Hi All -- Me and my brother/ biz partner have been on the hunt for a property to flip in the Ventura County market for the past 2 months, but have found it tough to find a deal in which the numbers work that isn't snatched up right off the bat.
Ideally we'd work the auctions, but our capital isn't quite at that level yet so we're pre-approved for a loan to get the first flip off the ground via a standard or short sale purchase. We've been combing the MLS and sending letters to those houses that look bad on the outside - but having little luck.
Any suggestions or contacts that can help point us in the right direction to find potential deals would be beyond helpful outside of the typical MLS hunt w/ an agent. Also - if anyone knows of any local investment groups meeting up that I can connect with to possibly meet some wholesalers, that would be great!
Thanks for all your help and best to all investors out there!
Welcome to the BP community. You will find alot of good information here. Make sure to view the BP blogs under "Learn."
As it sounds like you noticed, finding deals off of the MLS is tough out here. I haven't seen or heard of any tips or tricks to find deals outside of the tried and true methods that all of the experienced investors talk about on here. Sorry.
I can help you with the meeting part though. My favorite REIA in the county is the Ventura County Real Estate Investors Club. I don't think you're supposed to post links here, but if you search for that name on the Meetup website, you will find it.
Thank you both for your help and guidance. I will definitely look into that REIA group. Much appreciated!
Welsome to B.P. site, The Ventura County R.E. Market is tight and like you said most properties get snatched up quickly from the MLS even though the numbers dont work for some of those investments... I and @addam Gratt can help sending you some wholesale deals just send us a PM and we can see what you are looking for?
There is a great REI Group meeting every month on Thursday nights called "VC Real Estate Investors Club" and the event host is @Jeff Greenberg.
I went last Thursday for the 1st time and networked and learned a lot. I also recommend to talk to @Tim Soto as well.
Welcome and let me know how I can help.
Welcome to BP! Yes, Ventura County is pretty tight, but there are deals to be made. It just takes time and persistence. Some investors are okay with a 5% return on a flip here, so they're willing to pay more for that property. With two months of work, it's hard to determine what works and what doesn't for you guys. If you're doing driving for dollars, keep at it and keep sending those letters or post cards. I get a decent response from absentee owners, but trying to get them to my price-point is tough. This is an obstacle you'll find yourselves running into as well. Some investors I work with open their location criteria wider to have more of selection, i.e. the San Fernando Valley and into LA, where there are more motivated sellers.
You're pretty much going to get retail prices at auctions, short-sales, and REOs. One of my approaches it to look at listings that have been stale on the market for more than a few weeks, as the first two weeks of a listing are the most important. Every day after that, the chances of the seller getting their price, dwindles. I look for key words that lead me to believe that there could be a motivated seller. Then I start calling down the list to see who's really motivated to close by the end of the week or beginning of next.
Another approach: I was representing an investor, who reached out to me here and we couldn't find the right property at his price-point. So, we looked at other markets, where I've invested in and continue to, like Phoenix, Las Vegas, and Kern County, and where there are higher returns that can be made. So, we partnered up and recently made an offer on an under-performing and value-added self-storage property with a motivated seller, who's interested in seller financing. This one showed the most upside of all the properties we looked into. So, this is just to show there are other approaches and options to finding the right deal(s) for you. I hope this was helpful, and hopefully we run into each other at one of the networking events. Don't hesitate to reach out if you guys have questions. Good luck!
Jose - thank you for the welcome and invite to the group. I hope to meet you at the next meeting. I'll send you a PM as well.
Tim- I really appreciate you taking the time to really lay out some ideas to try and your own experiences. It's really helpful to know it's not just me nor is it impossible. I'll continue to drive for dollars, network harder and keep at it! I'll also try to keep an out of market open mind as well. I look forward to seeing you at a meeting. Many thanks!
I would start looking for tired landlords, pull up local eviction notices for your target market and then send a letter directly to the owner. They are likely frustrated and more motivated to sell at a discount.
You could beat the bushes and have a bazillion different online lead generators, which is what I do.
I have a home in Camarillo, a 4/2 with a fairly new roof, that just needs updating-it was occupied by old people, has wallpaper, old kitchen, etc. Comps around 425,000 I think I can get it for 390,00. If you're interested contact me.
I also have a cosmetic fixer in Thousand Oaks, Sunset Hills, 2000 sq. ft, 4/2 that needs paint, floors ( wood floors, some definitely salvageable, some not) kitchen , new baths, and a new deck.
Area comps are 700,000 , sale price 625,000.
Drop me a line.
Join the Largest Real Estate Investing Community
Basic membership is free, forever.