Sunday, July 26, 2009

becoming the market expert

After much studying, I have nailed down my numbers and know what I need to be shopping for. It is such a relief! You should see my notepads! The more I crunched numbers and checked comps, the more clear it became. I have identified 7 properties. I'm working on a small part of one zipcode all the same school district.

1 is super cheap in a real bad location, real busy street on an alley with no driveway. The only way to park at this place is drive the alley and into the back yard. After driving to it, I say, "NO WAY."

2 is missing a kitchen but otherwise ok, right next to the school and across from the park, I know this great cabinet maker who works for practically nothing :) I can't do a rehab right out of the chute though....bummer.

3 is ok in a court next to a well kept house, it had parked cars all over like a party was goin' on. We couldn't park to take a walk around. it's ok though, roof's ok and photos look ok. overpriced, on the market for only 48 days. I will watch this one and make a lowball in 2 weeks if it's still around.

4 is the one I really, really want. It is kind of a big rehab, needs new roof, windows, siding, kitchen, baths, possibly sewer issues, possibly rot under roof issues, but it is in a super neighborhood. I think the guy next door vaccuums his driveway! It is way overpriced and on the market for 15 months or so. I'll have to wholesale this one.

5 is right next door to a tweeker, electronics, boats and engines all over the front yard into the street, lovely. The house is tiny for a 3 bd, but clean and fresh paint, has some roof issues. I am watching it to see if it sells.

6 has only been on the market 30 days so I am just watching it to see where it sells at to see if I should adjust my numbers.

7 back on the market I'm slingin mud on this one. It has a shake roof with moss on each shingle edge which looks cottagy and cute but it's gotta go.

I have identified 3 cash buyers that fix 'em. I looked at a home in January but was afraid to buy it. The investor fixed up the property with the exact changes I wanted and sold it for about what I would have. Kind of neat to see it in action. Now I need to talk to him and see if his costs were in line with what I thought.

I still feel like I have the training wheels on. ...It's all coming together. (is it illegal to break into an reo if you lock it back up?) Steph once climbed through a window, but she hurt herself, so I always think of that and try to be careful.

My agent will be sending offers in the morning on #2, #4, & #7. I will be in Lake Tahoe for a few days, she will call me with the good news and I will celebrate ~or~ she will call me with the 'not so good' news and I will still celebrate :) 'cuz it's Tahoe! It's going to happen.......not if........but when!

I will still run my searches every day at 8am, 9am, 4pm and 5pm.

I hope this all makes sense. Tim and I went back to the secret berry site (we didn't see any pot farms) we picked for about 2 1/2 hours. It was about 101 degrees according to the carmometer. I was way too hot and the brain feels cooked. We will have blackberries for quite a while now, so it was worth it.

Gotta go, the watermelon is calling my name!


Mark said...

Good luck with the offers, we will all be looking for the results!

Market experts are hard to find these days as the average Realtor doesn't take the time...thanks for the info.

Kelly said...

Thank you very much Mark. I don't have an update yet.