter of time before their investors realize this, and these properties will all be dumped back into the open market. In my opinion, this will happen in the next couple of years and will create another housing dip, but noting like the one in 2007-2008. Another strategy is to market to homeowners in an effort to find deals before they are listed. I simply don’t have the time to do this while I’m still working full time at the hospital.
So, what next? I’m going to study the markets in some other areas and try to find some cities where the big companies haven’t invaded yet and it’s still possible to find some flip deals on the market. If you think you happen to live in such an area, please feel free to email me so we can talk. I will definitely pay a finders fee if you have a deal, and if there are deals to be had on the open market in your area then I’d like to come check them out and will compensate you if you can show me around.
Until then, there are a few properties around here I’m hoping to get, but the way things are going I expect that they will also be sold for retail pricing. Wish me luck!
Also, If you are a real estate agent in the Prattville/Montgomery, Huntsville or central Alabama areas, please email me! I have cash in hand and I’m ready to find some deals but need access to listings and comps.