Newbies: What is the competitive advantage?
(Hopefully) Soon many of us "newbies" will be making their first moves in the REI world. It's quite a daunting idea that seems to overwhelm a lot of first time buyers for various reason. One reason that I have recently run into whilst searching for my first MFH home (specifically in Louisville, KY) is, what exactly gives me a competitive advantage? What sets me apart from an experienced investor in my area? How can I find a good deal when I am going against the "top-dogs"?
Sure, sitting at home alone browsing the computer/phone for potential deals and running the numbers can be easy/exciting, especially when you find one that makes sense! However, someone else is likely doing the same exact thing and has found the same exact deal. That being said, the question that I would like to open up to the community is:
How can or how do you think a newbie investor, with little (or no capital), can have any sort of competitive advantage in a market with experienced investors in the midst? What can a newbie investor do to set themselves apart to potentially land a "killer" deal? How can one proactively better themselves to achieve those better deals?
Specifically related to my situation (finding a multi-family home to house hack for a year), the only way I can imagine I find what I would consider to be good deal is that if the numbers (such as DSCR) do not work for an experienced investor and they pass it along for the newbie investors to feed on.
OR, I am not too familiar with the clause, but I heard on a BP podcast that there was something that allowed first home buyers the opportunity to bid on the property before other investors could (I believe it was something like a 30 day time window for new buyers only).
Lastly, this just came to mind whilst typing, but could newbie investor may be able to get a deal over an experienced investor if the property does not have much value-add potential? Just a thought.
I understand there are countless variables that can be discussed, so I would love to hear your feedback.
Thanks!