Very interesting discussion with a realtor today...
I saw a house for sale today in Nampa, ID. It was listed for 40K. The ad said it needed some work. It was around a week old. I figured it was sold but I would give it a shot anyway. Th realtor got back with me a few hours later and said it just closed. -bummer-
I am just starting out and am wanting a new realtor so I asked if he worked with real estate investors. He said he did and asked what I was looking for. I told him I was looking to flip or do lease options. Those seem like 2 relatively beginner-friendly ways of staring out.
He then said I should try to get a buy and hold. I am interested in those, but don't have the kind of long term financing available to get into one yet. He then told me that this was a very tough venture I was getting into and that I am going against many people who do this for a living. I listen to the BP podcasts every day at work and am very aware of this. He then went on for around 10-15 minutes telling me how small the profit margins are, and how I would fail since I am just starting out and am going against the "big dogs" and this is nothing like TV.
I kind of laughed at that last remark. I'm not sure what prompted that...I rarely watch those anyway since they usually go over budget and time frame every episode it seems.
I guess my question would be, how hard is it to find a good real estate agent who does work with investors who try to flip? Craigslist seems to shoot me those kind of eggs.