I'm new. I don't own investment properties yet. I'm reading/educating/networking/studying before I start. I'm very interested in starting out by looking for good BRRRR opportunities and long term buy&hold deals to get me in the game.
I very consistently read about the huge importance of buying right financially. Seems obvious, but I also read about the huge importance of buying in the right location. One that will cash flow well from acceptable rent rates, have acceptable ARV, and appreciate. The kicker is, I read these things and don't disagree at all, but I'm also reading about the vast number of deals that this discipline & strategy will allow you to do because of the financial position you place yourself in. The thing is, in the real world I don't witness BOTH the things occurring. By BOTH I mean the right properties and a good number of the right properties available. By the way, I'm in the Tulsa, OK area.
If there are distressed properties they’re typically in locations you don’t want. If there is one available in the right location it’s few & far between.
Disclaimer..I am not working with an agent or another “deal finder”, just my own observations from knowing the town well, and Zillow, so I know there’s probably a lot I don’t see.
So, I guess my question is...how true and real is this for the person starting out with limited capital & experience to enable some creative solutions? Will the deals just come much slower? Does Zillow really only display a fraction of the availability?
Or maybe I should also ask...can good rental locations not necessarily be in locations that are the obvious places people want to live? Any good reading suggestions specific to the topic of location?
Just looking to hear some other real folks input not from a book.
@Chisom Frazier Congrats on getting started. Are you using the MLS to find distressed properties? You may want to go a non-traditional route say like a wholesaler, driving for dollars, or pulling a list. If a property is in a good area, there is most likely investor competition (which is a great sign). Get to know those investors at meetups. Also, don't overlook property managers as a source as well. Most importantly though, if someone doesn't want to live in an area, it will be a very hard business model to maintain, and challenging to find good quality tenants.
@Whitney Hutten . Thank you. I’m conflicted with the chicken & the egg dilemma in regards to asking PM’s and agents for help in finding deals before I’ve done any deals and don’t have a lot of value to give to them...YET. What’s your thoughts or experience? Will those individuals invest time in me if I sell myself well about being serious and in the game for the long haul
@Chisom Frazier To a point, yes. Both want your business and finding deals is what they do (esp agents). I'd flat our ask what they need to see from you. Once you do a deal or two, then ask how you can be on their insider track. Be very timely, responsive, decisive and do your homework. Be someone who can execute. If you aren't timely, or responsive, or can't execute they will move on. Be the person you need to be to win at this :)