SDR, thanks. I’m really just doing some initial leg work to understand, and comprehend what I need to consider or not.
My problem is that most of my family’s rental in the past were “opportunistic” rentals in which we use to live there or were planning to use them as vacation homes We were lucky to be able to cash flow things pretty positively for the stuff we had, and lucky we didn’t buy in the stuff that we looked out of state. But that is it, it’s just luck.
Now consider purchasing property in the future with no real intention of ever living there, I’m trying to learn a few things or to in hopes I don’t get overly screwed (which is a distinct possiblity too)
(Plus i figure I’m annoying enough people with the off topic posts 🙂 ).
I’ve been pretty lazy up to now searching, just because it seemed like the markets haven’t/aren’t quite ready yet here in SD in the areas I want to try to pick additional properties in. Although it probably limits me severely, I really don’t want to go out of state or even within state for a long distance if I can avoid it. But recently, there’s 1,2, or 3 properties that have popped up in price ranges that has stirred some interest. If we never see it makes sense to buy property here in SD for rentals, oh well.
Nostra, you and i should partner up….One of us goes in and bids low, one of us goes in and bids really high to secure the property. Then days before all contingencies need to be removed (assuming there are contingencies), the high bidder backs out and simultaneously the lower bidder resubmits the bid at a lower price the same day. I can be the sh!thead high bidder initially until you secure your property at the low price.
Sorry if my suggested tactics offend you SDR or other agents really trying to make a living off of transactions (though I’m sure this really won’t make an ounce of difference in the final sales…One can dream though 🙂 )
