All Forum Posts by: Joe S.

𝐒𝐭𝐢𝐥𝐥 𝐰𝐚𝐢𝐭𝐢𝐧𝐠 𝐟𝐨𝐫 𝐭𝐡𝐞 “𝐫𝐢𝐠𝐡𝐭 𝐭𝐢𝐦𝐞” 𝐭𝐨 𝐠𝐞𝐭 𝐢𝐧𝐭𝐨 𝐫𝐞𝐚𝐥 𝐞𝐬𝐭𝐚𝐭𝐞? 𝐇𝐞𝐫𝐞 𝐢𝐭 𝐢𝐬:

𝐈𝐧 𝐉𝐮𝐧𝐞 𝟐𝟎𝟐𝟒, 𝐨𝐧𝐥𝐲 𝟔 𝐨𝐟 𝐭𝐡𝐞 𝟓𝟎 largest U.S. metro areas had housing inventory above pre-pandemic levels.

𝐈𝐧 𝐉𝐮𝐧𝐞 𝟐𝟎𝟐𝟓, 𝐭𝐡𝐚𝐭 𝐧𝐮𝐦𝐛𝐞𝐫 𝐣𝐮𝐦𝐩𝐞𝐝 𝐭𝐨 𝟐𝟎 𝐨𝐮𝐭 𝐨𝐟 𝟓𝟎.

This isn’t just data. 𝐓𝐡𝐢𝐬 𝐢𝐬 𝐨𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐲 𝐬𝐡𝐢𝐟𝐭𝐢𝐧𝐠 𝐢𝐧 𝐫𝐞𝐚𝐥 𝐭𝐢𝐦𝐞.

Markets like Austin, Denver, and Memphis now have significantly more homes available than they did in 2019, creating real chances for creative investors who know how to move when others hesitate and dawdle.

More inventory = less competition

Less competition = more negotiating power

More negotiating power = better deals for you

If you're still sitting on the sidelines, ask yourself:  what exactly are you waiting for?  

Quote from @Becca F.:

Quote from @Sam B.:

Come to Indy. 80% chance you will get scammed but it will be pretty funny.

 What?! Are you serious? I wouldn't say I was scammed (the legal definition) but I was taken advantage of. 

I've heard several stories from other California investors. Is this an Indy curse or something? 

I'm not trying to attack Indy - it could happen in other cities in the Midwest or Southeast. 

Yes most of them are more like yours, not outright scams but semi-scams. At the end of the day the end result is roughly the same.

Indy is a great arbitrage opportunity, lots of crappy real estate that's easy to sell to out of staters who don't know what they're getting into at a substantial markup. So it's less like a curse and more like market forces in action, at least until people wise up (holding my breath starting now).

And no it's not just Indy, you could replace Indy with a dozen other cities and it would be basically the same thing. But I can only say I have personal experience in Indy having bought hundreds of these properties back at the 2-3 year mark.

You say you've heard stories from other Californians, let me ask you this, what percentage of them that have a horror story? My 80% number was just pulled out of thin air but I wouldn't be surprised if it was in the ballpark.

You’re paying for competence, not charisma. The best agents prove their value before you sign.

Quote from @Joe S.:

To the most part, it’s mainly newbies that talk big game to their friends and family anyways.

Haha fair point. I’ll admit I’ve definitely shared some big goals before I had the full game plan, but I’ve learned quick that real results speak louder than hype. Now I’m focused on doing the work, learning from people who’ve actually done it, and keeping my circle tight. What’s something you wish more newbies understood early on?

I bought a brand new house from REI nation and it's under management by REI Nation. As per standard agreement, They are supposed to not make repair more than $400 without my consent unless it's an emergency. Now, the AC wasn't working and they sent an HVAC company to make the repair. The HVAC company made repair worth 1440$ without my consent. They inform me afterwards that I'll have to pay as per that. If I had a choice, I would make the repair much less but REI nation being stupid company messed it up and now need me to pay the bill. Also, they owe me property management credit as part of the agreement. When I asked them to break the contract, I loose property management credit as well. I would never ever buy something from REI nation.

Thanks man. but I think you misunderstood the spread. I'm making 50-75K profit.. as in that's what I get back after paying myself back for and still having the equity in the home, for example. Last deal I just finished this week. Purchased for 90, rehab/closing/holding costs 50K all in 140, House appraised for 284K. 80% cash out refi, bank hands me 227K when it only cost me 140 out of pocket, 87K tax free profit and still have the equity. I know that those markets well and you certainly are NOT making that in those markets lol. Flippers are struggling to make that much. But they will certainly see better appreciation than a market like Corpus which is why I'm trying to buy there as well.