Rental Property Investor · Jacksonville, NC · Member since 2020 · 21 posts · 2 votes
For those of you that work real estate in one geographical location and focus on certain communities, do you keep records on houses that you’ve looked at, run the numbers and passed on? I guess I’m thinking that over the long term you will likely see a house/property pop up for sale more than once. If you see that you’ve run the numbers before, would you take the time to see what the new numbers look like? Or if you pass a house once, you don’t look at it again?
Yes...and no. I do indirectly, but proactively. I don't analyze the property at the start, I analyze the market...and all the properties by default, to find the micro-markets that work for my financial criteria. So, if a property comes up down the road for sale, whether it was never listed or it is a return from the dead pile, I've already analyzed them. Let me add I continually analyze the same markets, so the analysis is always up to date.
@Joseph Niedermeyer, similarly to Joe. If you are staying in a specific, fairly narrow market, you are essentially always analyzing all deals.
In a slightly more specific manner, I don't really keep a "file". As I am looking at properties in a few neighborhoods of Cincinnati, I have seen deals come back to market. And I will look at again. Sometimes the interim owner did some work that might not be realized in the new listing. Sometimes the immediate market has changed with better rents/resale than last time it was listed.
This also could work the other way. Rents/resale are dropping. There is a lot better product online now so property isn't worth as much.
Real estate is dynamic, so what didn't work before can work now, and vice versa.