I am new and trying to pick up my first. As a new investor, working alone how many properties should I put on my list to follow if I wish to pick up one in the next month or two? Is aquiring one in a month or two a reasonable expectation? I thank all of you out there for all your help and support.
I am not sure there is an easy answer to this one. You have to first determine your outcome (fix and flip or buy and hold) as well as your price point and area you wish to purchase. Buying at auction is where preparation meets opportunity. You may WANT newer properties that do not need much work but the best deal may turn out to be a complete rehab. I know that every time I find myself saying something like “I am not interested in condo’s” a deal will pop up that challenges me on that thought (like the condo that sold for 20k at trustee sale last week that has a monthly rent base on HUD rent rates of over $1000 per month). When buying at trustee sale the opening bid can obviously make or break a deal. When you see an opportunity you need to be prepared to recognize it and act on it.
I suppose your expectation of buying in 1-2 months depends largely on the amount of competition in the areas you are buying.
thank you Michelle. I am just trying to get my feet wet, dont need to make a killing just want to make something. Looking in 4 counties. willing to buy for flip or will be happy to rent and be a landlord. The deals just look so enticing compared to what the realtors offer me. Would it be better to go to the smaller counties that have less competition and buyers or larger counties that have lots of houses on the block. Once I do one or two I will feel much better.
Hi SS, Try doing some research on what investors have been buying the areas that you are interested in pursuing. If you are a subscriber to ForeclosureRadar check the Sold to 3rd Status and the box to include historical records. You can then sort by sale date and see what the opening bids have been as well as the winning bid. This will show you exactly what the competition has been doing in a particular area.