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Updated almost 5 years ago,

User Stats

34
Posts
16
Votes
Kristi Wolfe
  • Rental Property Investor
  • Palatine, IL
16
Votes |
34
Posts

Analyzing properties - NOTHING looks good.

Kristi Wolfe
  • Rental Property Investor
  • Palatine, IL
Posted

I'm a newbie. I'm obsessed with learning about RE investing (for all of 3 weeks or so now), and have gotten my husband and brother involved. We're all very excited about moving forward (giving ourselves 1 year to learn/save/strategize/niche down before pulling the trigger). That said, I've been analyzing deals daily to help determine if we want to Buy/Rehab/Hold or use the BRRR strategy. According to my calculations, NONE of the 20 or so properties (SF and Multifamily) I've analyzed makes sense. I've found properties to analyze on wholesaler websites, foreclosure websites, Zillow and Realtor.com, I've looked in my area (NW Chicago suburbs), Chicago proper, Milwaukee, Beloit WI, SF and multi-family, etc...so I wonder if the "good" deals have already been picked over by the veteran investors before I'm even able to see them, or if my numbers are too conservative because I'm afraid over underestimating costs and overestimating cash flow/profit. Is this typical? Does it just take kissing a lot of frogs to find a prince? How do the veterans come up with ballpark numbers to determine if they want to go see a property in person? I can look a photos to see that the kitchen cabinets need to be replaced, or the floor needs to be refinished, or I need to purchase a refrigerator, but trying to figure out if there's a pipe leaking inside a wall or the furnace is 40 years old or the beams are sagging in the basement is something you need to see in person, so how do you not waste your time when you're at the point where you're ready to buy seeing countless properties that need more work than it makes sense to do from a numbers standpoint? Or do you just need to spend a lot of time to find a winner?

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