Purchasing investment properties

[JakeRoberts]

I check redfin daily and have been looking to purchase an investment property, stand alone home, to either flip or rent out.

After being on the hunt for a year now this is what I have learned.

1. Its all about the agents. I have seen deals that never got put on mls until after the fact to post the sale. Also properties that go pending the minute they get listed. The agents already have their investors they work with and the property is already taken before it even hits the market. When you are talking about agents in specific areas, typically you see the same one, two, or three names listed over and over again on all the property transactions, and the agents work together to broker out all the deals. Trying to get into that inner circle can be difficult to nearly impossible.

2. Everything is being gobbled up by all cash investors.

After a year of aggressively pursuing I have only been able to make 1 offer and it was rejected.

Its very frustrating.

 

[MovingOnUp]

I check redfin daily and have been looking to purchase an investment property, stand alone home, to either flip or rent out.

After being on the hunt for a year now this is what I have learned.

1. Its all about the agents. I have seen deals that never got put on mls until after the fact to post the sale. Also properties that go pending the minute they get listed. The agents already have their investors they work with and the property is already taken before it even hits the market. When you are talking about agents in specific areas, typically you see the same one, two, or three names listed over and over again on all the property transactions, and the agents work together to broker out all the deals. Trying to get into that inner circle can be difficult to nearly impossible.

2. Everything is being gobbled up by all cash investors.

After a year of aggressively pursuing I have only been able to make 1 offer and it was rejected.

Its very frustrating.

Does your middle name happen to be "da snake"?

 

[usctrojancpa]

I check redfin daily and have been looking to purchase an investment property, stand alone home, to either flip or rent out.

After being on the hunt for a year now this is what I have learned.

1. Its all about the agents. I have seen deals that never got put on mls until after the fact to post the sale. Also properties that go pending the minute they get listed. The agents already have their investors they work with and the property is already taken before it even hits the market. When you are talking about agents in specific areas, typically you see the same one, two, or three names listed over and over again on all the property transactions, and the agents work together to broker out all the deals. Trying to get into that inner circle can be difficult to nearly impossible.

2. Everything is being gobbled up by all cash investors.

After a year of aggressively pursuing I have only been able to make 1 offer and it was rejected.

Its very frustrating.

A few of my buyers bought Fannie/Freddie REOs even though they were going up against cash investors because of the mandate to put the owner occupant offers in the front seat.  I'll have a listing over in the South Coast Metro area in the next week for a 3bed/2bath condo.  Let me know if you want more info.

 

[MovingOnUp]

I check redfin daily and have been looking to purchase an investment property, stand alone home, to either flip or rent out.

After being on the hunt for a year now this is what I have learned.

1. Its all about the agents. I have seen deals that never got put on mls until after the fact to post the sale. Also properties that go pending the minute they get listed. The agents already have their investors they work with and the property is already taken before it even hits the market. When you are talking about agents in specific areas, typically you see the same one, two, or three names listed over and over again on all the property transactions, and the agents work together to broker out all the deals. Trying to get into that inner circle can be difficult to nearly impossible.

2. Everything is being gobbled up by all cash investors.

After a year of aggressively pursuing I have only been able to make 1 offer and it was rejected.

Its very frustrating.

A few of my buyers bought Fannie/Freddie REOs even though they were going up against cash investors because of the mandate to put the owner occupant offers in the front seat.  I'll have a listing over in the South Coast Metro area in the next week for a 3bed/2bath condo.  Let me know if you want more info.

Jake, don't fall for it. It's the Big Boss Man's house, you're getting set up.

 

[akim997]

jake - think about diversifying your area of interest.  why irvine?  there's a RE group making a killing in a certain area near us.  i also know someone working the coast (with much more capital) who completed a deal that netted a very nice sum. 

 

[Vinster]

Forget it, Jake. It's Irvine(China)town.

 

[gld2]

What is the RE group?  can we all join? 

jake - think about diversifying your area of interest.  why irvine?  there's a RE group making a killing in a certain area near us.  i also know someone working the coast (with much more capital) who completed a deal that netted a very nice sum.

 

[irvinehomeowner]

What is the RE group?  can we all join? 

jake - think about diversifying your area of interest.  why irvine?  there's a RE group making a killing in a certain area near us.  i also know someone working the coast (with much more capital) who completed a deal that netted a very nice sum.

OCHousingNews.com will show you the way (if you believe in Las Vegas).

 

[gld2]

Is it Larry's group?  no,  i am gonna pass

What is the RE group?  can we all join? 

jake - think about diversifying your area of interest.  why irvine?  there's a RE group making a killing in a certain area near us.  i also know someone working the coast (with much more capital) who completed a deal that netted a very nice sum.

OCHousingNews.com will show you the way (if you believe in Las Vegas).

 

[akim997]

What is the RE group?  can we all join? 

jake - think about diversifying your area of interest.  why irvine?  there's a RE group making a killing in a certain area near us.  i also know someone working the coast (with much more capital) who completed a deal that netted a very nice sum.

i wont disclose any names because its none of my business, but if you look at the cowan heights/n. tustin area you can probably figure it out.  (hint:  look for overuse of carrera marble and white cabinetry...)

 

[qwerty]

What is the RE group?  can we all join? 

jake - think about diversifying your area of interest.  why irvine?  there's a RE group making a killing in a certain area near us.  i also know someone working the coast (with much more capital) who completed a deal that netted a very nice sum.

i wont disclose any names because its none of my business, but if you look at the cowan heights/n. tustin area you can probably figure it out.  (hint:  look for overuse of carrera marble and white cabinetry...)

i saw a listing in the N Tustin area that specifically called out the carrera marble and had the white cabinets. they do a very nice job with their properties.

 

[JakeRoberts]

very informative thread her about investment properties in oc right now
http://www.city-data.com/forum/orange-county/1548662-mad-rush-buy-homes.html

 

[usctrojancpa]

very informative thread her about investment properties in oc right now
http://www.city-data.com/forum/orange-county/1548662-mad-rush-buy-homes.html

Although it's true that inventory are very low (relatively speaking) in many cities, there are still properties out there and if you ask quickly you'll be able to hit pay dirt eventually (just make sure the numbers work out).

 

[iphb]

We may be seeing the beginnings of another speculative bubble in real estate.

When investors started gobbling up more homes recently and inventories dwindled, analysts interpreted that as a positive sign that the bottom in housing prices was near. The assumption is that investors would keep product off the market by renting them.

But as more investors get into the market, as they most surely will, that is bound to keep the pressure on inventory and ultimately prices will rise. When that happens even more players will get in on the action, and then you'll likely see investors buying and flipping to each other. And the more uncertainty there is in the stock market, the more we'll see investors buying into real estate. Probably the only way to stop is for the Fed to reduce the money supply.