Novice investor, just starting out!

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  • Rental Property Investor · Boston, MA · Member since 2019 · 2k+ posts · 1k+ votes
    4y

    @Brandon Boyce where?

  • Member since 2021 · 27 posts · 4 votes
    4y

    Sacramento Ca region

  • Member since 2021 · 27 posts · 4 votes
    4y

    @bud 

    @Bud Gaffney Sacramento Ca region

  • Andrew FreedBusiness Member
    Investor · Worcester, MA · Member since 2020 · 1k+ posts · 1k+ votes
    4y

    @Brandon Boyce - Local Facebook real estate investor groups, by attending local RE meetups, direct mailing campaigns, paying a VA to cold call, word of mouth by telling everyone you're a real estate investor, maintaining solid relationships with sellers (I've had an off market property sourced to me from a seller of a property I bought), developing relationships w/ wholesalers and investor focused agents who have "pocket listings". These are some of the most common ways that I see people source off market properties.

  • Jonathan GreeneBusiness Member
    Real Estate Consultant · Madison, NJ · Member since 2016 · 6k+ posts · 7k+ votes
    4y

    If you are a novice investor, just starting out, why are you looking for off-market deals? Do you have all cash to purchase? What are you looking for - flip, hold, BRRRR, Airbnb. How many properties have you seen in person? If none, you should find an investor-friendly agent and see around 10-20 properties to understand what the price points you can afford look, smell, and feel like before even considering off-market. New investors who aren't funded well (and some who are) usually think off-market or foreclosures because they are cheaper, but they come with no vetting and require cash in almost all markets right now so are not good first-time investments.

  • Member since 2021 · 27 posts · 4 votes
    4y

    @Andrew Freed Thank you I have used some of those methods. Ive joined some groups and done some zoom meet ups. Ive talked to numerous agents and Im on their MLS lists but there so many eyes on those properties. For example a duplex in Roseville Ca on 7500 sq ft lot that went pending in 24 hours. I constantly crunch numbers on SFR and they don't pencil out. I just recently have been using a list of pre-foreclosures/ foreclosures cold calling and driving for dollars.

  • Bruce WoodruffPro Member
    Contractor/Investor/Consultant · San Diego / Phoenix · Member since 2021 · 12k+ posts · 15k+ votes
    4y

    You need to be more specific....what is your price point? How much cash do you have for down and repairs? What are your long-term goals?

  • Member since 2021 · 27 posts · 4 votes
    4y

    @Jonathan Greene 
    Thank you for your response. We are looking for off market because there are so many eyes on the standard sites and when we pencil the numbers they dont make sense for long term rentals when using conventional 20% down on a $400k a SFR. When we crunch numbers on rehabs the ARV is usually tight. We have some experience with 2 fix and flips. Now we have our primary residence and have been doing some upgrades ourselves. We have equity that we want to leverage and buy something close and manageble so we can learn more. We have some hard money lenders lined up for BRRRR or Fix and flip, STR’s around here aren’t a good play. We want to have numerous exit strategies, Yes Ive seen numerous properties in person. 

  • Jo-Ann LapinPro Member
    Loan Officer · Tustin, CA · Member since 2015 · 3k+ posts · 713 votes
    4y

    Property radar is a good resource for you also look up David Greene. Hope this helps and happy to network and assist .

  • Member since 2021 · 27 posts · 4 votes
    4y

    @Bruce Woodruff 

    Price point is $300k-$400K, with 20% down for a coventional loan. We like hard money because they fund 90% purchase and 100% rehab with less down for a BRRRR or flip. That would leave us money for carrying costs. Long term goal is to do this full time, have some SFR and duplexes adding doors at a reasonable rate.

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