Market is too competitive
I'm trying to find a property in my area, its not even a busy city just rural MN. There are no good deals in the area. Anytime one pops up there are all cash offers on it within the same day it pops up. Ive been trying to get pre-approved for a hard money loan myself but by the time I get them all the details on the property it's already got offers on it. I can't find ANYTHING. I have been looking for 2 years! I'm really starting to get frustrated with this. Properties in other states are selling for half the price as these inflated crap ones. By the time I'd fix and refinance and rent it I'd have have to charge a ridiculous rent price just to meet the mortage and I'd get $0 cash flow. I don't want to invest in an area outside of the state because it would be our first deal and I'm not completely comfortable with investing in an area I don't know well. It just feels hopless.