TRYING to get my first flip

[Stan Krupowies]

Hi all,

I'm a newbie in Bristol, CT and I've been trying to get my first flip. I've looked at many houses and made offers on a half dozen. All the offers have gone to "highest and best" and my highest wasn't high enough and my best wasn't best enough. Most of these have sold for over list price and I look at my numbers and just can't figure out how other investors are offering that much money. Unless I'm planning to do too much on my rehab, the numbers just DON'T justify the higher cost. 

So I have to ask how you all get houses in a very competitive market? I plan on doing my first flip with much DIY to keep costs to a minimum while still (hopefully) minimizing holding time. But I just don't know what else I can do. 

I'm looking at REO's and I'm convinced the banks are dribbling houses out one at a time just so they can raise the price. The old saying that banks aren't in the real estate business is a lie. Many of the houses I've looked at were foreclosed on back in 2014 and early 2015, which means the banks are holding on to these things for a couple of years - that certainly doesn't sound like someone NOT in the real estate business. If they really weren't, they'd be dumping them as soon as they could and not hold them for 2 years. I get that they want to recoup their costs but it seems more and more that their foreclosed inventory is looked at as a profit center! I'm REALLY starting to dislike banks a LOT!!!

So anyway, sorry for my rant, but any advice that you can give for making my highest and best high enough and best enough would be greatly appreciated!

Thanks

Stan in Bristol, CT