{"id":109472,"date":"2020-10-25T05:00:20","date_gmt":"2020-10-25T11:00:20","guid":{"rendered":"https:\/\/www.biggerpockets.com\/blog\/?p=109472"},"modified":"2023-04-03T06:23:28","modified_gmt":"2023-04-03T12:23:28","slug":"how-to-find-a-real-estate-deal-when-there-is-no-inventory","status":"publish","type":"post","link":"https:\/\/www.biggerpockets.com\/blog\/how-to-find-a-real-estate-deal-when-there-is-no-inventory","title":{"rendered":"How to Find Deals When There Is No Inventory"},"content":{"rendered":"<p><iframe loading=\"lazy\" frameborder=\"0\" height=\"200\" scrolling=\"no\" src=\"https:\/\/playlist.megaphone.fm?e=BIGPOC4607234389&#038;light=true\" width=\"100%\"><\/iframe><br \/>\nYou&#8217;re ready to buy. You&#8217;re searching for deals\u2014but can&#8217;t seem to find any! What now?<\/p>\n<p>Well, I\u2019m sorry to say that you\u2019re out of luck\u2014there is no available inventory in the U.S. right now. I\u2019m kidding, guys!<\/p>\n<h2>Try Looking Elsewhere<\/h2>\n<p>I\u2019ve always said that there is no bad piece of real estate as long as the price is right. So, if for whatever reason you can\u2019t find a deal in the market that you\u2019re currently in, it&#8217;s simple: look in another market.<\/p>\n<p>I mean you have 50 states to work with! And not only are there a lot of other markets, there are also a lot of micro-markets.<\/p>\n<p>I\u2019m based in Toledo, and I still feel like a kid in a candy store. There are deals falling off trees. I encourage you to look into the Midwest as the East Coast and West Coast recover. The Midwest is always a few steps behind, so it doesn\u2019t go up in value nearly as much as the coasts.<\/p>\n<p>And if there\u2019s nothing available in the U.S., go to Europe! Go to Australia!<\/p>\n<p>Go to the Bahamas! I own a lot of real estate in the Bahamas.<\/p>\n<p>What I\u2019m trying to say is the world is your oyster. It&#8217;s pretty amazing to live in the times that we do now.<\/p>\n<p><em><strong>Related:<\/strong> <a href=\"https:\/\/www.biggerpockets.com\/blog\/2013\/04\/20\/how-to-invest-new-real-estate-market\/\" target=\"_blank\">How<\/a><a href=\"https:\/\/www.biggerpockets.com\/blog\/2013\/04\/20\/how-to-invest-new-real-estate-market\/\" target=\"_blank\"> to Invest in a New Real Estate Market<\/a><\/em><\/p>\n<p><iframe loading=\"lazy\" src=\"https:\/\/www.youtube.com\/embed\/6GhbcU4mnf8\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<h2>Try Doubling Down<\/h2>\n<p>A few other alternative strategies if you can\u2019t find a deal, I think you should double down on your acquisition efforts. You can spend more time cold calling, spend more time prospecting, and submit more offers. You can send more yellow letters, work with more real estate agents\u2014leave no stone unturned.<\/p>\n<p>You have to remember that real estate is a numbers game. You have to commit to the numbers daily. You have to meet with real estate agents and submit offers, submit offers, submit offers. Keep submitting offers and eventually you will pick up that deal!<\/p>\n<p><em><strong>Related: <\/strong><\/em><em><a href=\"\/renewsblog\/2014\/03\/15\/real-estate-investing-numbers-game\/\" target=\"_blank\">Real Estate Investing: A Numbers Game<\/a><\/em><\/p>\n<h2>Try Something New<\/h2>\n<p>Now, something I don&#8217;t recommend but is a possibility is getting into new construction. I see that happening a lot right now. Investors start getting into subdivisions or structural renovations that are going to require a lot of capital and a lot of effort just to make a small profit.<\/p>\n<p>Me? I wouldn\u2019t touch it.<\/p>\n<p>I like to be the master of my fate and the captain of my soul. I don\u2019t want to allow any outside influences to affect my potential profit. Those outside influences could be an architect, a structural engineer, the city mandating how high you can go and how wide you can build\u2014a pandemic!<\/p>\n<p>I want to keep everything in-house. That&#8217;s why I prefer buying properties that just need minor cosmetic rehabs or a bigger rehab where I don\u2019t have to go out of my way to do a full-blown reconstruction. So, try and keep as much in-house as you can. Again, I wouldn\u2019t go down that path, but you can if you know what you\u2019re doing.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-107303\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2019\/02\/opportunity.jpg\" alt=\"man looking out over river at cityscape and sunset\" width=\"702\" height=\"336\" title=\"\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2019\/02\/opportunity.jpg 702w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2019\/02\/opportunity-300x144.jpg 300w\" sizes=\"auto, (max-width: 702px) 100vw, 702px\" \/><\/p>\n<h2>Try Taking a Break<\/h2>\n<p>Another solution is to sit on cash. Cash is king, always has been, and always will be.<\/p>\n<p>You want to be able to go to town and buy every single property if there is a market decline. So, I don\u2019t think there is anything wrong with sitting on cash for six months, 12 months, even two years.<\/p>\n<p>I know it sucks when inflation goes up. You lose money, and you feel like it\u2019s burning a hole in your pocket. But guys, if you make a mistake with that capital, it\u2019s going to cost you a lot more than letting it sit there and do nothing.<\/p>\n<p>My dad\u2014love him to death\u2014he said, &#8220;Son, if you\u2019re going to go broke, you might as well go broke on the beach than go broke by doing a job\u2014or investing in real estate, in this instance\u2014and not making any money.&#8221;<\/p>\n<h2>The Bottom Line<\/h2>\n<p>Well, that\u2019s pretty much it. To summarize, the world is your oyster. Be flexible, be mobile, and if the numbers don\u2019t make sense in your market, look elsewhere.<\/p>\n<p>There\u2019s always a depressed market somewhere, where there are so many deals that it\u2019s absolutely mind-boggling. And do not cry over missed opportunity! There is always going to be one around the corner. Another one will come around.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-91217\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2017\/08\/blog_ads-01.jpg\" alt=\"\" width=\"700\" height=\"85\" title=\"\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2017\/08\/blog_ads-01.jpg 700w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2017\/08\/blog_ads-01-300x36.jpg 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\" \/><\/p>\n<p><em>Are you stashing cash right now? Are you finding deals and investing?<\/em><\/p>\n<p><strong>Let me know in a comment.\u00a0<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>You&#8217;re ready to buy. You&#8217;re searching for deals\u2014but can&#8217;t seem to find any! What now? Don&#8217;t get frustrated. There are plenty of options! <\/p>\n","protected":false},"author":1672,"featured_media":82370,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5524,7119],"tags":[],"class_list":["post-109472","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate-investing-for-beginners","category-biggerpockets-daily"],"acf":[],"comment_count":0,"_links":{"self":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/109472","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/users\/1672"}],"replies":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/comments?post=109472"}],"version-history":[{"count":0,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/109472\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media\/82370"}],"wp:attachment":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media?parent=109472"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/categories?post=109472"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/tags?post=109472"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}