For those of you who do business in the Dallas area, how are market conditions right now? I'm interested in getting involved in flipping some properties, but not sure what to expect. I anticipate starting out using MLS listings looking for bank owned properties who need some work. Is business good now or are deals scarce?
There are deals out there. I'm not sure you're going to find a lot on the MLS though. Reason being is that Dallas has record low inventory right now...less than 2.5 months. So, it depends on what your target property & neighborhoods are. As usual, there are more deals in less desirable neighborhoods. Of course, exiting those deals will be more challenging. On the other hand, there are some areas where the property will basically open the door for itself on the back end, because there is such high demand.
If you have direct access to the MLS, you might have some luck. If you're using an online service, the deals will probably be gone, before you have a chance to write an offer.
Dallas has a lot of REO;s that is off the market.
I think your about 12 months too late for that plan in DFW
I don't think it is too late. Don't count on MLS as your deal source, though. Market for your own deals. Search BP for "yellow letters".
@Jon Klaus I appreciate you pointing me in the right direction with the yellow letters.
@Joe Gore Can you provide some tips as to how a new investor might can locate these off market REO deals?
I can't find where to send you a PM. Can you PM?
I meant can you PM me?
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