Thanks to BiggerPockets I started getting involved in Real Estate less than a year ago. I have a couple of flips under my belt but all my deals have been through the big wholesalers in our metro (Networth Reality, Myers, New Western). A lot of their lower-priced properties are good for rental plays and a lot of the higher-priced properties out of my reach (finance and experience wise), that's not to mention the prefered treatment their accredited investors get.
So my current problem is the waiting time I have before I can find a good deal. I have been wanting to take ACTION for a couple of weeks but have been frustrated with my lack of options. I have checked online websites like myhousedeals.com and such but a lot of the numbers are inaccurate or inflated.
I know it takes time to be accredited, and so I am looking to expand the list of options as to give myself a better chance of finding a deal in my current finance range. Any advice on how I might do that would be appreciated.
I'm the type of person that want's to hurry and find a deal, (the A type personality in me) and I am also the type of person that will wait until I find the right deal (that comes from years of experience).
Don't get in a hurry and don't NOT get in a hurry :-) ! Oxymoron, right? What I'm trying to say is find a healthy balance.
You are just starting out, keep looking and keep checking on deals. In the meantime, keep building your contacts, net worth and liquidity. The worst thing that could happen is, not being ready to pull the trigger when you find the right deal.
The one thing you have on your side IS time!
I agree it’s super frustrating... my guess is we have similar personality types. A good piece of advice I got when voicing similar concerns to a more experienced investor was “it’s better to wait on a good deal than fall on a bad deal”. That said, sometimes I have to learn the hard way ha
Hello and welcome your membership to BP! This is a good place to get advice. I currently live just outside of Dallas and I think I am lucky to be here because of its many suburb towns and diversity. Finding a property has gotten harder because there are more investors and fewer property deals. Most of the new investors are into residential investments. Have thought of in ways that really make that option better doing any investing than in MF properties? It has less competition and a bigger percentage of adding value. You need to be more creative with financing but there are more properties with individual owners who will consider owner financing with its transition. Plus vacant units are less dramatic when it has a little vacancy. Whatever you do you need to sound like you know what you are talking about. Use more words that investors use. Also, look into investment companies that do not require accredited investors, like CrowdStreet. Best wishes!
I agree 100% that MF is a better investment... especially when considering vacancy risk.
From my personal experience it has also been pretty competitive. I would agree there are less buyers, but I would say the difference is that when you go for bigger MF properties the competition is more sophisticated. Owners are also typically more sophisticated as well.
I also agree that most new investors start in residential. The barriers to entry are lower.