I'm just starting out in the Houston area and have been looking for a flip house for a little over a month now in the Katy/Cypress area. My realtor and I have been putting offers on houses in Bear Creek Village but keep getting outbid by, assumingly, people who want to turn the house into a rental. Obviously, I can't keep up with their bids since they can eat the extra costs.
Anyway, I'm having trouble locking one down. I check HAR and myhousedeals.com but am wondering if there's another resource out there that I'm missing. I'd like to have a house by the end of the month to have it saleable for the summer.
All advice is welcome. Thanks!
Hi @Colton Mathieu ,
If on-market isn't work, try off-market.
Try calling those bandit signs on the side of the road (e.g. We Buy Houses) Those are often wholesalers who are acquiring as well as selling deals.
Also, look up your local REIA organization (e.g. Houston REIA) as many wholesalers and flippers will post deals on there. Even if the deals aren't great, it'll get you contacts and may lead to more deals.
Hey @Colton Mathieu
If you'd like, I can contact you when I find an off-market properties.
I come across them often at discounted rates.
Please message me and lets exchange contact info. Thanks sir.
@Colton Mathieu Another alternative is Harris County Tax Sale Auctions. In Feb Auction we were able to pick 3 properties. The only catch is you got to pay cash or cashier's check.
Thanks for the suggestions @Nathan Platter . I'll definitely make some calls to the signs I see. I'm also a part of the Houston REIA, so I'll give them a go.
For sure @Quarn Corley . I'll pm you.
@Sammy G. I've been getting the Harris county tax sale emails for a while now but am not currently in a place to pay cash for a house. I've been prequalified for a HML so I'll be going that route for now. One day I'll pay cash for a house... one day.
Are you sure you're getting rejected because the other offers are higher, or is it because you're coming in with an hml and not all cash? Most listing agents of flooded homes I know are very anti-hml, because in essence, it is a 100% financed purchase that still requires lender approval and an appraisal. Cash has none of those hurdles.
Also, many hml's are quite wary of homes that have flooded more than once, and I saw one case recently where they raised the rehab budget and increased their points and interest rate because of it.
Definitely will have a harder time getting your offer accepted w/ an hml than cash, but maybe going off-market will get you the deal you are looking for. Good luck!
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