Portland Oregon - Crazy Market

[Say Teoh]

Hi All:

Have not checked in the BP for a few weeks, as I have been busy running around Portland Metro area looking for myself a property to flip, I have looked at atleast 20 houses, but have not been successful yet... either my ARV is too low or other people are crazy... :) Just want to rant/share a deal I was in...

Saw a nice sfh for sale at slightly below market price at the uber hot westmoreland neighborhood. List for 350k on rmls, immediately there was a frenzy, like throwing a peace of wagyu beef into a tank of hungry piranhas. Appointment to see the house was impossible to get, the LA got so many requests, in the end she gave up and just have a 2 hour open house. The house is in a great condition, I thought I can value add by finishing up the basement with a family room and a master suite with a bathroom, and then flip for some nice profit. Thinking "Say, you are a genius!" Now comes the offer... thinking long and hard and re-do my estimates 100 times like in GMAT, I place an offer $40k above the asking, yes, you read it right, $40 grand above listing!..... Then I had nightmare of being a fool for over paying. Next day, I saw the LA's email in my mail box, so excited, finally got myself a flip.... nope.... she was just kind enough to inform me that I got rejected and there were 25 offers, 2 of them cash, and the highest is $115k above listing, and I am one of the lowest! @_@  wow, just wow..

ok, thats my rant... back to the market to get myself a flip.. :)

Good luck all!

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