Updated over 5 years ago on . Most recent reply
Investing in a Competitive Market
I joined BP a couple of weeks ago and have been researching properties in my area. The majority of the properties in my area are between $115 to $130 sq/ft. Rents average $0.95 to $1.15 sq/ft. I have been utilizing the tools on BP, but I can't seem to come up with numbers recommended by experts. I have bid on properties that have set idle for 100+ days, but as as I make an offer ironically some one comes in buys the property (seems fishy). I have looked out of state and see good properties, but I don't want to start out long distance investing. I fear I could get taken advantage of. Any recommendations.
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#3 New Member Introductions Contributor
- Real Estate Agent
- Queens, NY
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#3 New Member Introductions Contributor
- Real Estate Agent
- Queens, NY
Hey @Bruce Ray,
Glad to have you on the BP platform!
Some of the recommended number and rules on BP (i.e. 2% rule) do not apply to all markets. This is especially true for competitive markets.
I recommend that you connect with a local Realtor who can show you actual numbers in your target market. Your Realtor can show you sales and rental comps to give you a clear picture on what to expect. They can also submit offers on your behalf and give you full representation on some of these 'fishy' deals.
Lastly, have you been making offers based on market data (i.e. sales comps) or the fact that the properties have been on market 100+ days?
Best of luck to you moving forward!
Abel
- Abel Curiel
