QOTW: If you've bought a property in 2022, how did you find it?

[Alicia Marks]

Welcome to our question of the week!

We know that this year is more challenging for finding deals for a lot of people, so we want to know where and how you found you deal this year. Was there a program or company you used, a great realtor, a meetup deal? Please share any other info that would help our members, whether it was how to negotiate off market, approaches for sell financing, or the surprising way you got the deal done. Haven't bought a deal this year? Don't forget that you can share your BiggerPockets calculator deals to the forums for suggestions and feedback!

[Leo R.]

@Alicia Marks as with nearly all my deals, my 2022 purchase was on the MLS, and it was a property that fit my needs, but it had oddities that drove other buyers away. 

In my experience, success in this difficult buyer's market often comes down to being able to see value/opportunity in a property that isn't readily apparent to most buyers. For instance, I have a spot that had a very weird floorplan when I first bought it (which drove buyers away), but I could see that with some relatively minor work, the floorplan could easily be changed to be much more appealing, and much more functional...the property was turned from a 2 br 1 ba into a 3 br 3 ba, which transformed it from a cashflow negative property to a significant cashflower.

With prices so high and deals so hard to find, value add strategies are often the way to go!