Finding deal in a saturated market

[Sam Issa]

Hello BP Community,

I've been working hard to find my next fix & flip property here in South Florida, just north of Miami. A saturated and expensive market. 

I've tried working through wholesalers, but the numbers just don't make sense. Nothing below 80%, minus rehab. I tried doing direct mail myself, but the response rate has been very low. D4D didn't return any results.

For those of you who are in similar markets, what's your strategy? How do you find deals? Do you go above the 80%? I know in other areas on the country they don't look at anything above 70% of ARV.

I tried to fix and flip 4 hours away from where I am, and didn't enjoy it. It was just too difficult to keep up with my GC and permits.

I appreciate the advice!

Sam

[Evan Polaski]

@Sam Issa, I have had success just watching stale listings on the MLS.

Additionally, my renovations are full guts anymore, which helps limit some competition and allows me to push the ARVs relative to other houses for sale in the neighborhoods.

Admittedly, this doesn't necessarily create substantially more deal flow.  But, especially in this high demand market, you need to cast as many nets as possible and, likely, take on what feels like more risk.