by Sam Greenlee
A couple of years ago, when we were trying to find a home to buy, we hoped to purchase a fixer-upper that would require us to take on less debt. There were plenty available, or so it seemed.
Time and time again our offers lost out to investors who had cash in hand and were looking to make a profit by flipping or renting out the homes. We often lost to investors who were actually making offers lower than our own, because their cash offers didn’t carry the risk of the loan falling through in the escrow process.
While we love the home where we eventually ended up, we found that we had to purchase a home that was near the top of what we could possibly afford. It didn’t have much left to be done and so there wasn’t a sure profit left to be squeezed out of it by investors. Read more