Where are the deals?
Hello! I'm relatively new to investing. I became an accidental landlord when my house couldn't sell in the down market. Several years later I purchased a condo not knowing how to analyze deals, but knowing it was cash positive.
I'm in the market to buy another property. I've been keeping an eye out for Atlanta, Athens, and Winder, Ga. The problem is, when I use the advice of the BP folks-- to calculate as if I'm financing even if I'm using cash, to leave room for vacancies and property managers even if I won't necessarily use a manager, etc. -- I get NOTHING that is over 12% ROI. Even if I fudge the numbers so that I'm paying a ridiculously low amount AND don't have payments, I still don't get 12%. 9% seems like a miracle.
The BP folks say you have to keep looking, but honestly it is absolutely exhausting to not find anything day in, day out. I met with wholesalers who never got back to me (wasting my time). One wholesaler sends me deals, and then has NEVER been able to let me view a property because he gets "too busy." So he wastes my time. FISBOS have taken a lot of time to check out, and then the owner reneges or doesn't want to accept an offer that would lead to a cash-positive deal.
The super cheap deals in the Atlanta area tend to be in very sketchy neighborhoods. More decent "up and coming" neighborhoods such as Kirkwood and Edgewood seem like there's no way they could be even cash positive, let alone a 12% ROI.
So investors, where the deals?
I feel like I'm doing a lot of looking and analyzing, and getting nothing out of it. It's depressing.