After taking the past couple months off from looking at houses and making offers (the new baby has taken up a lot of time), we spent the past couple days looking at houses and putting together a plan for acquiring more projects. It was probably a good idea to hold off on making offers these past two months…with the $8000 buyer tax credit, there’s been a lot of competition for foreclosure properties, and I’m not sure we could have gotten anything for a reasonable price.
It was a pleasant surprise to find that there were a lot of good properties on the market, including some that don’t seem to be in high demand. My wife and I spent the day writing up offers, and it looks like we’ll be making six offers over the next 24 hours.
With the tax credit getting ready to expire (it will probably be renewed but hasn’t been yet), and with winter coming up (a slow real estate season), we’re being pretty conservative with our offers and keeping them low. Hopefully we’ll get one or two counter-offers that we can work with, and perhaps get at least one of these properties under contract this week.
With The Poor House getting close to completion, we’re going to need some more work to do in the coming weeks…
Go get ’em! If the tax credit renews, we might have a more active holiday season than you’re expecting! My guess, at least…
…jp
i think its a great time to buy its slows down for holidays and if the credit extends you be ready for spring rush and tax refund money . what areas of altanta are you looking in and how far out your area do you go for a house and what price range now still the 50k or below?
you doing a great job keep up the good work
…chris
Chris –
Thanks!
We currently stick to Cobb County (west suburbs of Atlanta). Most of our offers are in the $30-80K range, with resale in the $100-140K range.
That said, I plan to spend a couple weeks investigating some other areas of the city where there may be some higher-end opportunities…I’ll have more to say about that once I spend a couple dozen hours doing some research and investigation…