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Updated almost 7 years ago on . Most recent reply
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How can I find the first deal to get started in investing?
Hello biggerpockets members, I am a newbie at this whole real estate investing thing and I keep getting that awful feeling like I am wasting my time on Zillow/realtor/Trulia etc. I feel like finding that "Amazing deal" to get me started will never be found. So to make this short, my questions are...
"HOW OFTEN DO INVESTORS FIND DEALS ON THESE WEBSITES (IF EVER)?"
"WHAT OTHER FORMS OF HOUSE HUNTING CAN I DO TO ACTUALLY FIND THAT PERFECT DEAL?" (currently located in northern Los Angeles)
Im getting the feeling like what I am doing is either the lazy way or the stupid way of hunting. Maybe its both. HELP!
I am currently reading "rich dad poor dad" and "the ultimate beginners guide to real estate investing". (about 1/4 the way through both) Im hoping to find some answers in here to my concerns but i haven't quite hit them yet.
So I thought I would ask...
Most Popular Reply
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You may never find the "perfect" deal. But you can make a deal perfect. I found my first home on Zillow, it wasn't a good deal until I made it one.
It was a borderline tear down, in a really nice neighborhood. I knew It was listed way too high, but I used this to my advantage given the shape it was in. It gave me time because no one else was interested @ the listed price.
I made an offer 10k less then asking, it was accepted. THATS when I had to do all the work. I had the inspection, and contractor friends come over and give me estimates on ALL the work that was needed. I provided this information to the seller and was able to talk them down another 50k after a month of negotiating.
So what seemed like a terrible deal, turned out to be a good one.
So, my answer is, you have the ability to find and make a good deal. Just be creative and do your research.