How do you find good deals ?
It's not easy in this market, and if you're looking for "good deals", you'll never find one. I have people call me all the time and after a brief discussion, they'll always say something like, "if you find a screaming deal, send it my way." I never end up sending them anything. The problem is, everyone wants a "good deal", but until you're able to define what a good deal is, no one can help you find one.
When I say define one, I don't mean to tell me you want a BRRRR deal or to tell me what your cash on cash requirements are. You need to know exactly the type of house, location, and strategy that will yield you that return. For example, if you tell me you're looking for a "great short term rental property", it's tough to know what to send your way. However, if you say you're looking for a 4+ bedroom house, over 1,500 SF, in X location, with a pool, 0.25+ acre lot, and 10% revenue to price ratio, based on Airdna estimate, I'll be able to send you plenty of options, or we'll quickly be able to adjust your criteria.
Also, before you define a good deal, you have to figure out what your competitive advantage is. Are you doing your own construction/renovation? Do you self manage and have an innovative way to attract tenants or reduce costs? Do you have a lower cost of capital? Are you able to identify areas with stronger rent growth than the rest of the market? If you're looking for entrepreneurial level profits on your deals, then you have to approach investing as a business. That means you need a competitive advantage. If you don't have one, you may have to buy a mediocre deal so you can practice and learn and figure out how you're going to develop one.
I have several successful investor clients that have picked up multiple deals in the last several months. Every one of them has had clearly defined investment criteria, and many have adjusted their strategies in response to new market conditions.
At this point good deals may be the ones that you are able to lock up. I know I've personally been hung up over $1000 (not paying $1000 more) to get my number, only to see those homes go up 12% this year. I shouldn't have been hung up on getting my price.
@Joseph Cacciapaglia isn t your job as a RE agent to ask those questions of a potential investor? All those questions you posed would be welcomed if you sent them out to someone who inquires.