"Gotta be quicker than that"... in Baltimore
Hello BP! Fairly new investor here in the Baltimore, MD area. I'm looking to get a few BRRRR deals under my belt this year. I currently have one rental in the city, and I'm in search of my next property, but I'm having a hard time. Below are two scenarios that have happened to me within the past 30 days. I'm looking for feedback on where I can improve, or what I may be doing wrong.
1. I saw a property online, and sent the address to my realtor to get more information. Two days later, he was able to secure a viewing time. We looked at the property, and felt like I wanted to get my contractor to come in to estimate the rehab. The very next day, I was able to view the house again with my contractor. The only issue was we were unable to see the basement and the backyard of the house. Unfortunately, the basement isn't accessible from inside the home, and the only entrance is a cellar door outside that was locked with a deadbolt. The backyard isn't accessible from the outside, and the door leading out the back of the house was also locked with a deadbolt. No keys for either in the lockbox. I have no idea why the listing agent did not have these keys available. I asked my realtor to see if he can coordinate with the listing agent again so that we can get to see these areas. The listing agent became unresponsive for the next few days, and the next thing I know the house was put up for auction. This may be no big deal to a seasoned investor, just purchase it from the auction right? But since I'm a newbie, I would like to stay away from auctions until I know what I'm doing.
2. Saw a foreclosure online, and sent it over to my realtor. Last week Thursday, we were able to view the house. This time I had my contractor with me. After viewing the house, I decided that I wanted to move forward with the purchase. As a suggestion, my realtor thought it would be a benefit to get an inspector to see the property, before I place an offer, just to be sure there weren't any major issues. The following Tuesday (yesterday), I scheduled the inspection for Thursday. Unfortunately, I woke up this morning (Wednesday) to the news that the bank has taken the house off the MLS, and is putting it up for auction. NOT AGAIN! I have no idea why the listing agent let this happen, or even if it was in his control. I clearly displayed significant interest in the property since I was willing to pay for an inspector.
So BP, what can I do to not lose out again. I plan to use hard money for financing, but at this point I feel like I should show up to each viewing with a brief case full of cash. How can I cut down my "reaction" time when I find houses that I like?