As a newbie wanting to House Hack, I don't understand how I'm supposed to compete with all the experienced investors in my area. I live in a big town and there are only 150 or so multi-family properties on the market at any given time. I guess Im just assuming that if its an actual deal, an experienced investor will spot it way before me and buy it. How do I get around this?
There will always be folks that have "more" than you do. More brains, more experience, more money, more whatever. Your job is to figure out how to become one of those with "more". You do that by learning, asking questions, learning some more. You might consider finding out who the major investors in the area are and seeing if they will mentor or partner with you to help you do your first deal. You should bring something to the table, like offering to help them so they can teach you. It doesn't have to be full time, but maybe a few hours on a weekend.
Bigger pockets is a great place to learn. Reading books, and REIA type meetings are good as well. In short, like everything in life, you get out what you put in. Put mo' in, get mo' out.
Don't despair, discover!
Robert there is multiple things you can do
1. Be fast. Real estate is a numbers games do if you put in the work and analyze most of the deals as soon as they get to you( guessing that you are signed up for automatic email alerts from an agent) and put in offers chances are you are going to get something under contract before the experienced investor who is out of cash at the moment.
2. Drive for dollars. Get in the streets of the area you want to house hack in and look for distressed properties and mail them or even knock on the door and maybe if you work that funnel chances are you can come out with a good off market deal
There is literally a number of things you can do you just gotta hustle and educate yourself.
@Robert Ian Oldroyd Not sure what @James O Nix is saying. The experienced investors are not getting leads off of auto notifications. Cash is not stopping most of them either. Where there is a will there is a way. Cash never stops me. You just have to get creative about how to get it. The reality is that the really good deals are picked up before they ever get listed. That's NOT to say there aren't deals available on the MLS it's just tougher. Keep looking. Talk about real estate everywhere you go. Make sure everybody knows you have an interest in it. Family friends everybody. Learn from this web site. Learn to analyze deals, talk to lenders, attend real estate gatherings and so forth. Real estate is a very slow way to build wealth. Take the time to learn the business. That's how you compete. RR
Wow! Thank you so much for the wise words!
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