Finding that First House

[Christopher Blanco]

I am starting to get bummed and need a little pep talk or some advice. I have been looking at and evaluating houses in my area for fix and flip, I can't seem to find any that the numbers work on. I have started looking at the MLS, and my investor friendly agent insists that there are deals out there, just haven't found any that work. I am not geared up to do a direct marketing campaign, yet, do I need to be? Can some of the pros out there talk about finding that first house and the trials you went through?

I am getting bummed because my wife and I have found over 100 homes, I evaluated well over 30 of those, visited 10, but have made 0 offers as I can't get anywhere close to the asking price. My goal is to ramp up to doing 2 a month...if its taking this long to find ONE, I don't how I am going find 2 a month! I am calculating my asking price by taking:

ARV-(Rehab+PurchaseCosts+SellingCosts+HoldingCosts+Profit) = MaxOffer.

Am I just being impatient, or should I change tactics?