Investing in a hot market with no inventory

[Nicholas Adam Cramer]

Hi everyone, 

I am a new real estate investor in Richmond, VA. I am looking for single family buy and hold opportunities in fringe neighborhoods to start to build my portfolio. Unfortunately, the Richmond market is red hot right now. Even though my partner and I are ready to go and making all-cash offers within hours of properties being listed, we are getting outbid with people offering 20k or more over asking. We know how to run the numbers and do not want to pay way more than a property is worth just because everyone else is. Are there other ways to invest in real estate while the market is hot like this or do we just stay patient and wait for the next cycle?