Question for the DFW TX flippers/rehabbers

[Jeremy Scott]

I live in Bedford Texas which is right in the middle of Fort Worth/Dallas and I am looking for my first house to flip. I know that the market in DFW is pretty hot right now with a < 2 month inventory. 

My question is where are y'all finding houses that are deals? MLS, FSBO, networking, foreclosures, etc?

I apperciate the feed back ahead of time! I am excited about getting my feet wet in this investing game!

Thanks, 

Jeremy 

[Hattie Dizmond]

@Jeremy Scott

MLS deals in DFW are not dead, but they are definitely on life support and in a deep coma!

If you're looking to flip or wholesale, you're more likely to win the lottery than to find a deal on the MLS. It is still possible to find buy & hold opportunities on the MLS, but they are generally in C neighborhoods and below.

There are good wholesalers in the DFW area. There are also Charlatans. There is a current problem with a couple of large wholesalers consistently overstating ARV's and manipulating the comps to support those numbers.

Your primary options for finding deals off the MLS are:

• Craigslist
• Driving for dollars
• Direct Mail marketing
• Word of mouth...tell everyone you know and meet you buy houses
• Wholesalers

If you're going to go the wholesale route, a few of quick tips:

• Any wholesaler who won't give you the address of the property without you "meeting them at their office, so they can explain their process" to you SHOULD NOT be trusted.  If a wholesaler has a property under contract, they have nothing to protect and should be willing to provide an address, so you can do your own analysis.  (There may be valid reasons they request a NDA or tell you not to disturb the tenants.)
• Beware any wholesaler who wants an exorbitant upfront and completely non-refundable deposit.
• Beware any wholesaler wholesaler who is actively marketing a property to you but doesn't have it under contract.  (A "whisper deal" is a different story.  A wholesaler who trusts you as a buyer might actually tell you about a potential deal, before a contract is written, particularly if they have doubts about the deal's viability.  But, they are not marketing it.)
• A "wholesale deal" that is listed on the MLS is not 'wholesale" and is probably not a deal! Contact the agent directly, if you are interested.