Where Have All the Houses Gone?
April 14, 2016
You know what I’m most worried about at this point?
That we won’t find a house! Let’s talk about that for a minute. Because I had a new (and unexpected) question pop up after we saw a foreclosure last week that didn’t get me excited at all, despite being a solid prospect “on paper” (it was already unofficially pending so it wasn’t really an option anyway). The question: What mentality should I have when we’re looking at possible properties? Probably one that’s completely detached and unemotional, right? Like this: [Mental robot voice: Look at the numbers. Cost of property. Cost of renovations. Cost of insurance and interest. Time. Labor. Potential listing price. Calculate. And if the profit margin looks right—purchase.]
But…ugh. I’m struggling with this. Don’t get me wrong. I’m not scared of a bad property, and I can see potential in anything. But should there be a sense of excitement? A feeling that “this could be amazing” when I look at a property?
And what about availability? As in…there isn’t any. We literally have ZERO houses available in our town right now that are at a low enough price point to see a profit after improvements are made. It’s a hot town. Houses are being snapped up the week – sometimes the day – they go on the market. We’re also a stable and small enough town that there are very few repossessed houses that even pop up. And we really have a heart to improve a house in our town.
So now I’m praying for the “right house” to open up to us. Ideally one nearby, that can give us a profit margin, have a ‘special’ factor, and that we can get before ten other offers swoop in and snatch it away. (You can stop laughing now). I’m about ready to go knocking on doors. Seriously. Let us know if you see a super dilapidated house in a nice part of town that looks like it has immense potential, will you?