Anaheim, CA · Member since 2013 · 48 posts · 31 votes
I wish someone would have told me about the snow...LOL
In Nov of 2013 i was blessed to have purchased my first out-of-state properties. (2 houses, in Merrillville Indiana..Im from CA by the way. I know these areas really well, i travel there about 3 times a year. I had it all planned out i researched every aspect of it, had a little team on the ground. I had family helping with marketing, visiting properties etc. Found some really nice deals, i got them under contract and with all of these brains working together NO-ONE warned me about the snow...LOL Its been almost 3 months and i havent been able to much at all.
Just curious to know how investors on the east coast, midwest or where ever it snows for a long period of time are able to keep the cycle moving during those periods?
Hope you are doing well. I know you and I talked about your property briefly. I still haven't had a chance to go check it out. I will go out that way next week.
Honestly, this year with all the snow has been just great for me. I have picked up/have under contract about 20 properties so far this year. I have been going out every week looking at properties and have been getting some really great deals by being the first one to put an offer.
Just this week I picked up a 3 bed/2 bath house that was originally listed for $49k and as soon as the bank made a big price drop, I made an offer at $20k and told my agent to accept it at whatever price the bank comes back at. The bank came back at $21k. The house needs about $15k and has ARV of $75k-$80k and will rent for $1,000/mo.
I have looked at MLS listed houses that no one else had looked at, because it still had fresh snow in front of the house, sometimes 2-3 ft, but that gave me an opportunity to pick up some really great houses.
Since not many people are willing to go out and look at these houses in this snow, I have been picking up houses at really great prices too.
Yesterday, I had a closing for a REO where the bank owed money at the closing, that was a first one for me. I had my money at the closing, but we had to do a dry closing, because the bank didn't have their money in, that was kinda great.
Rentals have been a little slow, but overall it has been a great year so far.
Congratulations. I seriously considered buying in Michigan City or South Bend because I have family near by who can help.
I'm not sure what you mean by "keeping the cycle running". Getting them rehabbed, finding tenants, buying? Exterior rehab is done in little spurts when its possible, none of that this year. Finding tenants is tough during the Holidays and gets better now. Buying is a little blind as far as the grounds and lower 3 feet go. If you get the kind of discounts Sharad is pulling off that's no problem.
@Sharad M. -I can gurantee you one thing that house wont get up and run...it will be there when you have time to check it out..LOL No worries at all. So your taking the negative (snow) and making it postivie. Its funny you say that because thats all i hear out there, "its too much snow im staying in"...Your stock pilling properties now so when its hot a dry and the competitions back brewing you wont have to work as hard. Both my properties need major work about 25k in repairs and a winter sitting vacant and semi-untouched can equal bigger problems.
@Brant Richardson - Just keeping the cycle going with renovations, or do they even buy during this time etc...i had the pleasure of speaking to @Sharad M. a couple weeks ago, and he has a nice system, and his strategies get him great returns. I picked up my 2 properties for far less cheaper. Around the same area And they will rent for about the same.
@Brant Richardson If you are still looking in Michigan City, let me know because I am looking at an off-market 5 properties deal with one property in Michigan City. I don't invest in Michigan City, but if it's something you are interested in, I will be more than happy to pass that deal on to you.
@Reuben Stewart I have been real busy the last couple of weeks, but I should be able to check out the house this coming week and I am sure it is still going to be there..lol
Reuben, thank you for your kind words. It was really my pleasure speaking with you. You have a very solid system going for yourself and I think you are doing a great thing helping families purchase a home.