Real Estate Investors - If you are looking around and cannot figure out who the sucker is . . . . . Well it is probably you.
Recently an Investment Property came on the market at an incredibly low price. This home is ripe for a buy and flip. My number one Real Estate Investor and I brought the contractor out and went over it and submitted an above asking price all cash offer with 7 day close.
Well of course it comes back that there are 13 offers to date and 12 of them all cash. We were given a very lengthy 48 hours to put together our highest and best. So out to the Investment Property one more time to really get our numbers together.
Honestly there are no great comps. Fantastic home on a somewhat busy street surrounded by nice but older homes. The home was the nicest one (or would be) in the neighborhood. We looked at every angle to cut repair cost and keep the quality up and the appearance up. How to market it. We kept running the numbers.
Finnally I said, "Well there are 12 cash buyers and one of them is probably going to over bid it. But if we get it we will spend all of our time wondering what issue we missed." We found ourselves being optomistic in all our assestments - Well if we can get this repair done for this - If we can get an offer for this - etc. . . you get the picture.
Finally the Real Estate Investor decided not to bid this one up. We made a good offer we could make a profit on and do a good job with the home. I hate loosing a sale (and the listing that would have followed) but I understood and I was not going to lead my Real Estate Investor (or anyone) down the wrong path. He has bought homes from me and will buy more in the future - we have other things going right now.
I see lots of homes around here that "Real Estate Investors" have over paid for. Many set for months with no offers, others are poorly repaired (but look good), and sometimes I see Real Estate Investors loosing money big time. I know one luxury home in the area the Real Estate Investor would be happy to take a loss on if he could just get rid of it.
Real Estate Investing is a great opprotunity especially right now. However, you have to be careful and be realistic.
Click here For a Free No Obligation Book on Real Estate Investing.
Why Home Point Real Estate?
Home Point Real Estate is your partner in Buying a Home (Free MLS Access to Search for Homes) or Selling a Home (Get a Free on Line Home Evaluation). We are a Leading Internet Real Estate Company with the tools to meet the modern online Real Estate world combined with Traditional and Personal Customer Service.
Where is Home Point Real Estate?
Home Point Real Estate is Located in the East Contra Costa County community of Brentwood we also provide service to Discovery Bay, Antioch, Oakley, and Pittsburg. Click on the Community to see Homes For Sale Now.
Does Home Point Real Estate Handle Bank Owned Homes?
Yes! Go Here to: Get the Free Bank Owned Homes Buying Guide and Get a Free List of Bank Owned Homes.
What if I am in Foreclosure, having Mortgage Trouble, or Want to Short Sale my Home?
Home Point Real Estate is the company for you! Contact Home Point Real Estate and request a Free Consultation with a certifies SFR (Short Sale and Foreclosure Resource) to see if there is a way to save your Home or to do a Short Sale and help Save Your Credit. Get the Free Short Sale information Report for Buyers and Sellers too. Click Now for Short Sale Information and Free SFR Consultation.
Can Home Point Real Estate Help me with Real Estate Investments?
Get The Free Book of Real Estate Investing from Home Point Real Estate along with the Free Investor Calculator. This Book covers complex investing concepts in any easy to read manner with plenty of examples. Including Tax Issues, How to Evaluate an Investment Property, and more.
Make Home Point Real Estate your Partner in Real Estate Success – Call Now 925-260-4321
Gene-Many a wise investor has told me that the real money is made when buying an investment property, not when you sell it. Don't over pay. I've always liked that if you can't tell who the sucker is, it's probably you.
There is so much investor competition in So. California right now that some of these newbie investors are either going to drop out of the race or eventually overbid on a property and learn the hard way.
As kind of an update. The property is Now Pending awaiting bank approval. It seems none of the bids came in as high as the bank wanted and now they are messing around trying to get the price up.