Newbies just starting in Austin. Mainly doing fix and flips. We have been doing some searching for deals on our own but is thinking of using some whole sellers or other deal finding services that can help us save some time and effort. But its so hard to find anything in Austin. Even the whole sellers don't find a lot of deals, when they do there is almost always heavy competition for it. Is anyone having better luck in Austin or are we just not finding the right people or method. Thnx!
@Bob Zhang have you hit up some local real estate investor networking groups in your area?
Your experience in the Austin market thus far is nothing unique. This is a very tough market, even for wholesalers, as you said yourself. The competition for single family flips is incredibly fierce. There was a flippable single family in south Austin on the MLS recently that received 30+ offers in four days. Consistency and persistence are crucial in this kind of market. You say you've been searching for deals on your own? What in particular have you been doing related to that? What has been your method or strategy so far? If you' find a proven strategy for sourcing deals that is a good fit for you, then you have to commit to do it consistently and have the persistence (and cash) to keep going through weeks or months of coming up empty. The good news is that most investors, and even wholesalers, don't do that.
Thank! Yeah we have joined the local Reia and other networking meetups. still trying to get to know more sources for homes. David thats really great to hear we are not the only ones experiencing the same difficulties. We have contacts with as many wholesalers as we can find but just not that many properties are showing up. we also hit up all the websites including the MLS all the time and visit auction events. I guess we will keep persisting like you said till we stabilize. Thanks again for feedback.
Unfortunately, there is an undersupply of entitled land on which to build the kind of housing that this market demands, resulting in house price and rent inflation. The Code Next project with the city hopes to address this; I'd encourage you to get involved. https://www.austintexas.gov/codenext
Bob that seems to be the Austin market in general. I know plenty of wholesalers that have their exclusive buyers and it can feel like a closed network to newbies. Continuing to network and joining the different meet up groups for real estate is the fastest way I was able to build up my network in the area.
Thanks Scott. It just takes time I guess. Network and be patient. We are also noticing a slight softening of the market in some investment areas. wondering if its just the season or inventory finally catching up.