 Got my price (by S i d [MO]) Feb 18, 2019 9:05 AM
 Got my price (by Richard [MI]) Feb 18, 2019 9:20 AM
Got my price (by Vee [OH]) Feb 18, 2019 9:21 AM
Got my price (by plenty [MO]) Feb 18, 2019 9:22 AM
Got my price (by David [MI]) Feb 18, 2019 9:26 AM
Got my price (by Dave [MO]) Feb 18, 2019 9:38 AM
Got my price (by RB [MI]) Feb 18, 2019 9:44 AM
Got my price (by Busy [WI]) Feb 18, 2019 9:48 AM
Got my price (by LisaFL [FL]) Feb 18, 2019 9:52 AM
Got my price (by Roy [AL]) Feb 18, 2019 10:06 AM
Got my price (by RentsDue [MA]) Feb 18, 2019 11:36 AM
Got my price (by Robert J [CA]) Feb 18, 2019 11:36 AM
Got my price (by CX [WA]) Feb 18, 2019 11:47 AM
Got my price (by S i d [MO]) Feb 18, 2019 12:19 PM
Got my price (by Cjo’h [CT]) Feb 18, 2019 12:45 PM
Got my price (by 6x6 [TN]) Feb 18, 2019 3:04 PM
Got my price (by ned [AL]) Feb 18, 2019 6:49 PM
Got my price (by GKARL [PA]) Feb 18, 2019 7:36 PM
Got my price (by GKARL [PA]) Feb 18, 2019 7:41 PM
Got my price (by S i d [MO]) Feb 19, 2019 5:30 AM
Got my price (by GKARL [PA]) Feb 19, 2019 6:46 AM
Got my price (by S i d [MO]) Feb 19, 2019 7:05 AM
Got my price (by GKARL [PA]) Feb 19, 2019 8:28 AM
Got my price (by Salernitana [CA]) Feb 19, 2019 9:16 AM
Got my price (by S i d [MO]) Feb 19, 2019 9:17 AM
Got my price (by 6x6 [TN]) Feb 19, 2019 9:40 AM
Got my price (by mike [CA]) Feb 22, 2019 1:03 PM
Got my price (by S i d [MO]) Posted on: Feb 18, 2019 9:05 AM
Message:
A trick that has worked for me a couple of times. I'll find a house I like but that is priced more than what I want. Save it on my Zillow list (click the little heart). Watch for the price drops and be ready to speed dial in with a new offer or re-present the old offer.
Just snagged one last week. Originally priced at: $43,900 in Sept '18. Nope...too high. But I saved it.
First price drop in Oct. Now at $37,900. Still too rich, but I kept it on my saved list.
Second price drop in Dec. Now at $32,500. Okay, I contacted the agent and looked at it. It's a solid home. 2 bed/1 bath with a large storage shed in back. Central heat. Hardwood and tile floors that just need some polish. No carpet! Electric panel 100 amp breakers (newer). Roof a little old but okay. No leaks. Newer water heater. It sits in between major university to the West and a decent-size college to the East--about 1/2 mile to either campus. Student rental, perhaps?
I offered $18,000. No way, they said.
Thursday last week, it dropped to $18,900 and Zillow notified me hours before the MLS did. I called the listing agent saying I had the cash and was ready to close "as is" as long as we verified condition. We did our walk thru verification with the Seller who accepted/signed our offer on the spot (yay Docu-sign!). In his words, "We just want it gone." Yes, that's my kind of Seller...a Don't Wanter!
I think with about $3K-$5K in clean up, bathroom repairs, paint and polishing those beautiful hardwoods and it should rent between $550-$600/month with tenant paying all utilities and providing lawn care. A solid addition to the empire.
Onward to closing this week Friday!
--173.20.xxx.xxx |
Got my price (by Richard [MI]) Posted on: Feb 18, 2019 9:20 AM
Message:
Well done.
These type places and especially mobiles on land are the way I like too.
As a side benefit, on the mobiles I don't have to worry about lead paint or asbestos since most any mobile these days is newer than 1976 and even if older most have wood paneling. --23.121.xx.xxx |
Got my price (by Vee [OH]) Posted on: Feb 18, 2019 9:21 AM
Message:
Good plan, quite persistence.
--76.188.xxx.x |
Got my price (by plenty [MO]) Posted on: Feb 18, 2019 9:22 AM
Message:
Good tip on the Heart liking. Way to go on getting in there first! You get the Early Bird Award for staying on top of it! --99.203.xx.xxx |
Got my price (by David [MI]) Posted on: Feb 18, 2019 9:26 AM
Message:
"Thursday last week, it dropped to $18,900 and Zillow notified me hours before the MLS did."
Zillow's IT is improving. Back when I started Zillow would be days behind. But MLS also improved for real time notification, not once daily. --199.247.xx.xx |
Got my price (by Dave [MO]) Posted on: Feb 18, 2019 9:38 AM
Message:
Way to go Sid! Congratulations ! --166.137.xxx.xx |
Got my price (by RB [MI]) Posted on: Feb 18, 2019 9:44 AM
Message:
Got my price (by Busy [WI]) Posted on: Feb 18, 2019 9:48 AM
Message:
Excellent! --172.58.xxx.xx |
Got my price (by LisaFL [FL]) Posted on: Feb 18, 2019 9:52 AM
Message:
WOW! That's amazing! --216.186.xxx.xx |
Got my price (by Roy [AL]) Posted on: Feb 18, 2019 10:06 AM
Message:
Sid,
Your price drop tracking method is the same one I used to buy foreclosures with. In my hood, unsold foreclosures would normally drop $5,000 every 45 days. I would wait until the price was about $10-15K and then present my first low-ball offer, assuming another investor had not already bought it. Most investors in my town will buy anything for $15K or less. I have not bought a foreclosure since 2015 and I do not plan on buying any more. --68.63.xxx.xxx |
Got my price (by RentsDue [MA]) Posted on: Feb 18, 2019 11:36 AM
Message:
Nice. The prices amaze me. I can’t buy a garden shed around here for that. --174.199.xx.xx |
Got my price (by Robert J [CA]) Posted on: Feb 18, 2019 11:36 AM
Message:
Wow, you did a great job finding a deal and making it into a bargain. Here in Los Angeles, a good deal is around $250,000. The market price for a dump is around $500,000. I think in your area you are plying with Monopoly Money. --47.156.xx.xx |
Got my price (by CX [WA]) Posted on: Feb 18, 2019 11:47 AM
Message:
Thanks for sharing this. How were you able to arrange such a fast closing? --174.21.xxx.xx |
Got my price (by S i d [MO]) Posted on: Feb 18, 2019 12:19 PM
Message:
Thanks, All, for the kind words.
CX, I have a relationship with a local title company, and they can get title work done FAST. When you have cash in the bank, deals move! --173.20.xxx.xxx |
Got my price (by Cjo’h [CT]) Posted on: Feb 18, 2019 12:45 PM
Message:
Sid,congratulations,but around here just like Robert J said, that would have been picked up at the original price with about 40 offers and questions like. “What’s wrong with it”? You couldn’t buy a dog house for that.We used to have three Samoyed,I made a nice doghouse for whichever one wanted it,they all turned up their noses at it and sat on the ground!!wouldnt even push their tail into it.Big bushy tails............. Charlie........ didn’t know a bargain when they saw one!Stupid hounds --32.214.xxx.xx |
Got my price (by 6x6 [TN]) Posted on: Feb 18, 2019 3:04 PM
Message:
Good job Sid. Great Price. --73.120.xx.xxx |
Got my price (by ned [AL]) Posted on: Feb 18, 2019 6:49 PM
Message:
Nice. Thanks for the tip! --70.92.xx.xx |
Got my price (by GKARL [PA]) Posted on: Feb 18, 2019 7:36 PM
Message:
Congrats Sid! As someone else said, there's nothing in my area for that kind of price. --209.122.xx.xxx |
Got my price (by GKARL [PA]) Posted on: Feb 18, 2019 7:41 PM
Message:
Sid, what does a one bedroom apartment go for in your area? What about a single room in a rooming house? --209.122.xx.xxx |
Got my price (by S i d [MO]) Posted on: Feb 19, 2019 5:30 AM
Message:
GKARL, yes my market is cheap in comparison to many. A 2-bed SFH in good condition in an okay neighborhood runs between $40K-$50K. I buy them in distressed condition for about $15K-$20K, put in $5-$10K and that brings them to the full price level. My base rents are between $550-$600. More if pets are included. So I stay right around that sweet spot of the 2% where I can get all my capital back in 7 years or less.
A 1-bed unit can range from $350-$600, depending on the level of spit and polish.
I'm not as familiar with rooming houses, I found several efficiency units from $325 and up.
Our town has a fairly sharp dividing line between north (older, poorer, more crime) and south. That factor alone can swing the price on rent and housing as much as 30%-50%! --173.20.xxx.xxx |
Got my price (by GKARL [PA]) Posted on: Feb 19, 2019 6:46 AM
Message:
That's amazing to me. I'm from Indianapolis originally and those were the sorts of rents I was paying there in the late 70's/early 80's. I had a very nice newer one bedroom for $ 250 a month in 1979. I remember moving to NJ in 1982 and the cheapest place I could find was for $ 400 a month or nearly double the price. Things in the hometown have gotten much more expensive, but nothing like the east coast and my area is cheaper than nearby areas in Northern NJ, New York and Philadelphia.
I don't see how a rooming house would work in your area. I'm guessing rooms would be 250 a month and the sort of tenants you'd get would be very iffy. The thing that makes this different in my area is high rents. I tell you what though, many folks need to migrate there. There are many people I turn down for the rooming house who are getting 750-800 a month in SSI. They'd be able to live better in your area. --209.122.xx.xxx |
Got my price (by S i d [MO]) Posted on: Feb 19, 2019 7:05 AM
Message:
GKARL,
I agree that the solution to the 'affordable housing crisis' is that a lot of people just move. That's how we used to do things back in the old days. "Go West, young man."
But today politicians have decreed that everyone has the right to live wherever they want, and if they can't afford to then it is the tax payer's duty to subsidize them.
Flyover country has a TON of very affordable housing. But saying "you need to move" doesn't buy enough vote apparently. --173.20.xxx.xxx |
Got my price (by GKARL [PA]) Posted on: Feb 19, 2019 8:28 AM
Message:
Sid, people do move, they just don't move far. There are a ton of people who come to my area from NJ but it's close enough to maintain family ties. It's tough to move a long distance unless you're moving with your entire family unit/support system. The job situation affects this as well. However, if I was a single person getting by on $ 800 to $ 1000 a month on SSI, I'd be heading to the midwest. The cheapest rent here is about $ 500 and that's for a room. --64.121.xxx.xxx |
Got my price (by Salernitana [CA]) Posted on: Feb 19, 2019 9:16 AM
Message:
Thanks, S i d, for the tip, and that's so awesome about your recent purchase! Best of luck with the renovations and the tenant search afterward. --73.93.xx.xx |
Got my price (by S i d [MO]) Posted on: Feb 19, 2019 9:17 AM
Message:
"It's tough to move a long distance unless you're moving with your entire family unit/support system"
Tell that to the folks in the 1880's with horse drawn wagons. ;-)
Just pullin' your leg a bit.
I know it's tough to move, but what with modern conveniences (cars, communication, etc) we have it 1000x better than our ancestors and they managed. The alternative--subsidizing living situations in high priced markets--hasn't worked out well. Rather, it artificially keeps demand high in areas that would otherwise see populations move out to cheaper areas, thereby keeping the rents in check. The current situation ends up causing ineffective policies like rent control.
Maybe a return to the past would be more effective in getting supply and demand to balance out. And the best part is no one would die of dysentery along the Oregon trail... --173.20.xxx.xxx |
Got my price (by 6x6 [TN]) Posted on: Feb 19, 2019 9:40 AM
Message:
Sid, thank you for adding to my vocabulary again. Medical terms now. LOL! --73.120.xx.xxx |
Got my price (by mike [CA]) Posted on: Feb 22, 2019 1:03 PM
Message:
oh my. those of us in the coasts are thinking that number looks like closing costs...or the cost of a larger roof.
--76.176.xxx.xxx |
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