We've definitely seen a shift in the market over the winter, and with it all of us have been adapting and tweaking marketing and acquisition strategies. I'm giving a talk in a couple weeks on the most effective strategies that are working for investors in Portland recently, and would love to hear what is working for others on here. As I gather responses from outside of BP, I'll post what I discover here.
what i see is patience .. last thing folks want to do is get pressure from wholesaler who went into a deal for too much money in the first place and cant back track on price.. so wholesale price too high rehab cost high and prices calming down or coming down 5% or so.. this leads to deals not working.
so in my mind you need to calm down slow down and Pivot.. Pivot to new reality.. dont let herd mentality make you jump on a deal that was good numbers 2 years ago..
so it takes some discipline . I would be watching for expireds and only be looking at listings that were 90 days old.
we are doing just fine with this method.. we buy nothing off market. ( Generally)
Very curious what people have to say. I've been noticing a lot of foreclosure/distressed properties in my neighborhood (Montavilla) selling for far higher than what I would pay. My guess is that a lot of these are being purchased by first time homebuyers who see anything <300k as a good investment opportunity and understand that sweat equity is necessary to afford a house west of I205.
Houses below $400k are still incredibly hot. I walked a house in NE Woodlawn area yesterday with a friend who was looking to buy. The house was $300k and needed about 50k in rehab but there were over 10 people that showed up in the 20 minutes that we were there. The house had been on the market 2 days and they already had several offers.
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