Advice on Finding Deals

[Qusai Tak]

Hey BP,

I’m a new investor based in the Columbus, Ohio area, working toward my first flip, and I’m hoping to get some advice from those of you who’ve already been through this. I’ve been learning a lot lately, but I’ve hit a few walls and could really use some input.

I have my real estate license and have been practicing how to run CMAs and analyze properties. I’ve been looking through MLS listings and trying to spot anything that might have potential, but by the time these deals hit the market, the profit margins are usually razor-thin. So far, Facebook groups have been surprisingly helpful for off-market opportunities and would like to hear how would you approach these listings? 

I tried using PropStream to dig deeper, but most of the data I’m pulling seems to be outdated or already picked over. I'm not sure if I'm using it the best way, or if it's just not that great in my area.

I’m wondering—where are you actually finding good deals these days? Are you using driving for dollars, direct mail, cold calling, or leaning on wholesalers? And more importantly, how do you define a good deal when you see one? I’m still building my own criteria, so I’d love to hear how others in the community evaluate things like ARV, rehab budget, and expected returns.

I’m also trying to figure out the best way to fund my first project. For those of you who’ve been in my shoes, what kind of financing made the most sense starting out? Did you go with hard money, use a private lender, or something more creative?

One idea I’ve been playing with is buying a super cheap house—maybe something around $20K—and trying to rehab it out of pocket. The catch is, that would probably mean looking outside of Columbus proper, which comes with its own set of challenges. I'm just not sure if that’s a smart play or a money pit waiting to happen.

Would love to hear what you think. Any advice, lessons learned, or things you wish you knew before your first flip would mean a lot.

Thanks in advance,

[Remington Lyman]

Quote from @Qusai Tak:

Hey BP,

I’m a new investor based in the Columbus, Ohio area, working toward my first flip, and I’m hoping to get some advice from those of you who’ve already been through this. I’ve been learning a lot lately, but I’ve hit a few walls and could really use some input.

I have my real estate license and have been practicing how to run CMAs and analyze properties. I’ve been looking through MLS listings and trying to spot anything that might have potential, but by the time these deals hit the market, the profit margins are usually razor-thin. So far, Facebook groups have been surprisingly helpful for off-market opportunities and would like to hear how would you approach these listings? 

I tried using PropStream to dig deeper, but most of the data I’m pulling seems to be outdated or already picked over. I'm not sure if I'm using it the best way, or if it's just not that great in my area.

I’m wondering—where are you actually finding good deals these days? Are you using driving for dollars, direct mail, cold calling, or leaning on wholesalers? And more importantly, how do you define a good deal when you see one? I’m still building my own criteria, so I’d love to hear how others in the community evaluate things like ARV, rehab budget, and expected returns.

I’m also trying to figure out the best way to fund my first project. For those of you who’ve been in my shoes, what kind of financing made the most sense starting out? Did you go with hard money, use a private lender, or something more creative?

One idea I’ve been playing with is buying a super cheap house—maybe something around $20K—and trying to rehab it out of pocket. The catch is, that would probably mean looking outside of Columbus proper, which comes with its own set of challenges. I'm just not sure if that’s a smart play or a money pit waiting to happen.

Would love to hear what you think. Any advice, lessons learned, or things you wish you knew before your first flip would mean a lot.

Thanks in advance,

 What are you buying for $20,000? A shed?