About 3 months ago, I wrote a blog post titled Sorry to disappoint, deals are (still) hard to come by... Today I have to add: but not impossible.
I work with a limited number of investor clients and always keep an eye out for them. Part of my market watch and daily perusing of newly listed and coming soon listings are any deals that could be attractive to my investors. I have a good understanding of what could fit their portfolios and run any possibilities by them. Steals are (still) hard to come by, but occasionally we get lucky (and by lucky I mean, we see an opportunity and act on it immediately).
One of my clients just closed on a sweet REO deal on a two-bedroom condo in Columbia. Typically, condos are not high on the want list due to fees and regulations, but this one just made sense. It was listed for 135K with the average two-bedroom comp going for 190-195K - not huge margins, but an easy one. It could also quickly rent for $1800+/month. I noticed the listing before 9 AM the day it hit the market, sent it to my client, scheduled a showing appointment for the evening, and was the first one to submit an offer.
My client now has a tough choice to make, buy and hold for monthly cash flow, or flip. Isn't it a nice problem to have?
Just SOLD in the Village of Long Reach in Columbia, MD - a sweet REO deal for my investor client!
Looking for a special home between Washington, D.C. and Baltimore? Call Andrea to discuss your wants and needs: (240) 593-2860.
Thank you, Michael Jacobs! I take full advantage of the custom saved home searches our MLS allows us to set up. I get a quick market update every morning and can quickly scan for opportunities. It's become a morning ritual!