All Forum Posts by: Matt Greer

If it's an STR I'd make sure there is demand that far out in the country and how constant it is. I'd also check on how it would fair as a normal rental should you need to go that route. For that I make sure there are sufficient jobs in the area that could afford it.

Always plan your exit first. Never start a project without a clear plan on how you'll become profitable.

My buyer's are making out like bandits currently! I have a lot that are standing on the sidelines but the ones that are going for it right now are getting amazing price drops and concessions. My new construction buyers are winning the most with all the seller concessions being offered. One builder out here is giving away free swimming pools! The other group of buyers that are really coming out ahead are the ones that are looking at the homes that the ibuyers are trying to get rid of because the ibuyers have no emotional attachment and once the house sits for a little bit they are just dropping prices and offering concessions that can't be beat.

I'm in Arizona and I've seen it become a problem in a few areas. The biggest problem Sedona has is it's creating a squeeze on the market and it's making it so the people who live and work there can't afford housing which is definitely an issue for the people living there so I understand why that municipality is doing what they are. On the other hand I think investors will start to hit that threshold where certain markets become oversaturated and that will ultimately hurt the investors especially if they planned on the huge returns that STR's provide. It's definitely something that could catch an investor in a bad spot.

@Marcus Mears Welcome to the area. I have had a few investors go and buy duplexes lately. They are great for house hacking. There is a healthy supply on the MLS as well as a few off market ones I come across periodically.

 That is something I am very interested to see as well. With interest rates much higher than they were just a few months ago we could see some liquidation coming up.

I'd find someone new that meets your expectations

I'm an RE agent in the Phoenix East valley area. Today I was looking into opendoor and realized they have a 10% market share here. We currently have about 18,000 homes on market and Opendoor has about 1,800 homes listed (the numbers go up and down daily).

Most of their homes for sale have been sitting and they're all listed at or below what Opendoor paid for them. This has created tons of opportunity for buyers. You no longer have to buy a property in a matter of hours like we did a few months ago. 

We are literally able to write offers and when sellers counter I tell them to find a different buyer and all of the sudden they accept our original offer.

How are you taking advantage of this opportunity and are you seeing similar situations in your market where one or two massive institutional buyers are just selling? 

The crazy thing is 1,800 homes would've been half the homes on market for us just a few months ago.

Warren Buffett said when people are greedy be scared and when people are scared be greedy. We're getting our buyer clients some pretty awesome deals right now because sellers are starting to panic. My bigger investors are building up their long term buy and hold portfolios right now. They plan on buying all the way down and basically dollar cost averaging. Just make sure you have a plan and that the numbers work out.

@Kate Glassman What has always stuck out to me are lenders who don't want a free ride. Generally speaking lenders reach out to me and want me to send them clients and they all say they can close more deals faster. If I take the time to go and prospect and get a client I don't want to send them to a lender I'm not familiar with and have the deal go sideways. If a lender is willing to help me prospect or market with me and actually put a little skin in the game then I'm all for sending them clients. The problem is too many lenders want to just get relationships with agents but don't want to do the hard work of getting clients. If a lender does a good job and can help build the business I'll reciprocate and help them build their business as well. I had a lender meet up with me once and we both just called through my database together and we didn't get anything going that night, but I kept sending them clients because they showed they'll work.