Today I went over to an investor who was never sure what to say to people in order to find suitable properties that are on the market. So I went there, and we started by selecting a particular geographical area. As there is a lack of inventory in the market we checked the pending sales in the area. The strategy was to call the agents and to see if the properties are finding buyers and falling out. We immediately found a property which was pending for 2.5 months, which is a red flag right there. So I called the agent right away telling them that we are cash buyers and can close within a week if necessary. I asked them if they were getting frustrated with the buyer or if they were looking for a backup offer and if we can come in, show proof of funds, and close by the end of the month. Guess what? The agent showed immediate interest!
The property was for $125,000 and we drove there right away. It looks pretty good and worth doing and lets see where my friend goes with it. The only hair is that there is a well which is not very common here in San Diego and that they need to close by the end of the month. But nevertheless, the strategy has worked.
So if you are looking for properties worth investing in, and find a shortage of properties that are on the market, you can always look at pending sales in a the area that you are interested in. Tell the agent that you can close quickly and can show proof of funds. Chances are, you will start finding suitable investment properties quite quickly.
On Putomac, we had the air-conditioning unit installed today. We hope to get the inspection done soon.
I also put Brant on the market today. Lets see how it goes!
Overall though I woke up at 3am and started working by 4 am I could have been a little more efficient. I need to focus on being more task orientated and by answering emails and phone calls at one time.
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