Looking for First Property New Orleans
So. I've read quite a few books about investing, I've listened to most of the podcasts, and I've networked with a few local investors. The number one thing I've learned is the best way to get started is to go buy a property and figure it out. I'm looking for my first deal in New Orleans. I want to flip a single family 3 bd 2 br. Opportunities seem to be abundant. Does anyone have any suggestions? Or would anybody be willing to partner up?
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It has become very difficult to find a good deal in our market. Our area is completely saturated with investors, which has squeezed margins making it more and more difficult to find a good deal and make a nice profit. For example, an off market seller I was in contact with sent me a picture not too long ago of all the postcards, letters and various pieces of direct mail he had received in about a 6 week time frame... there were about 25 of them! All the same yellow letter, we buy houses, etc, etc stuff.
At this point it is just about impossible to find a good deal on the MLS, and the competition for REOs of any kind is through the roof with multiple offers on every property driving up the price well over asking. In order to find a good deal you have to find it off market, but even then there are so many people doing this (wholesaling, bird dogging, etc) that it also has become very difficult to get a good deal from them as there is usually a few hands in the pot all wanting a piece of the action.
My suggestion is to do things differently if you want to find a good deal. And make sure you find a seller that truly needs to sell, not one that just wants to sell. They need to be a distressed seller with a real need. Once you find them create a win-win scenario for the both of you. Good luck.