South Seattle, Renton and Burien are so hot the margins are gone!

[Christian Wathne]

Hi Everyone, I've done a few deals in the seattle area and am always looking for more. Yesterday I put an offer on a small 3br in Renton which had only been on the market 2 days; listing notes said "offers to be reviewed tomorrow (1/31) and must be submitted today (1/30)"

I submit a strong cash offer; only to find out I was 1 of 11 offers; agent did the usual and bumped everyone up a couple times and we raised strongly each round...still did not get the home. 

I'm targeting the 2-300k single family house market with an arv between 3-400k, but inventory is so low relative to how many other people are looking to buy in that market. I'm thinking about heading further south like in Tacoma. 

Anyone else have similar experience?

[Tatiana Gershanovich]

Yep, that's the case nowadays. That's why you need to try to get off market deals as well, thought margins even off market are very slim.

We switched to new construction because flips are not profitable any more.