I am very new (yet to make first deal). But I have been calling and making contacts in the state I am moving to, and plan to invest in. The other day, I called a RE agent in the St. Louis area to ask about a property she had listed. I decided to have the attitude of an investor from the start. I actually told her that I am an investor, and was interested in some information on a few properties. I was afraid at first, because I figured she would turn her nose up at the idea of helping me. Well, that IS NOT how it went. Turns out she got her license 6 months ago, because her and her husband own a construction and general contracting business. She wanted to get her license to help with their business. So she already knows the business very well. They have worked in their area for 25 years. Oh yeah, and her husband owns a mortgage company, too!!
She is more than willing to drive around with me and look for properties, but this is my problem. The area is about 25 miles outside of St. Louis. As far as I can gather, the home values range from 65,000 to 200,000. I asked her genarally how long homes are on the market for, and she said 60-90 days. I am very excited at the idea of having someone to work with me, and all the perks that come with, but I am wondering if I would be wasting my time dealing in an area where homes are listed for that long? I have planned to always have carrying costs for any property for 90 days. Is that amount of time on the market “normal”?
More info:
The area has a population of 8,500+, which is nearly 10% higher than 2001. Crime rate is VERY low, and St. Louis is only 25-30 miles away. These all seem like good things to me, but I need feedback, please…