Buying in a Sellers Market?

Question

Hi I am brand new on the bigger pockets website? I have a bad case of analysis paralysis. I can't bring myself to invest in my first real estate property in this wild sellers market? I plan to start with some direct marketing handwritten letters to a target neighborhood and see what happens. My gut tells me the next market collapse is right around the corner. I have managed to hoard enough cash to outright buy a modest single family home that I would like to rehab and rent out. Do I wait or pull the trigger and potentially regret later?

Dmitriy Fomichenko · Answer

You are in the right place Michael!

Melissa Uppelschoten · Answer

Hi Michael - Congrats on getting into this! I have been doing it for about 5 years now. And what I have learned is that there are ALWAYS deals to be had. Just do the math (which you seem to be good at now!). I personally didn't do so great with letters. The best approach for me has been driving the neighborhoods I want to be in and looking for for sale by owner signs. Or my most recent purchase as off of Zillow - there are two tabs, one that is agents and the other is "other" which includes for sale by owner. I got my last property by calling an "other".

My husband and I get tons of calls from people wanting to buy our properties. One thing in common is that they almost never know anything about our house, and they never leave a message. I would suggest targeting houses that you truly have done some research on and then give the owner a call. Whitepages.com has worked great for me to find owners' numbers. The rudest person so far has just told me to stop after I left them a voice mail and follow up text a few days later.

Wishing you tons of success. You can do this!!!