Hi Dylan,
Congrats on making the leap to full time Real Estate and on your closing! My husband and I starting investing in real estate in 2000 on the west side of Atlanta (we moved to Florida in 2004). At that time, we were in the same situation as you….where do you find deals and the money! We had taken some investing courses and met a guy we partnered with. He put up the money, we did all the work (found the deals, hired contractors, etc,) and split profits 50/50. He had the money and no time. We had time and no money. We also found “hard” money lenders. The rates are higher but it’s an option. Depending on the condition of the property, traditional financing may not be an option…ie needs too much work and is not livable.
Have you heard of “bird dogging”? It’s basically where you find deals and refer them to another investor for a fee. Depending on the deal would depend on what you could charge. My husband and I did that as well. Great way to make some money and not have the risk.
As far as finding deals…since you are licensed, I would constantly scour you MLS. Driving neighborhoods is also a good idea. You may find a FSBO. We would mail postcards to an area where we wanted to buy homes. You must be consistent if you do this, though. Takes 7 to 8 times getting in front of someone before they remember you. And timing is everything. Back then we had signs we would put up on weekends (in atl) that said "Mike Buys houses fast" with my husbands cell. Maybe look at inexpensive ways to advertise…Craigslist. We also put up fliers in stores that had bulletin boards…our number would be at the bottom where multiple people could tear it off.
After we moved to Florida the RE market was crazy. I just did my real estate. Fast forward to about 5 years ago and and we started investing again….we drive a particular area on a somewhat regular basis. Found a couple of deals that way. One was a FSBO that we have kept (short term rental), and one I gutted and ended up flipping. (We were going to keep it but the market rose from the pandemic we couldn't pass up selling).
Not sure about your market, but my market has been a challenge finding deals, due to prices increasing. I look at a lot of property before finding one that could make se we, if the seller is realistic. Talking to bankers is also a way to keep your pulse on the market. Find out if they will have any foreclosures. Tell them what you are looking for. Do you have a real estate investing group? In Atlanta there was one where we were able to meet other investors and even vendors…found an accountant we used for about 10 years.
Just remember you make your money when you buy. Pass on a deal if there isn’t enough profit. You never know what you’re getting into until you start. Also, always have a “plan A” and “plan B” on a deal. If, for some reason you can’t sell it, can you rent it until it does?
I hope some of this helps…wishing you the best. It’s a great business and is profitable if you work it!
