Ready to give up - But not willing to.

73 Replies

Hello BP peeps, This is frustrating and I'm ready to give up, but I'm not willing to. I've worked too hard getting set up. I have all the funding I need to work on multiple flips at the same time and I even have a crew. But I can't find enough deals and it's driving me nuts. I live in Rochester, NY. And left my full time job in January. Too date I have completed three jobs, and am closing on another one next week. But it's not enough. Simply put, I need help finding deals. Does anyone have any advice? Oh by the way. I'm a real estate agent.

@Matt Honeyford

The process can certainly be frustrating at times.  I would guess most people have felt like giving up, or have been unsure of themselves at some point in their investing careers.

Not sure if you have already listened to the podcast episode that came out today (I think), it sounds like it is very applicable to your challenge.

Sometimes it seems like real estate is a series of problems that if you can somehow figure out how to solve you are rewarded with a cash prize.  

Are you dealing with any wholesalers?  Are you using your team to do contract work on other properties other than your own flips?

Success certainly takes time. All overnight successes put in years of work to get there. Listen to the podcasts and read everything you can. Take notes. How does the advice line up with your practice? Look at your network. Where is there room for improvement? Are you attending meetups? If not or there aren't any local to you, set one up. Keep it up and you will improve. You have the pieces to make it work. I recently listened to a podcast where the guy was off and running when it occurred because he had all the pieces in order like you do. You'll never win if you quit but if it doesn't work as is then figure out what needs to change. Good luck!

@Matt Honeyford I talked to a local flipper last night at the Meetup. He flipped 17 last year. He is doing 11 currently. He spends 4K a month on direct mail and gets 1-2 deals from that per month. Everything else is word of mouth.
@Account Closed Thanks for the response Russell. In my mind I know that this is just a challenge to over come but it still has me ready to toss in the towel. I've talked to a couple wholesalers here in Rochester, NY. But they haven't sent me any deals. The guys that I have working, have begun working with other people.
@Debbie W. You're asking all of the right questions. I am attending meet ups and letting people know what I'm looking for. I'm also making offers on MLS auto searches that I have set up. Somethings not clicking thou, I can almost feel it, like I'm one contact off or one degree of separation away from meeting the right person. Thanks for the support. I'll never give up.

I reiterate everything that everyone says. I may add: try finding deals outside of your area or even state? Why limit to Rochester? David Greene’s Long Distance Real Estate Investing is great introductory material to get started. 

Seems like everyone's keyword search lit this up, and that shows how small a town like Rochester is. That certainly doesn't mean there are no deals though. I'm working through my first BRRRR right now in Irondequoit, and let me tell you, I wish I had done 4 deals this year! I certainly don't have the people or the systems setup yet to be able to handle even that much work. I am jealous of your situation. I need to get back into attending the FREIA meetings, as they are great here in Rochester. I agree with everyone's statements above. I also urge you to keep at it, as my grandfather always said, the harder you work, the luckier you get.

Suggest you pay for leads and gave more if they are good. Everyday I get a call asking for any flip properties. I always reply I have time to meet you at the office with your track record, credit score , pof and willing to sign an agreement.  Few will show up or show me they are really financially ready.

You want deal with serious people whom you will mutually benefit. Those claim they have lots of inventory but have little to show I avoid them.

@Matt Honeyford

Hi Matt. I grew up a bit north of Elmira in a town called Horseheads, did a college undergrad year in Buffalo. I'd probably go back to live in Upstate if my wife agreed to it. Instead, I'm in Pennsylvania.

Your problem is deal flow in an seller's market. The solutions that you've been offered are personal contacts with wholesalers and agents, some generic BP edumacation, direct mail from my friend @Caleb Heimsoth , long distance real estate, real estate meetups, and getting out there to meet the right people.

You want flip leads. In a seller's market, you're getting precious few good ones. You don't have all kinds of money to spend on generating those leads. So here's one idea: if you want to find people near you in serious financial hot water, with pressing reasons to sell their house to you, why not look where you're sure to find these people? How well do you know the local court system? Specifically, how is the Monroe County court system organized, and what are the ways to access Monroe County court records? Here in Pittsburgh, the county does all its record-keeping online, and you can find out all kinds of information about people through a few county websites. Who don't you develop that source? Start with something simple: go to this website and register for a free account. Start poking around.

@Kocsen Chung That's a good idea. One that I have thought a out but have quickly disregarded. My fear is not knowing the market that I'm buying into. I know the Rochester, NY real estate market very well. But you're probably right. Perhaps I need to expand.

@JD DiGiacomandrea

First let me congratulate you on your first BRRRR, seriously pal congrats. Way to jump in, half the battle in my opinion is getting into the game.

Second, thanks for reaching out and the support. It feels good to have those deals this year under my belt, I should be more grateful of where I am in my investing career. I too need to attend more FREIA meetings, perhaps I'll see you at one. 

@Sam Shueh

Sam - I've thought about that too.  But here's my question. There are so many providers out there, which one should I try? Carrot or Lead Propeller, or is there another? 

@Ian Walsh

Ian forgive me. I know I'm missing something, but what am I missing? What is lead flow? Is that like my funnel? You're the second person btw to say that there are plenty of deals out there. And, I agree with that - but where are they?

@Jim K.

Every morning I've been doing exactly what you've recommended. I haven't received any phone calls yet. I'm using a hand writing font for my letters and mailing them to people who will be going into foreclosure and who have a judgement against them. The challenge is that there are only 4 or 5 people a day who enter into that process. But I know that over time it will yield results. 

You're the second person by the way to mention deal flow, is that like my pipeline? I'm assuming it is. I think my problem is that I'm not doing enough. Using the solutions that you've outlined I think it's best to create a system for each and execute it, tweaking it as needed. 

Originally posted by @Matt Honeyford :

@Ian Walsh

Ian forgive me. I know I'm missing something, but what am I missing? What is lead flow? Is that like my funnel? You're the second person btw to say that there are plenty of deals out there. And, I agree with that - but where are they?

We are all in the business of marketing first. You have to have lead flow to get deals that are profitable. The more lead flow you have the easier it is. Mailers, billboards, social media, referrals , door knocking, sheriff sales etc. If you know your market and know how to execute on a deal, this should be your only focus in my opinion. There are thousands of flippers in any given market doing deals. Search your MLS and look for any flipped deals in your area. Why didn't you get a crack at them? Likely because you didn't know about them . The reason you didn't know about them is because your marketing didn't get in front of them.

try title company sales people. Go to all, but it is illegal to receive a kick back in title business. U may want to bid online see if you can get some inventory.

@Ian Walsh You're 100% right. The funny thing is that my job previous to this was marketing and advertising. I need to be a marketing person first and a real estate agent second. Thanks for the support Ian.