what characteristics of a given market would / could make it easier to find bargain properties?
I do understand that i need to be looking for a buyers’ market, but what other attributes should be considered?
bbbbumps…
bump
lol- bump
Theres not any magic formula to finding bargin properties. You can get Miss Cleo’s jail cell number from Keith I believe.
There are bargins in multimillion dollar neighborhoods and trailer parks. Bargins are available in every market at every time. It’s really based on each individual owner and not a type of market. All of the various auctions (IRS, Tax sales, foreclosures, etc.) will turn up more bargins but they also may need some repairs.
oh i definitely know that… however, i will just be moving to a general part of the country, and can choose anywhere i want.
because i don’t really care where i end up in the state (or in that part of the country…), i figured that certain areas, or rather certain market characteristics, may make finding properties cheaply more likely.
for instance, i figure that if it’s a strong sellers’ market, then people can easily find buyers quickly. therefore, my odds of finding lots of cheap properties in an area like that would probably be a little lower than other areas.
i’m not looking for ‘definites’, just certain things to take into account when choosing. certainly some areas / types of markets will have some characteristics that make them more viable for someone looking for cheap properties.
“I do understand that i need to be looking for a buyers’ market,”
I often tend to do just the opposite.
There’s many different ways to invest, and I realize you’ve apparently chosen a different investment vehicle than myself.
I appears you’re looking to flip properites quickly, however, the day may come when you’d like to hold on to a property or two…wait for the pot at the end of the rainbow if you will.
When that time comes…look for emerging markets & buy in front of short term growth (when Mars, Jupiter & Saturn align).
In that way…you’ll do very work…spend very little money, and simply ride the equity elevator up.
-Infowell
<<Theres not any magic formula to finding bargin properties. You can get Miss Cleo’s jail cell number from Keith I believe. >>
Ya Mon…!
Keith
okay, so every characteristic of a real estate market has zero effect on the frequency you’ll find discount properties… sure.
bummmmmmmmpppppppitidy bump, bump, bump…
Keith
yes, it’s necessary to bump any question on these boards that is beyond the most basic stuff. more than half of my questions need to be bumped before a single response.
do you agree with me, or do you still cling to the idea that every single area in the country, regardless of any current market statistics, will give one the same rate of finding discounted properties? your childish response leads me to believe you think all markets in the country are homogeneous with regards to locating discounts, or that you now feel dumb, since it’s obvious they are NOT, and you don’t know the answer…
BUMP!
You are flailing aimlessly…just like the kid that was from Long Island that used to post here - he wanted to do everything from his Command Central that he was setting up and work on databasing everything so that he could find a property on-line, push a single butoon and he would own the property automatically. You’re all over the map. You have no idea what you want or where you want to do it. You’re like “Herbie”…Herbie doesn’t want to be an elf, Herbie wants to be a dentist. You’ll be gone in a month or so anyway…you guys always are.
You question would be a lot easier if ANYONE knew what it is in REI you were wanting to do…
I do understand that i need to be looking for a buyers’ market, but what other attributes should be considered?
Your questions were: "what characteristics of a given market would / could make it easier to find bargain properties?
I do understand that i need to be looking for a buyers’ market, but what other attributes should be considered?"
To do what with??? Your premise of needing to find a “buyers market” is totally flawed (just as Infowell was trying to tell you). You can do REI in any market, not just a buyers’ market…but you need to find the niche and exploit/leverage it.
Hey Robb…do you still have that hot dog cart and do you still want to be a firetruck? Can I be a hook-and-ladder in your battalion if I want?
Keith
BUMP
do you agree with me, or do you still cling to the idea that every single area in the country, regardless of any current market statistics, will give one the same rate of finding discounted properties?I "cling" to the idea that regardless of the market conditions you will find the same number of "discounted" properties. If your in a place where every other house is discounted then that reflects the market value not a discounted price. The more "discounts" you find the less the value is and thus is not a discount.
Discounted prices are based on individual owners and NOT markets. Markets reflect values and NOT discounts.
i’m not flailing aimlessly, and i’m not a newb (not a total one anyways) and i won’t be gone in a month. first off, i’m working on a large plan, that involves moving, so if i’m moving, i want to find better areas. i won’t be gone in a month - i’m dropping out of college to pursue REI, i have been studying for over a year now, and am six months away from hitting, alongside with my fiance, our goal of 25K to invest. so you can just forget about that right now.
i’m sorry if my questions come across extremely naive, but i am naive. i have been studying my ass off. i average at least a couple hours a day. my goal is to flip 10 properties in '07. i am probably going to go to FL, but don’t know for sure yet.
if i needed to just tell you what particular strategies i was going to pursue to make my question more relevant, then you should just ask. i’m sorry if i came across as some tard who has been ‘looking into’ real estate for a couple weeks. that isn’t the case, i have been obsessing over it for a good while now, and am gearing my life towards it. i have experience, i just failed - i spent 3 months trying to get into ‘no money down’ deals and failed at it. i realized it wasn’t working, so i put the marketing machine on hold and went back to studying. now, a year later, i am much more knowledgable, and actually just got an A- in an upper level real estate course at my university. and as i said, i’m not even going for my degree, i’m going for investing. come january i will, along with my fiance, have 25K and two perfect (over 750) ficos, and will be heading somewhere to buy properties. it was my thought, and still a very valid one i believe, that instead of just showing up to some arbitrary spot in FL, i should find what area woudl be best, as they surely can’t be homogenous, and it is likely that some of the differences can be readily seen and then i’d make better decision on location.
unfortunately, i don’t have any particular niches picked yet. i’ve taken a lot of time off from studying REI, and have been studying real estate in general. i felt like a complete ignoramus when i talked real estate before. i didn’t know a note from a mortgage, or even how to calculate my monthly payments given the loan characteristics. i’m a few weeks away from wrapping up my (700 page) real estate textbook, and am concurrently studying my ‘business plan’ for when i arrive wherever i go.
i shopped my business plan around to two people yesterday (involved in real estate, one involved in real estate, the other a former investor). the numbers and overall plan worked, and i didn’t want to start considering what niches to exploit until my overall plan’s viability was confirmed.
i apologize for starting a thread that needed my niche to give an answer. i figured that in a seller’s market people will be far less likely to give discounts, since they should be able to quickly get closer to market without breaking a sweat. again i apologize for not knowing i needed to have my niches determined, but i will have them finalized soon, and can tell you tehy will likely include houses that need minor rehab work, and houses in preforeclosure. does that help? as far as the preforecl go, i’d imagine that those would be easier to find readily in a buyer’s market, no?