I just watched an hour 20 minute YouTube video on BRRRR. The Buy is the most important part, but there was little to no practical information on where to find these properties that are below market value. I just searched "How to Find good buys" on the forums
The first hits were in order
New Investor in FL
Changing a Homes color
Truck Driver ready to transition to real estate
Self Directed IRA custodians
Am I using incorrect terminology? I understand a search engine displaying these topics with the search I did. Is there a special section of Bigger Pockets that I would need to access to find info on this ?
I know likely people will say it all depends on what you are looking for etc.. so to shed some light
100k+ cash investor, anywhere in the US, would need property manager
But I’m not really looking for someone to say I have this place that’s a good buy, more looking for the algorithm of how to find them in general or on BP. Of course I know networking is one way, are Zillow and Realtor.com mostly too late to find things ? Craig’s list I have seen mentioned, is that a decent way ? All opinions welcome, thanks in advance.
There are a lot of different ways people find their properties. You can work with an agent who can look for distressed/investor properties on the MLS. You can 'drive for dollars' meaning drive around and look for distressed properties or FSBOs. You can search social media groups and sales listings (FB, Craigs list).
I think craigslist has modified the housing section so that some areas require payment to post. They did this because of spam. In the SF Bay Craigslist is still free, therefore it has devolved into junk lead gen.
Zillow and realtor are live listings. It is the public view of the MLS. We get most of our deals from the MLS and often times have to outbid other buyers. Along with finding deals you also have to be able to get comparable sales for the listing. That is hard to do on ZIllow and Realtor. You need a realtor for that.