@Nicholas Mullens There are good deals and bad deals at all times no matter the market. The saavy investor has to be able to tell the difference relative to his/her investment goals and criteria. A good deal is a good deal and what the market is doing does not change that. If I come across a deal that meets my objectives tomorrow, or next week-I'm buying! All the best!
"...I do run into older investors usually 70 and above who own big size portfolios and that was there business for decades running rentals. and by then they are all free and clear.. cash flow very large with no debt.. and monster equity of course even if the props never went up....
you nailed it!!!
Hey Nick, I would suggest analyzing lots of deals while learning as much as you can. If you could find an experienced investor to take you under your wing, do it in heartbeat.
I think those would be reasonable goals to have...because finding the right deal in today's market takes a lot of patience. If you find the one, take it but its much easier said then done. For me a cash flow of a couple hundred isn't a good deal, but this is my target market and you'll have to define what you consider good.
@Nicholas Mullens We've been personally investing in a sellers market for the past few years. Now it feels much more like a buyers market. Thus, we are still buying (as flippers), but instead of using the 72-75% Rule, we are down to the 70% Rule and looking for steeper discounts in order to give ourselves more cushion if the market continues to soften.
Just adjust to the conditions, but stay in the game w/ deals that work.
All the best!
@Nicholas Mullens - I like the 72-75% rule to allow more cushion. Great tip.
Originally posted by @Nicholas Mullens :
@Mike M. Thank you! Is getting in contact with an agent the best way to find off market deals?
Off market deals are the ones you find without a real estate agent that are not on the MLS. You knock on doors, do mailers, put up signs, send letters, word of mouth - there are 101 ways to find people who want to sell that aren't listed in the MLS.
It's always a good time to start. You just have to know how to buy really really deep no matter where we are in a cycle.
Absolutely! While you are waiting, thinking, debating...someone will swoop in and purchase. We were able to thrive in the most recent down markets including 2008. One acquisition/and or sale should not make or break your future. It is consistent, smart investing that will win! Good luck!
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