Buying property 20% off?

Question

Hello everyone. I am new to the BiggerPockets community and just recently getting into the idea of real estate rental investing.  I went out and bought "The Book on Rental Property Investing" which is a book by BiggerPockets because I want to get started in investing!  So the method I am interesting in is the reinvesting of cash flow to buy new property but in the method he says is to buy property for 20% off what it is priced at.  I'm just wondering how you would be able to find deals like that.  If anyone has any experience on the topic and would like to share, that would be great.  Excited to be apart of the community!

Vivek Khoche · Answer

Account Closed - I agree with Jessie and does not believe in exact numbers, what is important is do you have a game plan. Below are some examples form real life.

More than any book this link from real life would help with your REI education.

Happy Investing

Vivek

Jessie Huffey · Answer

I disagree that you should buy something for 20% of what it is priced at. There are a lot of overpriced homes on the market. I would follow advice closer to: Buy something that you can get for 10% or more below market value. If it is a buyer's market you might be able to get substantially more of a deal, especially for fixers that scare other buyers away. Just be patient and a good deal will eventually come up if you are searching in the right markets.