Who's doing covid deals?

Buying & Selling Real Estate
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Who's doing covid deals?

Joseph Hammel
Rental Property Investor · Lake Hallie, WI · Member since 2015 · 292 posts · 144 votes

Is anyone still doing deals?

I picked up a super cheap sfh for my self directed it's and have a offer on a small mixed use commercial/ residential. 

be safe!

Joe

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Paul Shannon
Rental Property Investor · Fishers, IN · Member since 2016 · 335 posts · 470 votes
6y

I'm still looking, but my offers aren't as aggressive.  I think there will be better opportunities in other asset classes in the short-term.  Real estate is slow to react to current market conditions.  If we do go into a buyers market, don't think it will materialize for 6-12 months.  Would love to find a deal now though!

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  • Nathan GesnerBusiness Member
    Moderator
    Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
    6y

    I'm doing a deal but it has nothing to do with COVID. I don't think the market has been slow long enough that people are in panic-mode and giving property away. I personally think we'll see the real depression next year, but that's just an opinion like everyone else's.

    I am buying a 3bed/4bath home for $230. Market value is $290. Will rent for $1,800. Not a great deal for cash flow but the equity is nice and will pay off in the long run.

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  • Account Closed
    Rental Property Investor · Canton, OH · Member since 2017 · 1k+ posts · 1k+ votes
    6y

    @Joseph Hammel

    I'm currently considering 3 different properties. I may purchase one, I may purchase all three, I may purchase none of them. I'll know more over the next week. A deal is a deal in my opinion, and as long as it meets my cash flow requirements, I'm still going to continue to grow to meet my 2020 goals.

    2Reply
  • Paul Shannon
    Rental Property Investor · Fishers, IN · Member since 2016 · 335 posts · 470 votes
    6y

    I'm still looking, but my offers aren't as aggressive.  I think there will be better opportunities in other asset classes in the short-term.  Real estate is slow to react to current market conditions.  If we do go into a buyers market, don't think it will materialize for 6-12 months.  Would love to find a deal now though!

    5Reply
  • Rafael Martinez
    Rental Property Investor · Yonkers, NY · Member since 2019 · 31 posts · 18 votes
    6y

    @Joseph Hammel

    I’m still making deals, I closed on one property 2 weeks ago and just went into contract into another one this week. The Market hasn’t show signed of slowed down, I am how we very reserved with my offer and willing to walk away if it’s not a home run of a deal.

    1Reply
  • Joseph Hammel
    OP
    Rental Property Investor · Lake Hallie, WI · Member since 2015 · 292 posts · 144 votes
    6y

    I got the sfh for 45k

    will rent for 750 with 5 k fix up.

    1Reply
  • Joseph Hammel
    OP
    Rental Property Investor · Lake Hallie, WI · Member since 2015 · 292 posts · 144 votes
    6y

    Also for some reason my profile pic is upside down. Is that how you see it?

    2Reply
  • Alexander FelicePro Member
    Guy with Great Hair · Austin, TX · Member since 2013 · 2k+ posts · 4k+ votes
    6y

    Just sold a flip, at full price. 

    Starting another one today

    Closing on a retail office building (for ourselves) this week. 

    In my area, the data does not reflect the media craziness, mostly business as usual here. 

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  • Marlen Weber
    Specialist · Plano, TX · Member since 2020 · 2k+ posts · 861 votes
    6y

    @Joseph Hammel that sounds like a great deal. Also, yes, your profile picture is upside down. 

    0Reply
  • William Alonso
    Real Estate Agent · Columbus, OH · Member since 2016 · 42 posts · 37 votes
    6y
    Originally posted by @Joseph Hammel:

    Is anyone still doing deals?

    I picked up a super cheap sfh for my self directed it's and have a offer on a small mixed use commercial/ residential. 

    be safe!

    Joe

    Hey Joe, I'm still closing deals for my clients and I just got in contract for a duplex for myself.  Some people want to wait things out and I think it's always best for each individual to make the decisions they feel most comfortable with.  With that said, i'm comfortable with continuing to locate and purchase properties that fit our underwriting model.  There may be good deals later after the effects of all this play out, but there's still good deals to be had now.  

    Best of luck with your investments!

    0Reply
  • Shain Ismailovski
    Real Estate Agent · NJ · Member since 2019 · 237 posts · 169 votes
    6y

    Depending on the local market I think we may see more deals emerge towards the end of this year or beginning or next. Those sellers who are refusing to lower prices may get more desperate when the buyer pool relaxes. 

    0Reply
  • Julian R.
    Rental Property Investor · Ewa Beach, HI · Member since 2013 · 31 posts · 10 votes
    6y

    I am in trying to buy a foreclosure and the VA is playing hardball. Like someone said above, the market is slow to react and currently, it is business as usual in the area of Louisiana I am purchasing this property. My realtor says the number of showings are equal to this time last year. If prices drop, it will not be in the immediate term.

    Regardless, I am of the mindset to buy year-round and some deals will be better than others! 

    1Reply
  • Storm S.
    Real Estate Agent · Santa Barbara, CA · Member since 2016 · 518 posts · 283 votes
    6y

    @Joseph Hammel right now there are good deals in student housing, retail, hotels, and senior housing.

    1Reply
  • Steve Stuart
    Rental Property Investor · Myrtle Beach, SC · Member since 2018 · 41 posts · 54 votes
    6y

    Just received An offer on a fix n flip duplex I purchased in January. Listed $169,900, offer $155,000; will likely counter around $162,000 tomorrow.

    Went under contract for a 32 (1-Bedroom) unit building in February and still plan on closing May 26th. Corona helped me to get an additional 5% off just last week.

    I still have confidence in the market.

    2Reply
  • Account Closed
    Investor · Columbus, OH · Member since 2017 · 861 posts · 1k+ votes
    6y

    My side of Columbus Ohio (Linden) is still completely on fire. Demand is extremely high and I think its even more of a sellers market now than it was pre-COVID. Houses are going for over asking on the MLS left and right.

    I have a friend trying to find a normal retail house around here and he's getting aggressively outbid every time. A week ago I casually mentioned thinking about maybe perhaps selling my latest BRRRR instead of doing the last 3 R's and my realtor nearly beat down my door with buyers she had that are looking.

    That said, I have no idea what the B+/A parts of town are doing, market-wise. 

    1Reply
  • Nicholas Mann
    Valhalla, NY · Member since 2013 · 132 posts · 84 votes
    6y

    @Joseph Hammel

    I was about to put an offer in mid March just as all the craziness started. Now as things have calmed down (or at least we think they have) I feel strongly about offering around 10-20k less than my original plan. I did just receive a market report from A Major Realty company in my area and they've been around since the 80s and they're projecting a market decline at least in our area. This either makes me hesitant to offer on a property or maybe I'll use the leverage to get a good deal! Either I don't think anyone knows what the future holds but if your cash flows and ROI are good enough for you I guess that's all that matters.

    Best of luck everyone and hopefully we can all still acquire deals months from now and not feel like we jumped the gun.

    0Reply
  • Michael Noto
    Real Estate Agent · Southington, CT · Member since 2008 · 5k+ posts · 3k+ votes
    6y

    Can only speak for what I am seeing here in CT, but people are still looking to buy because rates are very low. If anything the apprehension of some sellers/tenants having concerns about buyers entering their property right now is the only issue if there is one. With that said, most sellers wouldn't have their properties on the active market if this was the case. That is leading to a little less inventory. Less inventory + buyers still buying = competition for properties that are priced right for the market. 

    Once we start to get back to normal, whatever that looks like, I expect inventory to go back up to where it was before this happened. 

    1Reply
  • Remington LymanBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
    6y
    Originally posted by @Joseph Hammel:

    Is anyone still doing deals?

    I picked up a super cheap sfh for my self directed it's and have a offer on a small mixed use commercial/ residential. 

    be safe!

    Joe

    Yeah, my business is still going well. All of my tenants are still paying their rent. All of my clients are still buying houses in Columbus, Ohio. 

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  • Sean Wilson
    Rental Property Investor · Nashville/Chattanooga · Member since 2016 · 45 posts · 44 votes
    6y

    I just closed on a 4/2 SFR Thursday. I got it for a pretty decent discount before the investor who originally had it under contract had their hard money loan dry up due to COVID. In my markets, there has been a lot less competition for wholesale deals lately, especially with some of the institutional buyers stepping out of the market temporarily. I am seeing significant price drops on those as wholesalers are trying to move them before they default on the contract.

    0Reply
  • Kenneth GarrettPro Member
    Investor · Florida Panhandle/Illinois · Member since 2016 · 4k+ posts · 3k+ votes
    6y

    @Joseph Hammel

    I’ve sold three flips during COVID.  Two have closed the last one is to close in 12 days.  Market is still good here.  Prices are still pretty healthy, but I think we’ll see an adjustment eventually where prices will fall somewhat.  I believe in the fall/winter we will see some opportunities for investors as the fallout from this virus will start to surface.

    0Reply
  • Mark Kelly
    Cotati, CA · Member since 2017 · 10 posts · 3 votes
    6y

     Sales market is still strong in our area.  Inventory is ticking up a little.  There are some nervous investors here, we have a state college in town and if they don’t reopen in the fall many kids will stay home. This will drive rents down and some are going to sell.  My wife has 31 homes going vacant at the end of May.  We will see.

    0Reply
  • Zeke ListonBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2018 · 1k+ posts · 1k+ votes
    6y

    Yep, I am still buying and my tenants are still paying rent! @Joseph Hammel

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  • Jeff Piscioniere
    Investor · Shelton, CT · Member since 2016 · 218 posts · 225 votes
    6y

    @Nicholas Mann you mentioned this market report you’ve read about a decline in your area. I live not too far from you in CT. Does this market report focus only on your specific area or the larger region as a whole. If it might encompass CT in any way, is there a chance I might have access to this report? Thanks in advance.

    1Reply
  • David Kuhlke
    Rental Property Investor · Portland, OR · Member since 2018 · 73 posts · 24 votes
    6y

    @Joseph Hammel

    Yes! Currently in the hunt for a REO SFR. Deals are deals no matter the market. I'm optimistic. Housing market will always go up in the long term.

    Best

    David

    0Reply
  • Joshua Hively
    Columbus, OH · Member since 2018 · 218 posts · 134 votes
    6y

    Yes sir! We are still buying and selling. Now is a great time to focus on fundamental real estate investing. We are being extra conservative or rehabs and ARV's and trying to avoid purchasing occupied houses.

    1Reply
  • Nicholas Mann
    Valhalla, NY · Member since 2013 · 132 posts · 84 votes
    6y

    @Jeff Piscioniere

    Hey Jeff it’s the Rand Realty Quarterly report not sure if you can find it on google or not, if you can’t find it online send me a message and I can forward the email to you.

    1Reply
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