What to do in what seems to be a saturated market? - Posted by Roger

Posted by kaar on July 19, 2001 at 21:55:01:

I’m sure the banks in your area have plenty of R.E.O.
property to choose from.
Good Luck

What to do in what seems to be a saturated market? - Posted by Roger

Posted by Roger on July 19, 2001 at 19:02:01:

Over the past 11 years I?ve purchased, lived in, and then rented two houses and I own my third where I live now. I want to get back into the game; I?m reading the articles here, gathering all the info I can from this site and wherever. I started reading the houses for sale in the local paper and it is filled with ads like the ones mainly told at this site to use to lure buyers. The renting sections are filled with ?Lease Options? available and there are several ads stating they will buy any house, anywhere, for any price. How and where do you try to carve a niche in this area where it appears that there are many real estate business operators doing business? I can?t seem to be able to move again and rent my current house because we need the land for our animals. We have 5 acres and want to keep at least that amount. Then when we look at other 5-acre parcels, the differences from our equity and the proposed mortgage make it impossible to afford. Would appreciate any insight or thought any body has for me.
Thanks in advance,
Roger

Re: What to do in saturated market? - Posted by Jay - IN

Posted by Jay - IN on July 20, 2001 at 24:37:32:

Keep in mind that even if there is other competition that not everyone is looking for the same types of deals or at the same time. I have found that in our area some people buy in spurts and then back off and focus on selling what they bought. Some investors focus on their farm area (close to home) or a certain price range, type of deal, etc. Therefore, there will still be plenty of deals for you if you start looking.
Time will still pass by if you by zero houses or a few a year or per month. You will still be ahead in the long run.

Good luck,
Jay
www.bsiHomeBuyers.com

How about… - Posted by BillW

Posted by BillW on July 19, 2001 at 22:23:42:

Roger,
I can’t seem to quite grasp your question.
Do you want to wheel and deal? Acquire rentals? Get a better place for yourself? Can’t seem to get a handle on the question.
However, the fact that there is lots of competition should show you that there’s lots of deals out there. Don’t worry about the competition, let them worry about you. In any group, there are always a lot of people who try, but give up after not having success as much or as rapidly as they expect. If this was a real easy business, everyone would be doing it. Pick some niche that you feel comfortable in that fits the area where you are and start working it. Learn all you can about it and be ready to expand or to change it if the situation requires it. Go slow at the beginning and CYA. Ask lots of questions and leave yourself an out in your offers and get startd.
Good luck and keep us posted.
Bill W.

Re: What to do? - Posted by Mark

Posted by Mark on July 19, 2001 at 21:52:06:

Roger;
Just because there may be 5 or 10 or 30 classifieds in the newspaper doesn’t mean there are only 5 or 10 or 30 rehab or rental properties available. Where I live in Pennsylvania, there is a decent amount of rehab and L/O activity - but there are plenty of other opportunities to invest.
You only need one property to begin carving your niche. Read some more. Learn what private mortgage, or hard-money, lenders can do for you. Use the equity in your home to get started. Run an ad yourself for investors.
From the tone of your e-mail, it sounds like you’re looking for excuses not to invest, rather than opportunities to jump in.

Mark

Re: How about… - Posted by Roger

Posted by Roger on July 20, 2001 at 09:45:01:

Thanks Bill,
I appreciate your response. The question was vague, but my point was I?m looking to start at any niche in the game but it just looked like all the niches were getting covered to me and I was wondering what or how I should approach this. I will go out and dig in among them and see what I can see. Thanks again for the words of wisdom, it helps to encourage others and myself.
Roger

Re: What to do? - Posted by Roger

Posted by Roger on July 20, 2001 at 09:52:54:

Thanks Mark,
I appreciate your response. You maybe right about looking for an out instead of diving in with them. I will go out and dig in among them and see what I can see. Thanks again for the words of wisdom, it helps to encourage others and myself.
Roger