I have been trying so hard to find my first deal for the past 5 months, in Chicago and then when I moved to Los Angeles. I am currently living in LA and I just cant simply reach my first deal. The market is filled with wholesalers who have much more money than me blasting signs and dominating the web as well. How can I find my edge? I have a foreclosure list, as well as I go to lots of meetups. I need help in any way, whether its advice or mentoring.
I don't know much about wholesaling but there's a BP podcast show with an experienced wholesaler called Sharon Vornholt where she talks about her process. And I think she's even here in the BP community.
Check it out: https://www.biggerpockets.com/renewsblog/2013/04/0...
Nuno, you beat me to the punch. That was my idea also, I would also add, ask people at your meetup meetings about wholesalers, some buy really cheap and then mark it up just a little to their repeat buyers so they make their profit in volume and quick turnover. Some on the other hand are not leaving much meat on the bone for the flipper to work with. Use the BP analysis tools to analyze prospective projects. Brandon says he does 100 analysis a month. That is the only way you are going to know good deals from not. Some may say that you are suffering from paralysis by analysis, but I see it as your education period. Or, you can just jump in there and buy something and hope it is profitable, which could make your first deal your last. Good luck!!!
Are you only trying to do wholesaling?
Perhaps find out who the bigger wholesalers are in the area and ask if you can help them find deals, ask what types of properties they are looking for (I believe on BP we refer to these people as "bird dogs"). You may be able to negotiate a "finder's fee" and it's a great way to start networking with the wholesalers that have experience. Also, maybe broaden your search range. Are there suburbs that are attractive?
If you decide to do buy and hold, you can get some decent deals from wholesalers in your area as well.
You could also broaden your geographical footprint. Maybe LA is saturated, but smaller towns and cities on the periphery of LA could be ripe for the picking. A lot of successful RE investors focus on secondary or tertiary markets to be the big fish in a small pond and stack up deals by being the most knowledgeable person in the area.
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