What if my market is just too hot?
Hey Guys! I'm just dipping my toes into the waters of Real Estate Investing and I'm interested in buy and hold rental property.
However, the more I look and analyze deals in my area, I'm seeing that there aren't any deals (atleast not ones i'm finding) that just make a lot of sense. Yes, they could cash flow, but I feel like I need something that is a "GREAT" deal to get my feet off the ground and for this to take off in the right direction. I couldn't do this and it cash flow $100 a month and it create enough momentum financially for it to snowball into the next deal anytime soon. If that makes sense? I listen to the BP podcasts and I hear about all these 2% deals and I struggle to find a 1% deal in my local area. To be honest, I don't have a huge savings to pull from at this point, so if i invest, it needs to offer good enough cash flow for me to convince my wife that this is worth doing! haha.
I'm scouring Zillow & Realtor.com for these deals. Am I missing it? Is it imperative that I find a connection to the MLS because the good deals are gone before they make it to those sites?
I'm just trying to connect the dots here and find if I'm missing it. And if I'm NOT missing it, and my market is too hot and oversaturated, how do you confidently invest in a foreign market? Really just looking for feedback and ppl to share their experiences with dealing with situations like this and overcoming them. Thanks!!