{"id":82339,"date":"2016-11-08T05:00:05","date_gmt":"2016-11-08T12:00:05","guid":{"rendered":"https:\/\/www.biggerpockets.com\/renewsblog\/?p=82339"},"modified":"2021-03-16T12:13:45","modified_gmt":"2021-03-16T18:13:45","slug":"late-invest-real-estate","status":"publish","type":"post","link":"https:\/\/www.biggerpockets.com\/blog\/late-invest-real-estate","title":{"rendered":"Sorry, It&#8217;s Too Late to Invest in Real Estate. Unless&#8230;"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"560\" height=\"315\" src=\"https:\/\/www.youtube.com\/embed\/FlsOai09bE0\" frameborder=\"0\" allowfullscreen><\/iframe><\/p>\n<p>I&#8217;m sorry to break it to you&#8230; but you missed out.<\/p>\n<p>There are no more real estate deals left.<\/p>\n<p>None.<\/p>\n<p>We&#8217;ve already got them all.<\/p>\n<p>It&#8217;s over. You can go back to your old life because you won&#8217;t be investing in real estate anytime soon. The party came and went, and you were late.<\/p>\n<p>Sorry.<\/p>\n<p>Of course,<strong>\u00a0I&#8217;m kidding!<\/strong><\/p>\n<p>You CAN still invest in real estate\u00a0&#8212; BUT things have changed.<\/p>\n<p>You no longer can simply throw a rock in any direction and break out the window on an amazing deal. Foreclosures are down, competition for good deals is skyrocketing, and banks are once again giving everyone with a pulse a loan.<\/p>\n<p>So, if it&#8217;s not too late to jump into the real estate investing game, what should you do? How do you still succeed as a real estate investor?<\/p>\n<p>Well, my name is Brandon Turner, cohost of the BiggerPockets Podcast and author of <a href=\"https:\/\/www.biggerpockets.com\/rentalbook\" target=\"_blank\">The Book on Rental Property Investing<\/a>, and today I want to share with you the three-part secret to success in real estate &#8212; even in a hot market.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-78388\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2016\/06\/student-housing-empire.jpg\" alt=\"cash-on-cash-return-real-estate\" width=\"702\" height=\"336\" title=\"\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2016\/06\/student-housing-empire.jpg 702w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2016\/06\/student-housing-empire-300x144.jpg 300w\" sizes=\"auto, (max-width: 702px) 100vw, 702px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignleft wp-image-64497\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2014\/11\/Webinar-Jpeg-150x150.png\" alt=\"Single Family Rental House\" width=\"78\" height=\"78\" title=\"\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2014\/11\/Webinar-Jpeg-150x150.png 150w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2014\/11\/Webinar-Jpeg.png 618w\" sizes=\"auto, (max-width: 78px) 100vw, 78px\" \/>But before we move on, I wanted to invite you to a special LIVE event I&#8217;ll be hosting THIS WEEK here on BiggerPockets &#8212; and if you are reading this post, it&#8217;s definitely something you&#8217;ll be interested in. It&#8217;s a free webinar (online class) titled &#8220;<strong><a href=\"https:\/\/www.biggerpockets.com\/webinar\" target=\"_blank\">How to Find Incredible Real Estate Deals in a Competitive Market<\/a>,<\/strong>&#8221; and I&#8217;ll go into detail on how to find properties even when the market is HOT! <a href=\"https:\/\/www.biggerpockets.com\/webinar\" target=\"_blank\">Sign up now<\/a> and I&#8217;ll see you on Wednesday!<\/p>\n<p>OK, on to the three-part secret to find success in real estate &#8212; even in a hot market!<\/p>\n<p><em><strong>Related:<\/strong> <a href=\"https:\/\/www.biggerpockets.com\/blog\/find-local-deals-hot-market\" target=\"_blank\">3 Stories That Prove You Can Still Find Local Deals, Even in a Red Hot Market<\/a><\/em><\/p>\n<h2>You Must Be Smarter<\/h2>\n<p>In the good ole days, it was hard NOT to make money with real estate. Almost everything was cheap and made sense.<\/p>\n<p>But today, you need to be smarter than that.<\/p>\n<p>When looking for deals, you need to use your brain and ask yourself some basic questions, such s:<\/p>\n<ul>\n<li><em><strong>Where are the good deals in this market?<\/strong> <\/em>For example, maybe the A-class neighborhood is all bought out, but there is an up-and-coming blue collar town 15 minutes away that most people are ignoring.<\/li>\n<li><em><strong>What is the competition doing\u00a0&#8212; and how can I do something else?<\/strong> <\/em>For example, if everyone is buying on the MLS, can I use <a href=\"https:\/\/www.biggerpockets.com\/blog\/2014\/04\/09\/direct-mail\/\" target=\"_blank\">direct mail marketing<\/a> to find deals?<\/li>\n<li><em><strong>How can I find properties with &#8220;hidden potential&#8221;?<\/strong><\/em> For example, two-bedroom homes don&#8217;t sell for much in my market &#8212; so I look for two-bedroom homes that have extra space I could turn into a third bedroom.<\/li>\n<\/ul>\n<p>In other words, you need to out-think the competition.<\/p>\n<p>Additionally, you have to be smart about the math on any deal you pursue. There are too many idiots in the market today paying ridiculous prices for deals. Don&#8217;t worry &#8212; when the next real estate crash happens, we&#8217;ll be buying those same properties at the foreclosure auction. Just make sure that&#8217;s not you and be smart about your purchases.<\/p>\n<h2>You Must Be Faster<\/h2>\n<p>Good deals still exist &#8212; but they are often snatched up before you have a chance to get them by investors (like me).<\/p>\n<p>So, if you want to get great deals, you need to be fast.<\/p>\n<p>This means:<\/p>\n<ul>\n<li><em><strong>Get your financing together now<\/strong><\/em> &#8212; so you don&#8217;t need to figure it out later.<\/li>\n<li><em><strong>Get automatic email or text alerts set up with your real estate agent<\/strong><\/em> &#8212; or get your own real estate license to get first dibs at new listings.<\/li>\n<li><em><strong>When you find a potential deal, walk through it the same day<\/strong><\/em> &#8212; and be prepared to run the numbers and submit your offer on the same day also.<\/li>\n<li><em><strong>Don&#8217;t let fear slow you down<\/strong><\/em> &#8212; just keep moving forward.<\/li>\n<\/ul>\n<p>OK, on to number three.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-78747\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2016\/06\/mid-year-checkup.jpg\" alt=\"mid-year-checkup\" width=\"702\" height=\"336\" title=\"\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2016\/06\/mid-year-checkup.jpg 702w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2016\/06\/mid-year-checkup-300x144.jpg 300w\" sizes=\"auto, (max-width: 702px) 100vw, 702px\" \/><\/p>\n<p><em><strong>Related:<\/strong> <a href=\"https:\/\/www.biggerpockets.com\/blog\/2015\/12\/02\/seller-letters-win-hot-market\/\" target=\"_blank\">\u201cDear Seller\u201d Letters: The Tool You Need to Win Deals in a Hot Market<\/a><\/em><\/p>\n<h2>You Must Think Different<\/h2>\n<p>Strategies shift all the time in real estate. What might have worked great three years ago might not work as well any more, and that&#8217;s OK. Fortune favors those who think differently.<\/p>\n<p>For example, maybe prices have risen too much in your area to make a deal make sense for a rental. But maybe a flip would work better? Or maybe you could turn the property into a short term vacation property? \u00a0Or maybe an existing house could be demolished and a new house built?<\/p>\n<p>This is what it means to think differently. It&#8217;s all about thinking outside the box to find a solution to a real estate problem that no one else has the guts to do.<\/p>\n<p>&#8212;&#8212;&#8212;-<\/p>\n<p>Remember, all the good deals are not gone. They aren&#8217;t missing. You CAN still invest in real estate &#8212; but you must be smarter, faster, and more creative than others.<\/p>\n<p><em>The question is: Will you?\u00a0<\/em><\/p>\n<p>And remember, if you want to learn more about the specific strategies you can use to find good deals, even in a\u00a0hot market, come to this week&#8217;s BiggerPockets Webinar! <strong><a href=\"https:\/\/www.biggerpockets.com\/webinar\" target=\"_blank\">Sign up now<\/a>!<\/strong><\/p>\n<p><em>Do you have any tips you&#8217;d add to this list? How do you find deals in a tight market?<\/em><\/p>\n<p><strong>Leave me a comment and let me know!<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sorry, potential investors! The heyday of easy-to-find real estate deals has come and gone. If you want to succeed now, you&#8217;ll have to do THIS.<\/p>\n","protected":false},"author":710,"featured_media":82370,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4252],"tags":[],"class_list":["post-82339","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deal-analysis"],"acf":[],"comment_count":0,"_links":{"self":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/82339","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\/710"}],"replies":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/comments?post=82339"}],"version-history":[{"count":0,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/82339\/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=82339"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/categories?post=82339"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/tags?post=82339"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}