Being patient in this market

[Brian Ellis]

Over the last couple of months, I have been extremely patient. I have made a few offers, but it still appears that sellers are still hopeful for 2021 prices. Stuff is sitting longer, and are less affordable in my area because of the rates. 

I was able to make MLS stuff work a year ago, but nothing is working now. I am really focused on developing my skills in getting off market leads. I have sent out mass emails, with the only responses being negative. Ive cold called a bunch with no luck. Sent out post cards, nothing.

There is one or two deals that pop up from time to time, but it opens the flood gates and were still seeing very competitive buyers still. And I am in no interest of getting involved in a bidding war.

Im just fed up with it to be honest. I made an offer on a probate sale. They were asking 275k, the ARV was around 350k, and it needed 125k in work. I offered 175k and received a call back from the listing agent saying I was out of my mind. I said, well if you're familiar with the ARV then it wouldn't seem so crazy given the amount of work it needs? And his response was: "nobody cares about the ARV".

I would think the market is going to change at some point. I was always the optimistic one in these forums over the years, but lately I am on the opposite side. Somethings got to give, and im still remaining patient and ready. In the mean time I will keep developing skills to help me acquire something off market.