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Updated almost 9 years ago on . Most recent reply

Account Closed
  • Investor
  • Lompoc, CA
3
Votes |
17
Posts

No Inventory

Account Closed
  • Investor
  • Lompoc, CA
Posted
I've decided to go ahead with buying a second property in my local area. There's a problem, though...there is no inventory under $300k. Every house that's "For Sale" on Zillow turns out to be already under contract when I finally get in touch with an agent. The agents also seem to be ducking me based on the properties I'm asking about. I've been pre-approved for $300k through the VA but no mortgage company I've spoken with has been willing to go higher based on my income. So... Should I hold out and wait for a deal? Should I consider a condo? Should I not buy anything because the market is too hot? Any help is appreciated!

Most Popular Reply

Account Closed
  • Investor
  • Lompoc, CA
3
Votes |
17
Posts
Account Closed
  • Investor
  • Lompoc, CA
Replied

Thanks Russell Brazil and Brandon Battle I appreciate the advice. I finally got an agent to meet with me and agree to work with me after a few more phone calls today. I can't imagine why they wouldn't want another customer, a commission is a commission! Maybe even better news, though, is that one of the lenders I've been talking to agreed to go up to $350k for me which opens up a lot more properties to me.

I don't think I can chase distressed properties with VA funding unfortunately. I'm not particularly worried about that as I'm focused on buy and hold for rental cash flow which I think means I don't need quite the same size margins as a flipper (though I wouldn't mind the quick equity).

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