Creative strategy in today’s market

[Coua Lee]

With today’s challenging market and a newbie in real estate investing, I wanted to start my search initially finding a single unit where I can rent out rooms or find a multi family however I’ve often come across good deals in good locations that are overly price. There one house that’s going for $299,000 but probably needs 80-100k work, I guess you can say it’s a gut job but it’s 5 mins from a prestige university and in an extremely appreciating neighborhood. Houses in the same area are going between 400-500k. Would you consider a deal like this or bring in a partner to put the down payment in? Let me know what kind of strategy I should explore in this kind of crazy market.  

Thanks! 

[Jaron Walling]

@Coua Lee I love the excitement and ambition for real estate investing. The harsh reality is in today's market if that property was a good deal it would already be pending. Great deals have been hard to find and the majority are off market. If it's listed on the MLS even faster. Very few stones unturned on listed properties. If it's a full gut renovation it probably won't qualify for a conventional loan. Can't answer that without pictures.

If you're new to investing I'd continue market research and learn as much as possible. Purchase an easier deal, build skills, gain experience, and connect with local investors. That's how you build relationships and find partners following a similar strategy. Never stop learning.