Buying in hot neighborhoods

7 Replies

Are you buying or trying to buy in any super hot areas like Plano or N Dallas?  What's your strategy?  Success stories?

Not sure if this qualifies as a strategy - lots of offers, not much success :)

There was this one property in Richardson. The flipper who outbid me listed the property for $340k. Over the next 4 weeks, they dropped the list price to 245k before it finally sold. 

So, MLS is definitely out :)

All I know is it is not on the mls..

Off market is where it's at but you have to be patient. A lot of people who call me know the market is hot and want full retail. If I was a licensed REA then I could potentially convert these to listings. For now, I just refer them out. I just have to wait for the folks who really need to get out fast.

Originally posted by @Dmitri L. :

Not sure if this qualifies as a strategy - lots of offers, not much success :)

There was this one property in Richardson. The flipper who outbid me listed the property for $340k. Over the next 4 weeks, they dropped the list price to 245k before it finally sold. 

So, MLS is definitely out :)

 How much do think the flipper paid for it, Dmitri?

I agree with

@Tony Hernandez I lean more towards off the market as well. But much patience is definitely needed. So as I search for off the market deals I am also looking into finding a couple of reliable wholesalers/birddogs.

Ha ha, have submitted a couple offers in Allen, both turned into multiple offer situations, highest and best.   Nothing so far.  Everything we've bid on has been from the mls, but not move-in ready houses. 

These have been houses that need a fair amount of work - foundation issues, major rot on exterior, bathrooms and kitchens in need of repair/updates etc.   These have been rough houses and yet they're still selling like hotcakes.   

The pendulum will eventually swing the other way, but right now, the areas we like, Allen, Frisco, McKinney and Lucas are crazy hot.

HI all,

Not to side track the discussion terribly, but is anyone using www.realacquisitions.com for off market properties?  I've been using it for a year, and they finally got the direct mail piece integrated into it, though I've not used myself yet.

Reason for mentioning is that it can be used to mine for off market properties...

Thanks,

Jim

PS:  @jon klaus- reached out to you previously as you are in same area.  Would love to connect sometime!

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