{"id":121935,"date":"2020-02-02T12:00:09","date_gmt":"2020-02-02T19:00:09","guid":{"rendered":"https:\/\/www.biggerpockets.com\/blog\/?p=121935"},"modified":"2021-03-16T14:58:27","modified_gmt":"2021-03-16T20:58:27","slug":"how-to-find-a-deal-when-inventory-is-low","status":"publish","type":"post","link":"https:\/\/www.biggerpockets.com\/blog\/how-to-find-a-deal-when-inventory-is-low","title":{"rendered":"How to Find a Deal When Inventory Is Low"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Today we\u2019re talking about how to find a deal when inventory is low. Let\u2019s get it started.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Some of you guys are just out of luck, and I\u2019ll tell you why. Because you\u2019re looking in the wrong places.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> I read a few comments from some of my previous blogs where I\u2019ve suggested that you move from the East Coast and West Coast. I just don\u2019t think you\u2019re going to be finding any bargains there. The competition is too high, and the prices are high. So, what\u2019s the point of even looking for properties there right now?<\/span><\/p>\n<p><iframe loading=\"lazy\" src=\"https:\/\/www.youtube.com\/embed\/u4K243IeyJ8\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<h2>Stop Looking in the Wrong Places<\/h2>\n<p><span style=\"font-weight: 400;\"> You&#8217;re probably buying at the peak of the market, so it\u2019s a risky proposition, in my opinion, to be investing in such a market. My advice to you was a move to the good old Midwest. And a lot you slammed me for that, which is fair. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">I\u2019ve only been here for seven years now, made a ton of money, and I still do. I can tell you right now, there are deals falling off trees in the Midwest, and I hope you stay where you are\u2014then there will be more for me.\u00a0<\/span><\/p>\n<p><strong><em>Related: <\/em><\/strong><em><a href=\"https:\/\/www.biggerpockets.com\/blog\/find-real-estate-deals\" target=\"_blank\">27 Ways to Find Real Estate Deals<\/a><\/em><\/p>\n<p><span style=\"font-weight: 400;\">Guys, look, I honestly think a lot of you are looking in the wrong places, and that\u2019s just because of the market that you live in. So, you\u2019re going to have to expand and look elsewhere. I believe it\u2019s going to be very risky for you if you decide to buy out of state or the country.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Sure, there are a lot of deals all over the world\u2014there are some amazing opportunities to be had. But let\u2019s just talk about the Midwest, for instance. You\u2019re not going to have eyes and ears on the ground, so you\u2019re probably going to be doing a lot of the work yourself. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Unfortunately, the Midwest is known for having shady operators. So, I\u2019ve seen a lot of investors over the last seven years try and do it from afar in Toledo, Ohio. They just lose big, and it doesn\u2019t work out for them.\u00a0<\/span><\/p>\n<h2>Double Down on All of Your Efforts<\/h2>\n<p><span style=\"font-weight: 400;\">With that being said, some of the strategies that you can use to try and find a deal when inventory is low is pounding the pavement even harder. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">I also instruct my team to double down on all of the efforts that we do. Some of those include submitting offers on the MLS, calling people on Craigslist, networking with a lot of agents, and working with <a href=\"https:\/\/www.biggerpockets.com\/blog\/ultimate-beginners-guide-real-estate-wholesaling\" target=\"_blank\" rel=\"noopener noreferrer\">wholesalers<\/a> and bird dogs. We also send out a lot of yellow letter campaigns.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-105726\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2019\/01\/poker-gambling-speculating.jpg\" alt=\"speculating, speculator, investing, investor\" width=\"702\" height=\"336\" title=\"\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2019\/01\/poker-gambling-speculating.jpg 702w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2019\/01\/poker-gambling-speculating-300x144.jpg 300w\" sizes=\"auto, (max-width: 702px) 100vw, 702px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">When it comes to buying, you really can\u2019t leave any stone unturned. The wider you cast your net, the more opportunities you\u2019re going to have to catch a fish.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So, I\u2019m suggesting that instead of casting one net, you cast two, three, or four. Double down on all of your efforts. Start sending out more yellow letter campaigns and more often.<\/span><\/p>\n<p><strong><em>Related: <\/em><\/strong><em><a href=\"https:\/\/www.biggerpockets.com\/blog\/2012-06-22-real-estate-investor-marketing-t-shirts\" target=\"_blank\">Real Estate Marketing: The Walking-Talking Billboard<\/a><\/em><\/p>\n<p><span style=\"font-weight: 400;\">Start submitting more offers on the MLS, stalk Craigslist, reach out to real estate agents, and have scheduled meetings with your bird dogs and wholesalers. Start chatting with them and letting them know you want the product. Start flopping out your proof of funds and telling everyone you have a lot of cash, and you\u2019re waiting for deals and ready to buy.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In essence, guys, nothing beats the hard work. If you double down on all of your efforts, I truly believe that you will be able to find a deal or more. It just depends on how many deals you need. We\u2019re a <a href=\"https:\/\/www.biggerpockets.com\/blog\/2015\/12\/15\/turnkey-real-estate\/\" target=\"_blank\" rel=\"noopener noreferrer\">turnkey<\/a> outfit, so we need to keep the engine in motion. We need to keep buying a certain amount of deals every month. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">For all of you out there looking to <a href=\"https:\/\/www.biggerpockets.com\/blog\/2014\/01\/07\/flipping-houses\/\" target=\"_blank\" rel=\"noopener noreferrer\">buy, fix, and flip<\/a>, I think it\u2019s much easier for you to find a deal that you can make a great profit on. You don\u2019t need to buy at the volume that we do, so you can be more patient and wait for the right deal to come along where you can sell it and make a nice chunk of profit.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">That\u2019s it, guys. Take it or leave it.<\/span><\/p>\n<p><a href=\"https:\/\/www.biggerpockets.com\/webinars\" target=\"_blank\"><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\" \/><\/a><\/p>\n<p><em><span style=\"font-weight: 400;\">What are some of the strategies that you use?<\/span><\/em><\/p>\n<p><strong>I hope you enjoyed this blog, and I hope to hear from you in the comment section. <\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Today we\u2019re talking about how to find a deal when inventory is low. Some of you guys are just out of luck, and I\u2019ll tell you why. Because you\u2019re looking in the wrong places. But for those who are seeking deals in comparatively reasonable markets, here&#8217;s what I recommend. <\/p>\n","protected":false},"author":1672,"featured_media":113457,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5524],"tags":[],"class_list":["post-121935","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate-investing-for-beginners"],"acf":[],"comment_count":0,"_links":{"self":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/121935","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=121935"}],"version-history":[{"count":0,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/121935\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media\/113457"}],"wp:attachment":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media?parent=121935"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/categories?post=121935"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/tags?post=121935"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}