I'm not new to investing but I am relatively new to wholesaling/sourcing my own deals. I got into wholesaling because I want to pick up great deals in my market that are seemingly unavailable on the MLS anymore. I'm a buy and hold investor at heart and I really need to add more rentals to my portfolio. I've been waffling around for a little over a year looking for good rentals that meet my criteria - 2% - but I'm only finding suburban properties that don't cash flow or hood houses that scare me. Should I start looking for properties outside of my city that meet my criteria?
I don't want to be the guy who is always chasing shiny objects but it sure seems like some other markets might just be easier. Source properties off the MLS, make some minor repairs and get a tenant in there. I have $ sitting on the sidelines ready to go but no where to put it. Sidebar - I buy cash and like to buy cheap properties in blue collar areas.
So, start searching elsewhere or find a way to make it work locally? For those of you saying Houston is dirt cheap, your right, but not in comparison to years ago when I was buying 50k properties off the mls that rent for $1000.
Thanks in advance for the input
@Luke Moses I've wondered much the same about my own market. I think there definitely is value in looking at other markets but also at home. If you haven't yet I would listen to the podcasts with Michael Quarles. I think it was like show 77 & 79 or something like that. In the second one he goes into how you can start to market to you local areas and if you buy cash I think would be a great way for you to find some deals. I'm just getting ready to launch some campaigns in my market.
Thanks Aaron for the feedback. I have listened to both of Michael Quarles podcasts several times. I listen to most podcasts that discuss finding off market deals more than once. I have sent out thousands of postcards and letters and so far haven't event come close to closing a deal with direct mail. I have wholesaled and flipped from bandits but nothing has met my buy and hold criteria yet from this method. It's just seems to be such a arduous process and I'm starting to get impatient.
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