Buying Discounted Homes In A Hot Market
How do I go about purchasing investment homes in a location where the average house is on the market for 1 to 3 days and has multiple contracts offered at asking or above the asking price?
I live in the Fredericksburg, Virginia area and this market has not cooled down. The purchase prices are rising so quickly that the rental market prices can't pace to cover the mortgage witha $100 to $200 per month cash flow.
Is there anyone out there that has been successful with this scenario?
Tom 
Hello Tom,
I noticed that you are also interested or do fixer-uppers. I would suggest that you might focus most of your efforts on rehabs in your market. Let the market conditions work for you instead of against you.
Our market is much the same here in FL. I talk to alot of investors out there daily and I hear "wow it's tough out there not much available", bla, bla, bla. They're all trying to make that next 5-10K pop or that 100-200 mnth positive cash flow. I may be wrong here but I think we are all in business to make profits, and as much as possible, as reasonably quick as possible. I have no problem making money with my rehabs. I just look for buyers that want out, and make sure the deals / numbers make sense, make a commitment and go to work.
SG