First time buying in a sellers market
Hello BP!
I'm looking for advice on how to navigate a sellers market. Ideally I'm looking for properties to rent, but I've also opened my options to buying a house to live in(I currently rent).
Long story short I suppose I'm looking for creative ways to find deals. Specifically off market deals. I'm pretty familiar with the common ones posted here: "Driving for bucks", direct mail, for sale by owner, Craigslist. But I'm always interested to hear what you have to say!
My other concern is should I wait for this bubble to pop? If I'm five overpaid houses deep when it pops that might ruin me. My option for that is to buy one house to live in with some rehab potential and "shelter in place" lol. Maybe with one rental if I can find the right deal.
All advice and ideas are welcome.
Thank you!
Keywords: Kitsap Washington Keyport Bremerton poulsbo port orchard Seattle
Most Popular Reply
I agree with @Mike Sumsky and @Joel Colvos. A bad deal is only a bad deal if the numbers don't work when you buy. A good deal ought to net you some instant equity, and cash flow from day one, or asap.
You give the market and sellers too much credit. Most aren't selling because they see a bubble, and want to lock in their profits before said bubble pops.
I highly suggest you use the BP Rental Calculator, and start playing with the numbers and see what numbers work for you. Then throw that offer out there. You have your number, and that's that. Keeps you from making a bad deal barring you've done the other necessary due diligence.